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Get filing alertsStanding Risk Factors
- Material Weakness (unchanged) — Material weaknesses in internal controls over financial reporting continue with no change in severity or scope from prior period.
revenue $2.7M, net income -$83.4M. DeFi Dev pivots to SOL treasury, exits real estate; Q1 loss on crypto volatility
Filed May 19, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 14, 2025 · ~2 min read
Key Changes
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high
Q1 2026 net loss $83.4M vs $778K prior year, driven by $51.0M loss on SOL price decline, $22.8M derivative losses from digital asset financing fair value changes, and $2.7M interest expense on $134M convertible debt.
MD&A: Q1 2026 Results verify on EDGAR → -
high
6M cost basis ($102.6M fair value) in SOL and staking tokens; $48M pledged as collateral under $83M SOL-denominated loans with 10-13% fees and liquidation risk.
MD&A: Digital Asset Treasury verify on EDGAR → -
high
Board approved wind down of legacy real estate platform (Janover Capital Markets and Insurance) effective March 31, 2026; operations expected to cease by end of Q2 2026 as management reallocates resources to digital asset strategy.
MD&A: Real Estate Platform Wind Down verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify