DeFi Technologies (DEFI) Q3 2024 earnings summary

Executive summary

• Connects traditional capital markets with decentralized finance and Web3 through subsidiaries, trading, treasury, and partnerships.

• Year-to-date net income reached CAD 97.2 million; market cap around CAD 90 million.

• Diverse business lines include ETPs, trading, infrastructure, research, and venture investments.

• Strategic acquisitions, including Stillman Digital, and partnerships have expanded product offerings and geographic reach.

• Valour subsidiary is now debt-free, and DeFi Technologies is progressing toward a Nasdaq listing.

Financial highlights

• Book value as of September 30, 2024: CAD 139.2 million.

• Net income for Q3 2024: CAD 24.9 million; nine months ended: CAD 97.2 million.

• EBITDA for Q3 2024: CAD 26.2 million; nine months ended: CAD 102.3 million.

• Total revenue for Q3 2024: CAD 24.2 million; nine months ended: CAD 152.4 million.

• Assets under management (AUM) reached CAD 1.1 billion as of November 13, 2024.

• Cash and USDT balance: CAD 25.4 million as of September 30, 2024.

• Total value of cash, treasury, and venture portfolio was CAD 106.8 million as of September 30, 2024.

Outlook and guidance

• 2024 revenue guidance revised to CAD 198.6 million, based on current asset prices.

• Targeting 40 ETPs by end of 2024 and 100 by 2025.

• Plans for international expansion into North Africa, Asia, Middle East, and other regions.

• DeFi Alpha strategy and Stillman Digital integration expected to further boost revenues and trading capabilities.

• Anticipates significant AUM and revenue growth from new product launches and geographic expansion.