DeFi Technologies (TSE:DEFI)
NEO-L:DEFI
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DeFi Technologies
(NEO-L:DEFI)
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Rating:51Neutral
Price Target:
C$0.83
▲(0.48% Upside)
Action:ReiteratedDate:04/06/26
The score is held back primarily by persistently negative operating and free cash flow despite improved reported profitability, which raises funding and earnings-quality risk. Technicals are inconclusive with overextended RSI and flat trend signals, and valuation appears expensive with a high P/E and no dividend support.
Positive Factors
Diversified ETP platform & AUM growth
Sizable and growing AUM with sustained net inflows and a >100-product ETP shelf indicates recurring fee revenue scalability and distribution depth. A diversified product lineup across geographies reduces reliance on a single asset, supporting durable management-fee driven revenue over months.
Negative Factors
Persistent negative operating cash flow
A large, persistent cash burn that diverges from reported net income signals earnings-quality issues and operational cash conversion weakness. Continued negative OCF raises reliance on external financing to fund operations or growth and elevates execution risk over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified ETP platform & AUM growth
Sizable and growing AUM with sustained net inflows and a >100-product ETP shelf indicates recurring fee revenue scalability and distribution depth. A diversified product lineup across geographies reduces reliance on a single asset, supporting durable management-fee driven revenue over months.
Read all positive factors
DeFi Technologies (DEFI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$86.46M
Dividend YieldN/A
Average Volume (3M)455.24K
Price to Earnings (P/E)3.1
Beta (1Y)N/A
Revenue Growth147.27%
EPS GrowthN/A
CountryCA
Employees9
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.10
Shares Outstanding387,777,250
10 Day Avg. Volume455,238
30 Day Avg. Volume455,238
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)2.42
Price to Sales (P/S)4.78
P/FCF Ratio-2.72
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$2.16Price Target Upside160.28% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.07
Revenue Forecast (FY)C$101.60M
DeFi Technologies Business Overview & Revenue Model
Company Description
DeFi Technologies Inc., a technology company, engages in the development and listing of Exchange Traded Products (ETPs). The company's ETPs provide investment vehicles, indirect exposure to underlying cryptocurrencies, digital asset indexes, and o...
How the Company Makes Money
DeFi Technologies’ revenue model is primarily tied to fees and income generated by its digital-asset ETP and related capital-markets activities, plus revenues from certain operating subsidiaries in trading/technology. Key ways the company makes mo...
DeFi Technologies Earnings Call Summary
Earnings Call Date:Mar 31, 2025
(Q4-2024)
| Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The earnings call reflects a strong financial performance with significant growth in revenue and assets under management. Strategic acquisitions and successful product launches indicate a positive outlook. However, regulatory challenges and reliance on market conditions pose potential risks.Positive Updates
Strong Financial Performance
DFI Technologies reported CAD204.3 million in adjusted net revenue for 2024, with an adjusted EBITDA of CAD116.1 million. Their AUM grew by 132% to CAD1.18 billion as of December 31, 2024.
Negative Updates
Regulatory Challenges
Ongoing regulatory hurdles with the SEC for NASDAQ listing, with the process being described as lengthy and complex.
Read all updates
Q4-2024 Updates
Positive
Negative
Strong Financial Performance
DFI Technologies reported CAD204.3 million in adjusted net revenue for 2024, with an adjusted EBITDA of CAD116.1 million. Their AUM grew by 132% to CAD1.18 billion as of December 31, 2024.
Read all positive updates
Company Guidance
During the DFI Technologies 2024 Financial Overview Call, the company provided a comprehensive financial summary and guidance for the upcoming year. For fiscal 2024, the company reported an adjusted net revenue of CAD204.4 million, with earnings per share reaching CAD0.39. Their assets under management (AUM) grew by 132% year-over-year to approximately CAD1.18 billion, while the adjusted EBITDA stood at CAD116.1 million. The company also highlighted a robust cash and digital asset treasury balance of CAD81.3 million. Looking forward to 2025, DFI Technologies provided a conservative revenue guidance of CAD227 million, driven by strategic expansions and product launches across new geographies. The company aims to roll out 100 exchange-traded products by year-end, supported by its recent acquisition of Neuronomics and strategic partnerships in Asia, the Middle East, and Africa. Additionally, their DeFi Alpha unit reported significant revenue contributions of CAD132.1 million, with expectations for continued growth in arbitrage opportunities. The company also emphasized its ongoing efforts to list its common shares on the NASDAQ, pending regulatory approval.DeFi Technologies Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
80
Positive
Cash Flow
22
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 75.84M | 97.61M | 14.76M | 1.70M | 15.08M |
| Gross Profit | 53.39M | 90.82M | 13.98M | 1.25M | 10.13M |
| EBITDA | 69.76M | -33.05M | ― | -45.98M | -43.22M |
| Net Income | 62.41M | -39.04M | ― | -65.90M | -71.50M |
Balance Sheet | |||||
| Total Assets | 824.56M | 1.32B | 591.96M | 142.94M | 360.54M |
| Cash, Cash Equivalents and Short-Term Investments | 130.49M | 551.18M | 6.73M | 3.63M | 73.00M |
| Total Debt | 5.71M | 13.95M | 56.21M | 40.18M | 4.43K |
| Total Liabilities | 675.01M | 1.30B | 573.52M | 122.38M | 288.55M |
| Stockholders Equity | 149.55M | 23.15M | 18.45M | 20.56M | 71.98M |
Cash Flow | |||||
| Free Cash Flow | -133.36M | -129.96M | -69.74M | -67.41M | -326.95M |
| Operating Cash Flow | -133.36M | -129.96M | -69.74M | -66.37M | -326.92M |
| Investing Cash Flow | -560.28K | 14.55M | 0.00 | -1.97M | 3.78M |
| Financing Cash Flow | 207.73M | 131.08M | 71.32M | 64.88M | 332.01M |
DeFi Technologies Technical Analysis
Positive
0.83
Price Trends
0.83
Positive
0.83
Positive
0.83
Negative
Market Momentum
<0.01
Neutral
100.00
Negative
16.67
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:DEFI, the sentiment is Positive. The current price of 0.83 is above the 20-day moving average (MA) of 0.83, above the 50-day MA of 0.83, and below the 200-day MA of 0.83, indicating a neutral trend. The MACD of <0.01 indicates Neutral momentum. The RSI at 100.00 is Negative, neither overbought nor oversold. The STOCH value of 16.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:DEFI.
DeFi Technologies Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | C$24.51M | 7.22 | -63.28% | ― | 36.80% | 9.34% | |
51 Neutral | C$86.46M | 3.05 | 79.47% | ― | 147.27% | ― | |
48 Neutral | C$60.87M | -5.39 | -8.68% | ― | 30.79% | 48.25% | |
45 Neutral | C$50.50M | -1.24 | -52.57% | ― | -67.18% | -669.71% | |
43 Neutral | C$127.00M | -6.21 | -11.71% | ― | -21.48% | -231.52% | |
41 Neutral | C$9.11M | -2.83 | -13.56% | ― | 13.07% | -609.11% |
* General Sector Average
TSE:DEFI
DeFi Technologies
0.83
0.00
0.00%
TSE:HODL
Sol Strategies
1.92
-24.32
-92.68%
TSE:NDA
Neptune Digital Assets
0.95
-0.75
-44.12%
TSE:BIGG
BIGG Digital Assets
0.07
-0.03
-33.33%
TSE:DMGI
DMG Blockchain Solutions
0.29
0.03
11.54%
TSE:CBIT
Cathedra Bitcoin Inc
0.32
-0.59
-65.00%
DeFi Technologies Corporate Events
Business Operations and StrategyFinancial Disclosures
DeFi Technologies Posts Record 2025 Profit on Diversified DeFi Platform
Positive
Apr 6, 2026
DeFi Technologies reported record 2025 results, with revenue surging 215% year over year to $99.1 million and net income swinging from a loss to $62.7 million, underscoring a sharp turnaround in profitability. Management attributed the performance...
Business Operations and Strategy
DeFi Technologies to Spotlight Digital-Asset Platform at Canaccord Virtual Symposium
Positive
Mar 9, 2026
DeFi Technologies Inc., a Toronto-based fintech bridging traditional capital markets and decentralized finance, is the first Nasdaq-listed digital asset manager designed to give equity investors broad exposure to the decentralized economy. Through...
Business Operations and StrategyExecutive/Board Changes
DeFi Technologies Names Philippe Lucet General Counsel to Bolster Legal and Governance Arm
Positive
Feb 27, 2026
DeFi Technologies has appointed Philippe Lucet as General Counsel and Corporate Secretary, expanding his remit beyond his current role as General Counsel of subsidiary Valour, a leading issuer of exchange traded products. He will now oversee the c...
Business Operations and StrategyProduct-Related Announcements
DeFi Technologies to Showcase New DVIO Index in Investor Webinar
Positive
Feb 20, 2026
DeFi Technologies Inc., a fintech group straddling traditional markets and decentralized finance, operates an integrated platform spanning regulated digital asset exchange-traded products, institutional prime brokerage, research, and quantitative ...
Business Operations and StrategyProduct-Related Announcements
DeFi Technologies Unveils Capital-Flow Index for Institutional Crypto Insight
Positive
Feb 9, 2026
DeFi Technologies, via its Valour subsidiary, has launched the DEFT Valour Investment Opportunity Index, an institutional-grade benchmark tracking how regulated investor capital is allocated across the digital asset market through Valour’s E...
Business Operations and Strategy
DeFi Technologies Deepens Brazil Push With MERGE Partnership and São Paulo Symposium
Positive
Feb 6, 2026
DeFi Technologies and its subsidiary Valour have entered a strategic partnership with MERGE, one of Latin America’s leading crypto and fintech conferences, to host the DeFi Technologies Insights Symposium in São Paulo on March 16, 2026....
Business Operations and StrategyProduct-Related Announcements
VersaBank Custody Deal Fortifies Stablecorp’s QCAD for Institutional Scale
Positive
Feb 4, 2026
VersaBank will custody Stablecorp’s QCAD Digital Trust via its VersaVault platform, giving Canada’s first compliant CAD stablecoin federally regulated reserve protection, custody fee economics, and infrastructure to scale tokenized dol...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
DeFi Technologies’ Valour Wins UK Approval to List Yield-Bearing Crypto ETPs for Retail Investors
Positive
Jan 26, 2026
DeFi Technologies’ ETP arm Valour has secured UK regulatory approval from the Financial Conduct Authority and the London Stock Exchange to offer its Bitcoin Physical Staking and Ethereum Physical Staking exchange-traded products to UK retail...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
DeFi Technologies’ Valour Wins UK Approval to List Yield-Bearing Crypto ETPs for Retail
Positive
Jan 26, 2026
DeFi Technologies’ subsidiary Valour has secured UK regulatory approval from the Financial Conduct Authority and the London Stock Exchange to offer two physically backed, yield-bearing crypto ETPs—1Valour Bitcoin Physical Staking and 1...
Business Operations and StrategyFinancial Disclosures
DeFi Technologies’ Valour Unit Posts Record 2025 Net Inflows Amid Bear Market
Positive
Jan 12, 2026
DeFi Technologies reported that its Valour unit achieved record estimated net inflows of approximately $138.2 million into its digital asset ETPs in 2025, including $116.2 million through the end of the third quarter and an estimated $22.0 million...
Business Operations and StrategyFinancial Disclosures
DeFi Technologies’ Valour Records Best-Ever Net Inflows as ETP Platform Hits 102 Listings
Positive
Jan 12, 2026
DeFi Technologies’ Valour unit reported an estimated US$138.2 million in net inflows into its digital asset ETPs for 2025, its highest annual total on record, despite a challenging bear market for cryptocurrencies. The company emphasized tha...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.