Defiance Daily Target 2x Short MSTR ETF (SMST)

Name: Defiance Daily Target 2x Short MSTR ETF Financial Statements
Creator: Quarter Results

Financial Services | Asset Management

Latest reporting period: 2026-03-31

Latest Quarter

2026-03-31

Revenue

$78.3M

Net Income

$9.6M

Operating Margin

20.7%

Free Cash Flow

$85.0M

Debt / Assets

47.4%

Values are in USD and rounded to the nearest whole number unless noted.

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Income statement quarterly history for Defiance Daily Target 2x Short MSTR ETF (SMST).
Income Statement (Quarterly)	2026-03-31	2025-03-31	2024-12-31	2024-09-30
Revenue	78,310,000	65,449,000	62,245,794	60,157,000
Cost of Revenue	0	0	0	0
Gross Profit	0	65,449,000	-174,760,206	60,157,000
Operating Expenses
R&D Expenses	0	0	0	0
SG&A Expenses	9,140,000	7,850,000	7,856,073	7,210,000
Operating Expenses	22,209,000	20,087,000	19,015,046	18,249,000
Operating Income	16,227,000	17,239,000	18,547,438	17,700,000
Interest Expense	-13,137,000	-22,022,000	-20,399,023	-19,102,000
Income Before Tax	9,245,000	-9,011,000	-8,824,670	-6,624,000
Income Tax Expense	-331,000	-606,000	-2,426,929	-404,000
Net Income	9,576,000	-8,405,000	-6,397,741	-6,220,000
Per Share
EPS	0.17	-0.35	64.81	-0.07
EPS Diluted	0.00	0.00	0.00	0.00

Income statement annual history for Defiance Daily Target 2x Short MSTR ETF (SMST).
Income Statement (Annual)	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Revenue	281,141,000	237,006,000	232,991,744	212,643,094
Cost of Revenue	0	0	0	0
Gross Profit	0	237,006,000	232,991,744	212,643,094
Operating Expenses
R&D Expenses	0	0	0	0
SG&A Expenses	38,211,000	29,948,000	27,451,533	28,253,905
Operating Expenses	222,045,000	70,684,000	65,362,857	162,875,473
Operating Income	59,096,000	69,222,000	70,624,936	48,388,576
Interest Expense	59,895,000	-72,325,000	-61,804,621	41,511,911
Income Before Tax	-10,659,000	-19,863,000	-149,842	6,876,665
Income Tax Expense	-1,901,000	-1,484,000	2,595,856	554,785
Net Income	-8,758,000	-18,379,000	-2,745,698	6,321,880
Per Share
EPS	-0.20	-0.21	-30.95	75.28
EPS Diluted	0.00	0.00	0.00	0.00

Balance sheet quarterly history for Defiance Daily Target 2x Short MSTR ETF (SMST).
Balance Sheet (Quarterly)	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Assets
Cash and Cash Equivalents	54,224,000	23,112,000	45,079,371	39,486,588
Short Term Investments	0	0	0	62,371,167
Net Receivables	0	0	0	0
Inventory	0	0	0	0
Total Current Assets	54,224,000	23,112,000	45,079,371	101,857,755
Property Plant Equipment	0	0	0	0
Goodwill and Intangibles	88,332,000	60,409,000	54,813,431	69,196,634
Total Assets	2,432,172,000	2,042,067,000	1,895,640,725	1,579,822,962
Liabilities
Account Payables	0	0	0	0
Short Term Debt	0	0	0	0
Total Current Liabilities	0	0	0	0
Long Term Debt	0	0	0	0
Total Liabilities	1,152,249,000	1,371,121,000	1,132,144,511	1,112,463,500
Shareholders Equity
Retained Earnings	-194,407,000	-185,649,000	-167,270,293	-164,524,595
Total Shareholders Equity	1,180,410,000	325,698,000	404,339,764	467,359,462

Balance sheet annual history for Defiance Daily Target 2x Short MSTR ETF (SMST).
Balance Sheet (Annual)	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Assets
Cash and Cash Equivalents	54,224,000	23,112,000	45,079,371	39,486,588
Short Term Investments	0	0	0	62,371,167
Net Receivables	0	0	0	0
Inventory	0	0	0	0
Total Current Assets	54,224,000	23,112,000	45,079,371	101,857,755
Property Plant Equipment	0	0	0	0
Goodwill and Intangibles	88,332,000	60,409,000	54,813,431	69,196,634
Total Assets	2,432,172,000	2,042,067,000	1,895,640,725	1,579,822,962
Liabilities
Account Payables	0	0	0	0
Short Term Debt	0	0	0	0
Total Current Liabilities	0	0	0	0
Long Term Debt	0	0	0	0
Total Liabilities	1,152,249,000	1,371,121,000	1,132,144,511	1,112,463,500
Shareholders Equity
Retained Earnings	-194,407,000	-185,649,000	-167,270,293	-164,524,595
Total Shareholders Equity	1,180,410,000	325,698,000	404,339,764	467,359,462

Cash flow quarterly history for Defiance Daily Target 2x Short MSTR ETF (SMST).
Cash Flow Statement (Quarterly)	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Operating Activities
Net Income	-1,737,000	-5,887,000	11,646,760	21,669,452
Depreciation & Amortization	73,200,000	56,110,000	60,230,206	64,618,533
Stock Based Compensation	16,623,000	5,258,000	5,258,246	3,968,494
Change in Working Capital	0	0	0	-1,273,184
Operating Cash Flow	84,969,000	64,027,000	73,191,384	87,909,977
Investing Activities
Capital Expenditure	0	0	0	0
Investments	0	0	0	0
Investing Cash Flow	-380,755,000	-180,938,000	261,312	-205,151,158
Financing Activities
Debt Repayment	0	0	0	-271,749,869
Common Stock Issued/Repurchased	0	0	0	0
Dividends Paid	0	0	0	0
Financing Cash Flow	325,227,000	94,816,000	-66,098,584	120,067,251
Summary
Free Cash Flow	84,969,000	64,027,000	73,191,384	87,909,977
Net Change in Cash	30,067,000	-24,126,000	7,388,785	1,352,030

Cash flow annual history for Defiance Daily Target 2x Short MSTR ETF (SMST).
Cash Flow Statement (Annual)	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Operating Activities
Net Income	-1,737,000	-5,887,000	11,646,760	21,669,452
Depreciation & Amortization	73,200,000	56,110,000	60,230,206	64,618,533
Stock Based Compensation	16,623,000	5,258,000	5,258,246	3,968,494
Change in Working Capital	0	0	0	-1,273,184
Operating Cash Flow	84,969,000	64,027,000	73,191,384	87,909,977
Investing Activities
Capital Expenditure	0	0	0	0
Investments	0	0	0	0
Investing Cash Flow	-380,755,000	-180,938,000	261,312	-205,151,158
Financing Activities
Debt Repayment	0	0	0	-271,749,869
Common Stock Issued/Repurchased	0	0	0	0
Dividends Paid	0	0	0	0
Financing Cash Flow	325,227,000	94,816,000	-66,098,584	120,067,251
Summary
Free Cash Flow	84,969,000	64,027,000	73,191,384	87,909,977
Net Change in Cash	30,067,000	-24,126,000	7,388,785	1,352,030