Record Operating Revenues and Net Income: DeFi Technologies recorded its strongest quarter ever, achieving Operating Revenues of C$13.4 million and Operating Net Income of C$5.3 million for Q1 2024. Strategic Advancements and Product Launches: The quarter featured the launch of multiple Exchange Traded Products ("ETPs") by subsidiary Valour Inc, and Valour Digital Securities Limited (together, "Valour") alongside strategic acquisitions such as Reflexivity Research LLC, significantly enhancing the company's product offerings and market position. Substantial Growth in Assets Under Management (AUM): AUM grew by 78.7% to approximately C$908 million, driven by favorable market conditions, new product launches, and strategic corporate actions that enhanced trading volumes and overall financial performance. 2024 Outlook: Looking ahead, DeFi Technologies projects its annualized Operating Revenues to reach approximately C$119 million (US$87.45 million) for 2024, supported by ongoing AUM growth, upcoming ETP launches, and the integration of new acquisitions, which are poised to capitalize on the favorable conditions in the digital asset sector. TORONTO, May 15, 2024 /CNW/ - DeFi Technologies Inc. (the "Company" or "DEFI") (CBOE CA: DEFI) (GR: R9B) (OTC:DEFTF), a financial technology company and the first and only publicly traded company that bridges the gap between traditional capital markets, Web3 and decentralised finance, announces its financial performance for the three months ended March 31, 2024 (all amounts in Canadian dollars, unless otherwise stated). Key Highlights of Q1 2024: The Company reported a cash balance as of March 31, 2024 of $9.4 million compared to $6.7 million on December 31, 2023. The Company's venture portfolio investments were valued at $41.8 million as of March 31, 2024. AUM grew 78.7% to approximately $908 million as of March 31, 2024, up from $508 million as of December 31, 2023. Total Operating Revenues were $13.4 million for Q1 2024. This is a significant improvement from the Operating Revenues of $(3.6) million for the same period in 2023. Total Revenues were $(4.9) million for Q1 2024, compared to $(11.3) million for the same period in 2023. Operating, general, and administration costs for Q1, 2024 were $3.0 million, up from $2.1 million for the same period in 2023. DeFi Technologies' Subsidiary Valour Inc. announced the launches of a Physical Backed Staking ETP for the Internet Computer Protocol (ICP) Token, Valour Ripple (XRP), Valour Binance (BNB) ETPs, and the 1Valour STOXX Bitcoin Suisse Digital Asset Blue Chip ETP. Valour Inc. also announced plans to launch a Physical Backed ETP, the Valour HBAR Staking ETP in collaboration with The Hashgraph Association ("THA") DeFi Technologies Inc. Completed the Acquisition of Private Research Firm, Reflexivity Research LLC, Co-Founded by Anthony Pompliano and Will Clemente DeFi Technologies Inc. Completed Strategic Acquisition of Leading Solana Trading Systems IP DeFi Technologies Announced Inaugural Bitcoin Investor Day Hosted by Subsidiary Reflexivity Research DeFi Technologies Joined Coinbase and Grayscale in a Panel Discussion at Bitcoin Investor Day, Moderated by Anthony Pompliano "Q1 2024 stands as our most successful quarter ever, marking a period of remarkable achievement and financial strength for DeFi Technologies," stated Olivier Roussy Newton, CEO of DeFi Technologies. "This quarter is a testament to our resilient financial performance, reflecting an impressive 78.7%  growth in assets under management and a record Operating Revenue of C$13.4 million. Our success this quarter is not just in numbers, but also in strategic advancements, exemplified by significant enhancements in our product offerings and the strengthening of our market position through key partnerships and acquisitions. At DeFi Technologies, we are constantly evolving to meet our ambitions while keeping a sharp focus on our strategic and financial goals. This quarter's results highlight the effectiveness of our approach and underscore our commitment to excellence and leadership in the regulated digital asset market. Our achievements this quarter set a new benchmark for us, reinforcing our dedication to being at the forefront of innovation in the financial technology sector." ETPs/Valour: Valour's ETP business reported assets under management ("AUM") of $908 million as of March 31, 2024, a 78.7% increase from December 31, 2023 AUM of $508 million. Liquidity: The Company ended Q1 2024 with a cash balance of $9.4 million, compared to $6.7 million at the close of 2023. Additionally, the venture portfolio investments stood firm at $41.8 million. Financial Performance: For the three months ending March 31, 2024: Operating Revenues were $13.4 million for Q1 2024, compared to $(3.6) million for the same period in 2023. Revenues were $(4.9) million for Q1 2024 compared $(11.3) million in 2023. Increased staking and lending, management fees and new revenue from its recently acquired Reflexivity LLC helped improve the 2024 revenues. Operating Net Income was $5.3 million for Q1 2024 compared to $(8.7) million for the same period in 2023. Net income was $(18.0) million, compared with net income of $(16.5) million million during the same period in 2023. Outlook for 2024: The outlook that follows supersedes all prior financial outlook statements made by the Company, constitutes forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond the Company's control. Please see "Cautionary note regarding forward-looking information" and "Financial Outlook Assumptions" below for more information. The Company has experienced significant revenue growth since the end of 2023, continuing rapidly through the first quarter of 2024. Valour's ETPs have witnessed a nearly 800% increase in AUM from the market lows in late 2022, alongside growth in trading volumes. As of March 31, 2024, Valour's ...