DeFi Technologies Q3 Net Income Reaches $22.3 Million as Revenue Falls - Securities.io
DeFi Technologies reported $22.3 million in net income for Q3 2026, up from $3.9 million a year earlier, while total revenue fell to $18.3 million.
The company filed third-quarter financial statements on November 12, 2026, revealing a significant increase in net income despite declining revenue. Operating income fell to $7.0 million from $9.0 million as lower revenue outweighed reduced operating expenses to $11.3 million from $13.2 million.
The earnings increase was primarily driven by a swing in other income, which reached $15.4 million compared with $4.6 million of other expense a year earlier. This included a $13.4 million unrealized gain on investments, explaining how net income increased while operating profit weakened.
Revenue Decline
Revenue excluding realized and net unrealized gains and losses fell to $6.1 million from $10.3 million. Realized and net unrealized gains contributed $12.3 million, meaning the decline in total revenue came from the company's operating business lines.
Management fees fell to $1.2 million from $2.9 million, and staking and lending income declined to $2.6 million from $4.9 million. Stillman Digital's trading commissions remained relatively stable at about $2.2 million in both Q3 2026 and Q3 2025.
Asset Growth
Valour ended September 30, 2026, with $643.7 million of assets under management, up from $397.2 million on June 30, 2026. This recovery was attributed mainly to digital-asset price gains and $26.1 million of quarterly net inflows into its exchange-traded products (ETPs).
The management discussion attributes the sequential recovery mainly to digital-asset price gains and $26.1 million of quarterly net inflows into its exchange-traded products (ETPs).
Average AUM for the quarter was $492.8 million, down from $950.7 million a year earlier, showing that the quarter-end recovery did not erase the year-over-year shortfall in the asset base generating fees.
Product Expansion
The company continued product expansion during and after the quarter. On September 21, 2026, Valour launched Valour Funds SPC and Smart Crypto Fund SP with $10 million of initial capital. On November 5, 2026, DeFi Technologies announced eight new Valour ETPs on Spotlight Stock Market, each carrying a 1.9% management fee.
Cash and cash equivalents were $47.8 million at September 30, 2026, down from $91.2 million at December 31, 2025. The cash-flow statement shows $48.2 million used in operating activities during the first nine months of 2026.
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