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- **Strategic Pivot Success**: $931M capital raise and 102,000 ETH deployment generated $4.1M Q3 yield, 7% annualized.
- **Tokenization Breakthrough**: First real-world asset listings on Liquidity.io imminent, targeting $25M-$100M token pools.
- **Financial Resilience**: $558M cash, $1.01B total assets, 3.5%-4.5% Q4 yield guidance.
- **Shareholder Value**: 2.1M shares repurchased, reducing NAV discount and signaling growth confidence.
- **DeFi Integration**: Tokenized assets will enable DeFi collateralization, amplifying on-chain capital efficiency.

**【CEO Summary Section】**
- ETHZilla rebranded and pivoted to digital asset management, raising $931 million through private placements and convertible notes.
- Deployed ~102,000 ETH ($415M) into restaking protocols, generating $4.1M in Q3 yield (7% annualized) via partnerships with Electric Capital, Ether.fi, and Puffer Finance.
- Launched tokenized real-world assets platform with Liquidity.io, targeting aerospace, consumer credit, and real estate assets, with first listings expected soon.
- Repurchased 2.1M shares ($46.3M) to capitalize on undervalued NAV, signaling confidence in long-term growth.
- Focus on high-yield ETH deployments (3.5%-4.5% Q4 run rate) and regulated DeFi infrastructure for institutional investors.

**【CFO Financial Commentary】**
- Q3 revenue: $4.1M (staking yields + interest income), vs. $0 in prior periods.
- Net loss: $208.7M (driven by $209M stock-based comp for warrants issued in restructuring).
- Adjusted EBITDA: $8.5M (vs. -$1.35M YoY), reflecting operational turnaround.
- Balance sheet: $1.01B total assets, $558.9M cash, $180.9M digital assets, $257.6M staking receivables.
- Repurchased 2.1M shares since Sep 1, reducing dilution and enhancing NAV per share.

**【Q&A Key Highlights】**
- **Asset Tokenization Focus**: Aerospace, consumer credit, and real estate assets, starting with $25M-$100M token pools vs. traditional $200M+ securitizations.
- **Business Model**: Yield from asset ownership, management fees, and carry (10%-20% of tokenized asset yield).
- **Competitive Differentiation**: Bridges TradFi/DeFi with regulated infrastructure, vs. pure Treasuries like Figure/Securitize.
- **Yield Strategy**: Opportunistically deploy ETH in high-yield Layer 2 protocols (7.5%-11%+), balanced against share repurchases.
- **Interoperability**: Tokenized assets will be collateralizable in DeFi, enabling on-chain leverage and yield enhancement.

Ethzilla Corp (ETHZ) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

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Net Income from Continuing Operations

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Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ETHZ

ETHZ fundamentals

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