DeFi Technologies reports Q3 revenue of $22.5 million, CEO transition

DeFi Technologies Inc. (NASDAQ: DEFT) reported revenue of $22.5 million and operating income of $9 million for the three months ended September 30, 2025, according to a company press release.

The financial technology company's quarterly revenue decreased from $28.1 million in the same period last year, though nine-month revenue increased to $80 million from $51.3 million year-over-year. Operating income for the quarter declined from $14.4 million in Q3 2024.

Valour's asset management business reported assets under management of $989.1 million as of September 30, 2025, up from $772.9 million at the end of the previous quarter. The unit generated net inflows of $38.8 million during the quarter and $116.2 million year-to-date.

The company revised its 2025 revenue guidance downward from $218.6 million to $116.6 million, citing delays in executing arbitrage opportunities through its DeFi Alpha trading desk. Management attributed the reduction to increased competition from digital asset treasury companies and consolidated digital asset prices in the latter half of 2025.

DeFi Technologies announced a CEO transition, with co-founder Johan Wattenström assuming the roles of CEO and Executive Chairman. Outgoing CEO Olivier Roussy Newton will remain as a strategic advisor and cornerstone shareholder.

The company's cash balance stood at $119.5 million as of September 30, with digital asset holdings totaling approximately $46.2 million. During the quarter, DeFi Technologies repurchased 935,900 shares for $2.4 million.

Subsidiary Stillman Digital generated trading commissions of $2.2 million in the quarter, while Reflexivity Research reported research revenues of $109,500, down from $468,000 in the prior year period.

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