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What were the key takeaways from Defi Technologies’s earnings call?

- **Record Q3 Performance**: $22.5 million revenue, $989.1 million AUM, and 58% staking utilization. $100 million equity raise to fuel growth.
- **CEO Transition**: Olivier Roussy Newton steps down after 3 years, handing over to Johan Wattenstrom with a $120 million balance sheet.
- **Strategic Focus**: Incoming CEO prioritizes market-making, arbitrage, and M&A. President targets Europe and Latin America with new ETFs and UCITS funds.
- **Risks & Outlook**: DeFi Alpha delays due to market consolidation; Q4 revenue achievement tied to Bitcoin price recovery.

**【Management Opening Remarks】**
- Curtis Schlaufman outlined the call structure, emphasizing Q3 financials, CEO transition, and growth initiatives. Participants included CFO Paul Bozoki, outgoing CEO Olivier Roussy Newton, incoming CEO Johan Wattenstrom, and President Andrew Forson.

**【CFO Financial Commentary】**
- **Revenue**: Q3 revenue of $22.5 million (year-to-date $80 million), with core forecast of $116.6 million for 2025. DeFi Alpha-related revenues ($102 million) deferred due to market consolidation.
- **AUM Growth**: Average AUM of $950.7 million (Q2: $760.2 million), driven by crypto price movements and positive cash flows into ETPs.
- **Profitability**: Operating income of $9 million (9M: $32.6 million), net income of $3.9 million (9M: $33.8 million). Cash on hand of $119.5 million and crypto holdings of $46.2 million.
- **Equity Raise**: $100 million raised in September to support staking, market-making, and arbitrage opportunities.

**【CEO Transition & Strategic Update】**
- **Olivier Roussy Newton**: Announced resignation after 3 years, highlighting record AUM ($989.1 million), $38.8 million ETP inflows, and 58% staking utilization. Emphasized profitability and transition to Johan Wattenstrom.
- **Johan Wattenstrom**: Outlined plans to leverage $120 million balance sheet for market-making, arbitrage, and M&A. Expected higher monetization rates post-infrastructure upgrades.

**【President's Strategic Initiatives】**
- **Andrew Forson**: Discussed geographic expansion (e.g., Europe, Latin America) and new products (e.g., leveraged ETFs, UCITS funds). Highlighted Stillman Digital's $51 billion transaction volume and institutional trading growth.

**【Q&A Highlights】**
- **DeFi Alpha Delays**: CFO noted delays in arbitrage profits due to digital asset treasury company proliferation. CEO expects core revenue achievable if crypto prices stabilize.
- **M&A Pipeline**: Incoming CEO emphasized selective M&A to enhance vertical integration and profitability. Stillman Digital's Bermuda license expanded international client access.
- **Stillman Digital Growth**: President highlighted $8.6 million Q3 revenue and long-term potential for liquidity provision in stablecoin ecosystems.
- **Crypto Market Outlook**: CFO expressed bullishness on Bitcoin ($100,000+), linking Q4 revenue achievement to price recovery.


DeFi Technologies Inc. (DEFT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

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Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income from Continuing Operations

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Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

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Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Basic EPS from Discontinued Operations

Diluted EPS

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Diluted EPS from Discontinued Operations

DEFT

DEFT fundamentals

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