Detailed financial statements for DeFi Technologies Inc. (DEFT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
DeFi Technologies Inc. is a technology company specializing in creating exchange-traded products (ETPs) within Canada, which are designed to mirror the value of single or multiple decentralized finance (DeFi) protocols. The company also delivers a range of related services, including asset management, providing clients with indirect access to underlying digital assets, indexes, and other DeFi instruments.
Analysis Summary
Trailing-twelve-month margins: gross margin -22.9%, operating margin -131.2%, net margin -99.5%.
At the current price of $0.50, DEFT trades at a P/E of 14.54 and an ROE of 17.74%. Market capitalisation stands at $195M.
Balance sheet quality for DEFT: current ratio of 0.9, net cash position of $124.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$133.4M represents -214% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -$191846 | $4.0M | -$6.2M | -$545018 | 0 | $15.1M | -$14.2M | $19.6M | $97.6M | $75.8M |
| Cost of Revenue | $13364 | $42268 | $22676 | $2883 | 0 | $8.7M | $5.8M | $1.0M | $6.8M | $22.5M |
| Gross Profit | -$191846 | $4.0M | $275333 | -$547901 | 0 | $10.3M | $178.0M | $18.5M | $90.8M | $53.4M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.1M | $1.8M | $1.5M | $798386 | $576601 | $58.3M | $28.3M | $9.0M | $42.5M | $30.0M |
| Operating Expenses | $812314 | -$2.9M | $5.9M | $617675 | -$1.6M | $55.9M | $225.9M | $24.2M | $121.6M | $25.0M |
| Operating Income | -$1.3M | $2.2M | -$8.8M | -$1.2M | $1.6M | -$45.5M | -$47.2M | -$5.6M | -$30.8M | $28.4M |
| EBITDA | -$9584 | $4.1M | -$9.8M | -$1.2M | $1.6M | -$66.7M | -$59.5M | -$14.1M | -$33.1M | $69.8M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | $1.2M | $4.0M | $3.1M | $3.9M | $4.7M |
| Pre-tax Income | -$12947 | $4.1M | -$9.8M | -$1.2M | $1.6M | -$71.5M | -$65.9M | -$20.3M | -$39.0M | $63.5M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | $474 | 0 | 0 | $1.1M |
| Net Income | -$9562 | $3.3M | -$9.8M | -$1.2M | $1.6M | -$71.5M | -$65.9M | -$20.1M | -$39.0M | $62.4M |
| EPS | $-0.00 | $0.14 | $-0.17 | $-0.03 | $0.03 | $-0.37 | $-0.32 | $-0.09 | $-0.13 | $0.18 |
| EPS (Diluted) | $-0.00 | $0.14 | $-0.17 | $-0.03 | $0.03 | $-0.37 | $-0.32 | $-0.09 | $-0.11 | $0.17 |
| Shares Outstanding (Diluted) | $16.7M | $24.4M | $41.5M | $41.5M | $50.3M | $192.6M | $209.1M | $223.1M | $361.1M | $377.5M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $64957 | $545368 | $8151 | $3645 | $260418 | $188.2M | $4.9M | $6.7M | $22.9M | $91.2M |
| Short-term Investments | 0 | 0 | 0 | $477141 | $522083 | 0 | $17227 | $23.0M | $528.3M | $39.3M |
| Receivables | $69896 | $40416 | $90448 | 0 | 0 | $32811 | $67102 | $204.5M | $55.6M | $8.2M |
| Inventory | 0 | 0 | 0 | 0 | $636600 | $177.6M | 0 | 0 | 0 | 0 |
| Total Current Assets | $175584 | $654700 | $108016 | $487233 | $1.4M | $188.2M | $109.7M | $498.7M | $1.03B | $589.5M |
| Property, Plant & Equipment | 0 | $831013 | 0 | 0 | 0 | $39512 | $1.9M | $5788 | $130 | $3.0M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | $46.7M | $46.7M | $35.2M | $49.3M | $35.1M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $21.7M | $5.6M | $2.7M | $2.1M | $400208 |
| Total Assets | $3.1M | $9.0M | $1.4M | $487233 | $5.7M | $459.7M | $194.0M | $592.8M | $1.32B | $824.6M |
| Accounts Payable | $671165 | $797996 | $740160 | $865899 | $695538 | $288.5M | $111.2M | $389.7M | $1.26B | $631.1M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $52.8M | $42.4M | $13.9M | $2.6M |
| Total Current Liabilities | $716119 | $953607 | $1.2M | $1.4M | $778136 | $288.5M | $164.4M | $574.8M | $1.30B | $672.5M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $716119 | $953607 | $1.2M | $1.4M | $778136 | $367.9M | $166.1M | $574.8M | $1.30B | $675.0M |
| Retained Earnings | -$13.2M | -$10.9M | -$17.1M | -$18.9M | -$17.7M | -$102.7M | -$167.5M | -$138.4M | -$221.8M | -$100.1M |
| Total Equity | $2.4M | $8.1M | $250929 | -$892284 | $4.9M | $92.5M | $27.9M | $13.9M | $23.2M | $149.6M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | $5688 | $54.5M | $42.4M | $13.9M | $5.7M |
| Net Debt | -$64957 | -$545368 | -$8151 | -$480786 | -$782501 | -$7.2M | $49.6M | $35.6M | -$537.2M | -$124.8M |
| Working Capital | -$540535 | -$298907 | -$1.1M | -$892285 | $614474 | -$100.3M | -$54.7M | -$76.0M | -$271.2M | -$83.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$12947 | $3.3M | -$9.8M | -$1.5M | $1.6M | -$71.5M | -$65.9M | -$15.3M | -$39.0M | $62.4M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | $3.6M | $2.4M | $1.5M | $2.1M | $1.5M |
| Stock-based Compensation | 0 | $258489 | 0 | 0 | 0 | $42.0M | $15.9M | $2.2M | $26.4M | $13.2M |
| Change in Working Capital | -$900413 | $176290 | -$640309 | $341332 | -$739766 | $1.6M | $4.5M | $3.2M | -$10.2M | $13.3M |
| Operating Cash Flow | -$2.0M | -$1.5M | -$2.1M | -$476747 | -$1.2M | -$326.9M | -$90.1M | -$18.8M | -$130.0M | -$133.4M |
| Capital Expenditure | 0 | 0 | $4 | $4 | $3 | -$31410 | -$1.4M | 0 | 0 | -$1563 |
| Acquisitions | 0 | 0 | 0 | 0 | -$111518 | $3.9M | 0 | 0 | $14.5M | -$558718 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$13.4M | -$13.2M | 0 | -$4.4M | -$2.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$2.0M | -$1.5M | -$2.1M | -$476743 | -$1.2M | -$327.0M | -$91.5M | -$69.7M | -$130.0M | -$133.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2179.1% | -255.1% | +91.2% | +100.0% | -194.3% | +237.6% | +398.6% | -22.3% | ||
| Net Income Growth (YoY) | +34112.0% | -401.1% | +88.1% | +239.9% | -4496.7% | +7.8% | +69.5% | -94.6% | +259.8% | |
| EPS Growth (YoY) | +23433.3% | -221.4% | +83.5% | +212.1% | -1278.3% | +13.5% | +71.9% | -44.4% | +238.5% | |
| Shares Change (YoY) | +46.2% | +70.4% | +0.0% | +21.2% | +282.9% | +8.5% | +6.7% | +61.9% | +4.5% | |
| FCF Growth (YoY) | +25.6% | -45.0% | +77.8% | -154.1% | -26892.4% | +72.0% | +23.8% | -86.3% | -2.6% | |
| Gross Margin | 100.0% | 100.0% | -4.5% | 100.5% | 68.6% | -1251.3% | 94.7% | 93.0% | 70.4% | |
| Operating Margin | 690.5% | 54.1% | 141.9% | 213.9% | -302.0% | 332.0% | -28.7% | -31.5% | 37.4% | |
| EBITDA Margin | 5.0% | 104.0% | 157.8% | 213.3% | -442.1% | 418.4% | -71.9% | -33.9% | 92.0% | |
| Net Margin | 5.0% | 81.5% | 158.3% | 213.3% | -474.1% | 463.2% | -102.5% | -40.0% | 82.3% | |
| FCF Margin | 1035.8% | -37.1% | 34.7% | 87.5% | -2168.0% | 643.1% | -356.3% | -133.1% | -175.8% | |
| Effective Tax Rate | -0.0% | 0.0% | -0.0% | -0.0% | 0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 1.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.12 | $-0.06 | $-0.05 | $-0.01 | $-0.02 | $-1.70 | $-0.44 | $-0.31 | $-0.36 | $-0.35 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $16.7M | $23.6M | $41.5M | $41.5M | $48.5M | $192.6M | $209.1M | $223.1M | $311.0M | $344.9M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 17.74% |
| Return on Invested Capital | 22.91% |
| Return on Assets | 4.38% |
| Gross Margin | -22.87% |
| Operating Margin | -131.24% |
| Net Margin | -99.54% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 1.14 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 0.15 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -3806.53 | 15.28 | -13.65 | -78.78 | 69.06 | -5.81 | -7.19 | -25.01 | -30.09 | 4.19 |
| P/B | 15.76 | 6.25 | 383.79 | -102.63 | 21.28 | 4.48 | 17.24 | 36.10 | 52.55 | 1.74 |
| P/S | -198.43 | 12.63 | -15.57 | -168.01 | 0.00 | 27.45 | -33.83 | 25.65 | 12.46 | 3.43 |
| Gross Margin | 100.0% | 100.0% | -4.5% | 100.5% | 0.0% | 68.6% | -1251.3% | 94.7% | 93.0% | 70.4% |
| Operating Margin | 690.5% | 54.1% | 141.9% | 213.9% | 0.0% | -302.0% | 332.0% | -28.7% | -31.5% | 37.4% |
| Net Margin | 5.0% | 81.5% | 158.3% | 213.3% | 0.0% | -474.1% | 463.2% | -102.5% | -40.0% | 82.3% |
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Explore sector: Financial Services · Financial - Capital Markets
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