DeFi Technologies Inc. Q4 FY2025 earnings call

Product Expansion

• Expanded Valor product platform, ended 2025 with 102 products and reached 100 listed ETPs goal. Continues into high-value added products including institutional investment exposures.

Investor Base

• Major priority is increasing institutional participation for structures like USITS, AMCs, hedge fund structures, etc.

Geographic Expansion

• Europe is core market, significant growth potential in European jurisdictions. Expanding into select regions outside Europe like Brazil, and other Latin American, Asian, African, and Middle Eastern locations.

Financial Position

• Strong balance sheet with approximately $178.7 million in total cash, treasury, and venture portfolio value, no debts. Flexibility to support business through volatility, invest in opportunities, diversify revenue streams, and pursue acquisitions.

Growth Initiatives

• Launched products on London Stock Exchange and B3 Exchange in Brazil. Engaged chief revenue officer focused on growing AUM distribution and institutional adoption. Introduced events, marketing, and communications platform. Built business intelligence system for better product and sales targeting. Created data-driven products like Deft Valor Investment Opportunity Index.

Valor, the digital assets management business, had AUM of $622.3 million as of December 31, 2025, with average AUM throughout fiscal 2025 being approximately $809.9 million. Velour achieved net inflows of $110.1 million into its ETP products during the year. Full-year revenue was $99.1 million, with Q4 revenue at $20 million. Net income for the fourth quarter alone was $28.9 million. In Velour, Q4 effective staking and lending income was 4.7% on average Q4 AUM of $728.3 million. Stillman Digital's full-year 2025 revenue was $9.6 million, expected to grow 15%-20% in 2026. Operating income in Q4 was $7 million. Crypto investments: venture portfolio has 12 private investments, largest is 5% stake in Amina Bank. StableCorp received final receipt for prospectus, qualifying QCAD token distribution. Balance sheet as of December 31, 2025, had $113.8 million in cash and USDT-USDC, $35.5 million in digital asset treasury holdings, and $29.4 million in venture and private portfolio, total $178.7 million.

Forward-Looking

• No guidance provided for 2026 due to general market volatility. Company focusing on executing objectives to build long-term shareholder value. Stillman Digital expected to grow 15%-20% in 2026. Likely to provide guidance on consolidated company in summer, but not in March quarter.

Analyst Queries

• Stillman's growth expected at 15%-20%, but no specific guidance on Velour's consolidated performance yet.

Market Volatility

• General market volatility, including effects of events like the war in Iran, can cause actual results to differ from forward-looking statements.

Crypto Price Fluctuations

• Crypto price fluctuations affect AUM, valuations of investments like Amina Bank, and opportunities for DeFi Alpha transactions. Compression in EV to AUM multiples impacts valuation of private investments.

Regulatory Uncertainties

• Regulatory uncertainties in different regions, especially regarding new product listings and distributions, can impact business operations and growth. For example, pushback from regulatory authorities on certain product developments.

Legal and Litigation Costs

• Ongoing legal matters and lawsuit costs can impact financial results and future savings expectations.

Q: What do you plan to do with a big amount of cash?

A: Focus on organically building business, productifying in - house tech, seeding new business units like Valor Custody, using cash for opportunistic opportunities, alpha trades, driving organic growth, geographic expansion.

Q: Why was Amina Bank taken down so much?

A: EV to AUM multiples compressed, in line with crypto price pullback. Amina is doing well growing AUM but valuation reflects market conditions.

Q: Can you comment on when we can expect ECP volume and traction in Brazil?

A: Taken conservative approach, building organic teams, already seeing growth, capital markets activities initiated in March, slow and steady growth with cost - efficient team building.

Q: At what AUM level do you need to be at on a fee basis to reach breakeven?

A: $425 million AUM at 5.8% monetization plus $11.5 million from Stillman will cover break - even.

Q: In the fourth quarter, did you still have net inflows?

A: Plus six million.

Q: Can you expand on the type of products for institutional flows in 2026?

A: Demand for ETNs, CCAD type funds, reduces type funds within Europe, normal hedge funds, Cayman - based funds, and potential token or on - chain investments.

Q: Regarding Stillman, cash needed to support trading?

A: Stillman is self - supporting, supported in growth initiatives like getting licenses