DeFi Development Corp. Reports $287K Revenue, 30% Decline, and Strategic Shift to Subscription Services

DeFi Development Corp., formerly known as Janover Inc., reported a revenue of $287,172 for the first quarter of 2025, a decrease of 30% from $411,137 in the same period last year. The decline in revenue was primarily attributed to a reduction in platform revenue from its legacy debt business, although this was partially offset by a significant increase in subscription revenue from its software-as-a-service (SaaS) offerings. Subscription revenue rose to approximately $191,432, up from $72,707 in the prior year, reflecting a strategic shift towards more predictable and recurring revenue streams. The company's annual recurring revenue (ARR) reached approximately $1.4 million, a 379% increase compared to $287,000 a year earlier.

Operating expenses for the quarter totaled $1,170,339, down 18% from $1,429,389 in the previous year. This reduction was driven by a decrease in general and administrative expenses, which fell by 28% to $543,912, largely due to lower compensation and professional fees. The company reported a net loss of $777,599, an improvement from the $964,051 loss recorded in the same quarter of 2024. The loss per share was $(0.55), compared to $(0.70) in the prior year.

In terms of operational developments, DeFi Development Corp. has made significant strides in expanding its SaaS offerings, including the launch of Janover Pro, Janover Connect, Janover Insurance, Janover Engage, and Janover AI. These platforms are designed to streamline various aspects of the commercial real estate lifecycle, from loan matching to capital raising. The company also reported a substantial increase in deferred revenue, which stood at approximately $966,000 as of March 31, 2025, compared to $341,000 a year earlier, indicating strong demand for its subscription services.

Strategically, the company has adopted a new treasury policy focusing on digital assets, particularly Solana (SOL), which it plans to accumulate and stake to generate additional revenue. This policy was approved by the Board of Directors on April 4, 2025, and is part of a broader strategy to enhance capital allocation while maintaining its core commercial real estate operations. Additionally, the company underwent a change in management, with Joseph Onorati appointed as CEO, succeeding Blake Janover, who will continue as Chief Commercial Officer.

Looking ahead, DeFi Development Corp. aims to continue its transition from transactional revenue to more stable subscription-based income, with plans to enhance its sales and marketing capabilities to drive growth. The company is also focused on increasing its market share and expanding its product offerings, while navigating the challenges posed by market volatility and economic conditions.