Defi Development Corp 2026年季度报告

As of May19, 2026, the registrant had a total of 30,118,205 shares of its common stock, par value $0.00001 per share,issued and outstanding. PagePART I - FINANCIAL INFORMATIONItem 1. Financial Statements (Unaudited)4Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations31Item 3. Quantitative and Qualitative Disclosures About Market Risk39Item 4. Controls and Procedures39PART II - OTHER INFORMATIONItem 1. Legal Proceedings41Item 1A. Risk Factors41Item 2. Unregistered Sales of Equity Securities and Use of Proceeds41Item 3. Defaults Upon Senior Securities41Item 4. Mine Safety Disclosures41Item 5. Other Information42Item 6. Exhibits43Signatures45 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private SecuritiesLitigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-lookingstatements largely on our current expectations and projections about future events and financial trends impacting thefinancial condition of our business. Forward-looking statements should not be read as a guarantee of future performance Forward-looking statements include all statements that are not historical facts. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expect,” “intend,” “seek,” “plan,” “anticipate,”“believe,” “estimate,” “project,” “predict,” “potential,” “might,” “forecast,” “continue,” or the negative of those terms, and •The effect of and uncertainties related to the ongoing volatility in interest rates;•Future reward yields related to operating validator nodes; •The impact of current and future modifications to the Solana Network protocol; •Uncertainties related to future staking reward yields; •Our ability to achieve and maintain profitability in the future; •The impact on our business of the regulatory environment and complexities with compliance related to suchenvironment; •Our ability to respond to general economic conditions; •Our ability to manage our growth effectively and our expectations regarding the development and expansion ofour business; •Our ability to access sources of capital, including debt financing and other sources of capital to finance operationsand growth; •The success of our marketing efforts to access additional sales channels and our ability to expand our lender andborrower base; •Our ability to grow market share in existing markets or any new markets we may enter;•Our ability to develop new products, features and functionality that are competitive and meet market needs;•Our ability to realize the benefits of our strategy, including our financial services and platform productivity;•Our ability to make accurate credit and pricing decisions or effectively forecast our loss rates;•Our ability to establish and maintain effective system of internal controls over financial reporting;•Our ability to maintain the listing of our securities on Nasdaq;•Sales of our common stock by us or our stockholders, which may result in increased volatility in our stock price;and•The outcome of any legal or governmental proceedings that may be instituted against us. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect,actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned. Factorsor events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predictall of them. We cannot guarantee future results, levels of activity, performance or achievements. Accordingly, the forward- Table of Contents objectives and plans will be achieved. Forward-looking statements contained in this Quarterly Report on Form 10-Q speakas of the date of this report and we do not assume any responsibility to update these forward-looking statements, exceptas required by law. PART I: FINANCIAL INFORMATION Table of Contents Table of Contents Table of Contents DEFI DEVELOPMENT CORP.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-CONTINUED(Unaudited) Table of Contents DEFI DEVELOPMENT CORP.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1—OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES OVERVIEW DeFi Development Corp. (“DeFi Dev", the “Company”, "we", "our", "us") is a company focused on building and managing adigital asset treasury centered on the Solana blockchain ecosystem. We also provide an online platform that connects the SIGNIFICANT ACCOUNTING POLICIES There have been no material changes to our significant accounting policies, critical accounting estimates, segmentreporting, or recently issued accounting pronouncements from those disclosed in