DeFi Technologies (DEFI) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 results with adjusted revenues of CAD 204.4 million, adjusted EBITDA of CAD 116.1 million, and adjusted net income of CAD 115.07 million, driven by strong operational performance, strategic acquisitions, and global expansion, including a majority acquisition of Neuronomics and the integration of Stillman and Reflexivity Research.

• AUM grew 132% year-over-year to CAD 1.18 billion, supported by favorable markets, new products, and strategic actions.

• Expanded global footprint with new ETP launches, strategic partnerships in APAC, Africa, and the Middle East, and progress toward a NASDAQ listing.

• Eliminated Valour debt, strengthened the balance sheet, and completed key acquisitions including Stillman Digital and Neuronomics AG.

Financial highlights

• Adjusted net revenue for 2024 reached CAD 204.3 million; adjusted net income was CAD 115 million; adjusted EBITDA for 2024 was CAD 116.1 million; Q4 adjusted EBITDA was CAD 20.8 million.

• Earnings per share for 2024 was $0.39; market capitalization stood at approximately CAD 1.2 billion.

• Assets under management (AUM) grew by 132% year-over-year to CAD 1.18 billion as of December 31, 2024.

• Cash and digital asset treasury on balance was CAD 81.3 million; cash on hand at year-end was CAD 22.4 million, up from CAD 6.8 million a year earlier.

• Valour generated FY 2024 staking/lending income of CAD 35.7 million and management fees of CAD 8.8 million.

Outlook and guidance

• 2025 revenue guidance is CAD 227 million, based on conservative assumptions and current AUM levels, with significant growth expected from new product launches and geographic expansion.

• Stillman forecasts CAD 12–16 million in 2025 revenue, with Q1 2025 expected at CAD 2.8–3 million.

• DeFi Alpha is projected to contribute roughly half of 2025 revenue, with a strong pipeline of large deals and systematic arbitrage strategies.

• Neuronomics to expand AI-driven AMC suite and launch new digital asset and equity products in 2025.

• Continued focus on expanding ETP offerings, including active strategies and structured products, and leveraging AI-driven asset management.