DeFi Technologies Inc. Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

DeFi Technologies Q4/Fiscal 2023 Earnings Highlights

  • Cash Position: $6.7 million as of Dec 31, 2023, up from $4.9 million as of Dec 31, 2022.
  • Revenues: $10.4 million for fiscal 2023, down from $14.2 million in fiscal 2022. (Note: Management clarified 2023 showed a gain of $10.4 million vs. a loss of $14.1 million in 2022.)
  • Portfolio Investments: Valued at $44.1 million at year-end 2023.
  • Expenses: Total expenses $13.5 million in 2023, down 41% year-over-year. Operating G&A reduced to $10 million (from ~$15 million previously); other breakdowns include share-based comp $3M, monetization $2M, interest on debt $4.2M, transaction/ETP fees $1M, and mark-to-market FX loss $10M.

Valour (ETP/Asset Management) Performance

  • AUM Growth: 476% increase from $106 million at end of fiscal 2022 to just over CAD 0.5 billion by end of 2023. Current AUM at $880 million as of March 24, 2024 (up from prior periods with robust daily trading volumes >$20 million).
  • Management Fees (Q4 2023): October $114,000; November $240,000; December $402,000 (driven by rising digital asset prices and ETP net asset values). Only two days of net outflows since inception, indicating strong customer retention.

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Operator: You have joined the meeting as an attendee and will be muted throughout the meeting. Jamie Frawley: Everyone, thank you for joining us today. My name is Jamie Frawley, Vice President at IR Labs, and it's my pleasure to moderate this webinar for DeFi Technologies. We're fortunate to have Olivier Roussy Newton, CEO and Director, and Russell Starr, Head of Capital Markets, on the panel today. And I'll turn it over to them shortly to present an overview of the Q4 financials. If at any point you'd like to ask a question, please do so using the Q&A function. Questions will be answered at the end of the presentation. Now, just before I turn it over to Olivier and Russell, I'd like to remind everybody that certain statements made during today's presentation may contain forward-looking information with the meaning of applicable securities law. Such statements may include estimates, projections, goals, forecasts, or assumptions that are based on current expectations, and they're not representative of historical facts or information. We want to be clear that such forward-looking statements represent the company's beliefs about future events, plans, or objectives, which are inherently uncertain and are subject to numerous risks and uncertainties that may cause the actual results or performance to differ materially from such statements. Okay, with that, I will now turn it over to Olivier and Russ to kick us off. Over to you guys. Olivier Roussy Newton: Well, thank you for that,

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