DeFi Technologies (DEFI) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 results as a newly Nasdaq-listed company, with Q1 revenue of CAD 62.7 million (USD 43.1 million), EBITDA of CAD 44.8 million (USD 31.2 million), and net income of CAD 43 million (USD 30 million), reflecting strong operational performance and scalability.

• Expanded product portfolio to over 65 ETPs, completed strategic acquisitions including Stillman Digital and a majority stake in Neuronomics AG, and added to major indices and ETFs, signaling growing institutional recognition.

• Maintained high investor retention and consistent net inflows, with Valour AUM at CAD 921 million (USD 640 million) as of March 31, 2025, and positive net inflows of CAD 72.4 million (USD 50.4 million) despite market pullback.

• Officially began trading on Nasdaq on May 12, 2025, enhancing visibility, liquidity, and access to institutional investors.

• Acquired 52.5% of Neuronomics AG, expanding AI-powered asset management capabilities.

Financial highlights

• Q1 2025 EBITDA reached CAD 44.8 million (USD 31.2 million), and net revenue was CAD 62.7 million (USD 43.1 million).

• IFRS net income for Q1 2025 was CAD 43 million, driven by a CAD 45 million reversal of a DLOM provision, swinging from a CAD 19.3 million loss in Q1 2024.

• Book value at quarter-end was CAD 79.7 million (USD 55.5 million).

• Assets under management (AUM) as of March 31, 2025, were just under CAD 1 billion (USD 640 million).

• Cash, digital asset treasury, and venture portfolio totaled CAD 117.3 million (USD 81.5 million) as of March 31, 2025.

Outlook and guidance

• Upgraded 2025 revenue guidance from CAD 227.2 million to CAD 285.6 million (USD 201.07 million), reflecting improved digital asset markets and increased DeFi Alpha activity.

• Stillman Digital is guiding for CAD 12–16 million in 2025 revenues with net margins of 25–50%.

• Expecting to surpass 100 ETPs by year-end, with continued product launches and expansion into new geographies.

• DeFi Alpha remains a key contributor, with systematic and opportunistic trading strategies and a strong pipeline for 2025.

• Neuronomics to launch new AI-driven products in 2025, targeting both digital assets and technology equities.