The massive net loss and reliance on equity-linked financing (ATM, ELOC) to fund SOL accumulation are concerning. Monitor the upcoming 10-Q for full financial details and watch for any further convertible debt repurchases or ATM draws. The stock's mNAV of 1.0x suggests limited premium for accretive capital raises, which could constrain SPS growth.
Price Chart
Executive Summary
DeFi Development Corp. reported Q1 2026 results with a net loss of ($83.4M) on total revenue of $2,664, driven primarily by unrealized losses on digital assets. SOL per share (SPS) grew 1% to 0.0670 since March 30, 2026, and 108% YoY. The company reaffirmed its June 2026 SPS guidance of 0.075 (fully converted) and repurchased $4.4M in convertible debt at a 41% discount. The results are overshadowed by a massive net loss and a capital structure with 130% debt-to-market-cap, while the company continues to rely on equity-linked financing (ATM, ELOC) to fund SOL accumulation.
Key Financial Metrics
Key Facts
- Q1 2026 net loss of ($83.4M) vs ($0.8M) in Q1 2025, driven by unrealized losses on digital assets under fair value accounting
- Total revenue of $2,664 vs $287 in Q1 2025, though Digital Asset Treasury revenue was $2,402 vs $0 in prior year
- Diluted EPS of ($3.18) vs ($0.08) in Q1 2025
- SOL per share (fully converted) of 0.0670 as of May 13, 2026, up 1% from March 30, 2026 and 108% YoY
- Reaffirmed June 2026 SPS guidance of 0.075 (fully converted); long-term 1.0 SPS target by Dec 2028 unchanged
- Repurchased $4.4M principal of July 2030 Convertible Notes for $2.6M cash (41% discount), 0.5% accretive to SPS
- Total SOL and SOL equivalents of 2,294,576 as of May 13, 2026, up 3% from March 30, 2026
- mNAV of 1.0x on a fully converted basis as of May 13, 2026 (SOL at $90.93, stock at $4.65)
- Debt-to-market-cap ratio of 130%; $200M ATM capacity available, $4.9B remaining on $5B ELOC facility
- Filed 424B5 for $200M ATM offering 12 days prior, representing ~155% of market cap at reference price
Financial Impact
Q1 2026 net loss of ($83.4M) vs ($0.8M) in prior year; diluted EPS of ($3.18) vs ($0.08); total revenue $2,664 vs $287
Risk Factors
- Continued unrealized losses on digital assets if SOL price declines further
- Dilution from ATM program ($200M capacity) and ELOC ($4.9B remaining)
- Debt-to-market-cap ratio of 130% indicates significant leverage
- mNAV compression limits ability to raise capital accretively
- Negative tangible book value of ($3.67) per share per prior filing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001805526-26-000031 |
| Document: dfdv-20260513.htm | 0001805526-26-000031 |
| Document: dfdv-exx991.htm | 0001805526-26-000031 |
| Document: 0001805526-26-000031-index-headers.html | 0001805526-26-000031 |
| Document: 0001805526-26-000031-index.html | 0001805526-26-000031 |
| Document: 0001805526-26-000031.txt | 0001805526-26-000031 |
| 8-K Data (Synthetic) | 0001805526-26-000031 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 13, 2026 23w ago | 8-K | — | awaiting T+20 | — | — |
May 1, 2026 25w ago | 424B5 | — | awaiting T+20 | — | — |
US Market Status
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