Mar. 29 at 5:04 PM
$INCY
DVLT gets more interesting the deeper you go into the numbers. FY2025 revenue reached
$39.1M, up 1,362% YoY from
$2.7M in FY2024. Gross profit climbed to
$30.4M, and gross margin hit 78%, which is what makes this story different from lower-quality small caps that can grow but still cannot convert that growth into attractive economics. On top of that, the company reported its first profitable quarter, then reiterated a 2026 revenue target of at least
$200M. If the market starts to believe that RWA, data monetization, and exchange infrastructure are converging into one scalable business model here, the rerating argument gets a lot easier to understand. It is not just a huge TAM story anymore; it is becoming a margin-plus-growth story too.