Spark Q1 Financial Report: Net income of $6.91 million, net surplus of $3.46 million

CoinFeed reported on April 27th that DeFi protocol Spark released its Q1 2026 financial report, achieving total protocol layer revenue of $31.5 million, net protocol revenue of $6.91 million, and a net surplus of $3.46 million. The vault size at the end of the quarter reached $46.1 million, and approximately $986,000 worth of SPK tokens were repurchased. The report shows that reward distribution revenue surpassed Spark Liquidity Layer (SLL) for the first time, becoming the largest source of net revenue: USDS-related savings vault distribution revenue totaled approximately $3.31 million; SLL recorded total revenue of $27.62 million and net protocol revenue of $3.05 million with an average deployment of $1.93 billion; and SparkLend's quarterly reserve factor revenue was $156,000.