The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 8.7M (2021) → 18.5M (2025)
DeFi Development Corp. operates a digital platform providing data and software tools that bridge the commercial real estate industry with multifamily and commercial property professionals. Its principal offerings include Janover Pro, an online matchmaking service connecting loan-seeking borrowers and brokers with financing lenders. The company also features Janover Connect, a dedicated portal for investors; Janover Engage, a specialized solution for the equity marketplace; and Janover AI, its proprietary artificial intelligence technology. The firm caters to a broad clientele, encompassing commercial real estate owners, operators, and developers, alongside small business owners in search of capital. Its network of lenders includes various financial entities such as banks, credit unions, REITs, specialized multifamily lenders, debt funds, commercial mortgage-backed securities (CMBS) lenders, and Small Business Administration (SBA) lenders. Established in 2018 and headquartered in Boca Raton, Florida, the company, currently known as Janover Inc., is slated to adopt the name DeFi Development Corp. in April 2025.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+827.7% YoY
YoY Growth Rate
Revenue accelerating
<−1,000% YoY
YoY Growth Rate
Earnings declining
$1M/ year
↑ Rising (+74% vs prior year)
10.0% of revenue
Below sector average (15%)
Investing heavily in future products and technology
~1 months
$4M cash & investments
Quarterly Free Cash Flow
↓ Burn rate worsening
Short runway — potential dilution ahead through share issuance
DeFi Development grew revenue 828% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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Negative ROIC means the business is losing money on every dollar invested in it.
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Free cash flow is negative. They are burning cash, not generating it.
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Interest coverage above 8. Profits cover interest many times over.
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