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ETHZilla (ETHZ) investor relations material
ETHZilla Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Completed a strategic rebrand to ETHZilla, divested legacy biotech and non-core assets, and shifted to an Ethereum-focused treasury and digital asset platform, with over 70% of ETH deployed in staking and DeFi protocols as of September 30, 2025.
Raised $931 million through private placement and convertible notes, supporting large-scale ETH purchases, platform development, and alleviating prior going concern doubts.
Formed strategic partnerships with Electric Capital, Ether.fi, Puffer Finance, and acquired a 15% stake in Liquidity.io, securing exclusive rights to list Ethereum Layer 2 tokens and advancing RWA tokenization.
Initiated a share repurchase program, buying back 2,099,472 shares for $46.3 million since September 1, 2025, under a $250 million board authorization.
Resolved legacy litigation, completed a 1-for-10 reverse stock split, and appointed new executive and board leadership to accelerate tokenized asset platform growth.
Financial highlights
Generated $4.1 million in Q3 2025 revenue from ETH staking yields and DeFi incentive tokens, marking the first quarter of yield generation post-pivot.
Achieved an average annualized yield rate of 7.5% on staked ETH in Q3, significantly above native staking yields.
Net loss from continuing operations was $208.7 million for Q3 2025, mainly due to one-time non-cash expenses and stock-based compensation; adjusted EBITDA was $8.5 million.
Cash and cash equivalents totaled $558.9 million as of September 30, 2025, up from $4.6 million at year-end 2024.
Net asset value stood at $445 million as of September 30, 2025, with 70% of ETH holdings actively deployed.
Outlook and guidance
Expects revenue-generating real-world assets (RWAs) to be on-chain in the coming weeks, with returns anticipated to exceed ETH staking yields.
L2 protocol yield projected to normalize between 3.5% and 4.5% in Q4 2025, with positive adjusted EBITDA anticipated.
Will provide formal 2026 outlook after Q4 2025, once tokenization business visibility improves.
Plans to continue opportunistic share repurchases under a $250 million authorization.
Explain tokenization business scaling model
Higher ETH yield vs. share repurchase strategy?
Tokenized RWA collateralization in DeFi?
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