Defi Technologies, Inc.

DEFTdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Defi Technologies, Inc. earns about -308% on invested capital, but has diluted owners by 31% over 2 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2024	FY 2025
Revenue	$31.4M¹	$99.1M¹
Net income	−$28.5M²	$62.4M²
Operating cash flow	−$94.9M³	−$133.4M³
Capital expenditure	—	$1,563⁴
Free cash flow (derived)	—	−$133.4M³
Total debt	—	—
Cash & equivalents	$15.9M⁵	$91.2M⁵
Diluted shares	295.6M	385.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$3.88

your share of equity

Profit it earned you last year

$1.62

Free cash flow it threw off

−$3.46

Debt you’d be carrying

—

10 shares is a claim on $3.88 of net worth that earned you $1.62 and generated −$3.46 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-308% avg · 2y

FY24 -702%FY25 86%

It earned an average -308% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+31% shares · 2y

Share count is up 31% over 2 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 1 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 1 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

only 2 years of net income (need ≥3)

Graham Number

$1.22

assumptions (1)

grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts

40-F · period ending 2024-12-31 · accession 0001213900-26-039455 (Revenue)
40-F · period ending 2024-12-31 · accession 0001213900-26-039455 (ProfitLossAttributableToOwnersOfParent)
40-F · period ending 2024-12-31 · accession 0001213900-26-039455 (CashFlowsFromUsedInOperatingActivities)
40-F · period ending 2025-12-31 · accession 0001213900-26-039455 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
40-F · period ending 2024-12-31 · accession 0001213900-26-039455 (CashAndCashEquivalents)