The market might still be missing how much DPF.V improved in 2025

A lot of small caps put out “record year” language and then you check the numbers and it is basically cosmetic. DPF’s preliminary full-year 2025 update was stronger than I expected. The company said 2025 revenue should come in around $12.1 million, up from $10.2 million in 2024. Gross profit is expected at about $6.0 million versus $5.4 million, and adjusted EBITDA is projected at roughly $0.6 million, up from just $187,082 the year before.  

What I like here is that the EBITDA jump is a lot bigger than the revenue jump. That usually tells you the operating model is tightening, not just expanding. Management explicitly tied that to operating leverage and improved store-level performance, which is what you want to hear if you are trying to figure out whether this business can scale without turning into a margin graveyard.  

Also worth remembering that these preliminary 2025 numbers were based on the company’s 35-store operating footprint during 2025, before the full effect of the Geebo integration and the larger 44-store platform really shows through. In other words, the business seems to have improved meaningfully even before the newest layer of expansion is fully reflected.  

That is why this one is interesting to me. The stock still trades like it is some random low-volume microcap, but the actual business trend looks a lot more deliberate than that. 

Not financial advice.