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ETHZ

Ethzilla Corp.

ETHZ

Ethzilla Corp. • NASDAQ
$10.68 ▲ 0.56% (+0.06)
Market Cap $170.60 M
52w High $174.60
52w Low $6.58
Dividend Yield 0%
P/E -0.06
Volume 246.92K
Outstanding Shares 15.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.11M ▲ $224.605M ▲ $-216.742M ▼ -5.273K% ▼ $-17.45 ▼ $0 ▲
Q2-2025 $0 $1.73M ▼ $-1.727M ▲ 0% $-3.02 ▲ $-1.73M ▲
Q1-2025 $0 $2.373M ▲ $-2.369M ▲ 0% $-6.7 ▲ $-2.373M ▲
Q4-2024 $0 $1.406M ▲ $-4.273M ▼ 0% $-129.7 ▼ $-4.56M ▼
Q3-2024 $0 $979.093K $-836.72K 0% $-8.5 $-809.236K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $53.31M ▲ $1.009B ▲ $564.176M ▲ $445.137M ▲
Q2-2025 $2.218M ▼ $10.714M ▼ $5.334M ▲ $5.381M ▼
Q1-2025 $3.725M ▼ $11.651M ▼ $3.945M ▲ $7.706M ▼
Q4-2024 $4.585M ▲ $12.763M ▲ $3.512M ▼ $9.252M ▲
Q3-2024 $194.92K $10.47M $6.736M $3.734M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-208.671M ▼ $-16.434M ▼ $-252.37M ▼ $825.476M ▲ $556.683M ▲ $-16.434M ▼
Q2-2025 $-1.727M ▲ $-1.131M ▼ $0 $-350K ▼ $-1.506M ▼ $-1.131M ▼
Q1-2025 $-2.369M ▲ $-853.723K ▲ $0 $-3.32K ▼ $-860.614K ▼ $-853.723K ▲
Q4-2024 $-4.273M ▼ $-950.661K ▼ $0 $5.043M ▲ $4.39M ▲ $-950.661K ▼
Q3-2024 $-836.72K $-223.659K $0 $-476.065K $-951.368K $-223.659K

Five-Year Company Overview

Income Statement

Income Statement Ethzilla’s income statement still looks like that of an early‑stage, pre‑revenue company. Reported revenue has essentially been negligible for years, while the company has consistently posted small operating and net losses. Those losses seem driven by ongoing corporate and development costs rather than any heavy operating footprint, which means the burn rate is modest but persistent. The extremely negative per‑share figures are mainly an artifact of repeated stock splits and share structure changes, not a reflection of a giant operating business suddenly collapsing. Overall, the income statement tells a story of a firm still in build‑out mode, with future profitability hinging on DeFi yield, tokenization, iGaming, and other new lines actually beginning to show up as recurring revenue or gains.

Balance Sheet

Balance Sheet Historically, the balance sheet looked very small, with limited assets, thin equity, and no meaningful debt, which matches a micro‑scale, pre‑pivot business. The newer strategic information, however, suggests a major step‑change: a large Ethereum treasury financed by significant capital raises and convertible instruments. That would transform Ethzilla into a balance‑sheet‑driven entity, where value is dominated by crypto holdings rather than factories, equipment, or traditional intangibles. Strengths here include low traditional leverage and a highly liquid core asset in Ethereum. The main risk is concentration: the company’s economic fate becomes tightly tied to Ethereum’s price, on‑chain yields, and crypto market conditions, which can swing reported equity value sharply from period to period.

Cash Flow

Cash Flow Cash flow history points to a lean but loss‑making operation: modest negative cash flow from operations and essentially no spending on physical capital. This is typical of a company investing mainly in people, technology, and strategy rather than buildings or machinery. Future cash flow will depend much more on the performance of the Ethereum treasury and DeFi strategies than on classic product sales. If yields and tokenization initiatives work well, on‑chain income could more than cover operating costs; if they disappoint, cash burn could pick up and force further financing. In short, cash generation is highly sensitive to crypto markets and execution quality, not to traditional business volume.

Competitive Edge

Competitive Edge Ethzilla is trying to carve out a distinct niche as a publicly traded, Ethereum‑centric treasury and DeFi yield platform, rather than a conventional asset manager. Its edge comes from public market access, a sizable ETH base, advisory support from seasoned DeFi builders, and partnerships with prominent protocols and managers. This provides a relatively unique way for traditional investors to reach complex DeFi strategies through a listed vehicle, which is still rare. At the same time, competition in crypto asset management, restaking, and tokenization is intensifying, with many private funds, DAOs, and protocols pursuing similar yield opportunities. Regulatory uncertainty, rapid product copying in DeFi, and dependence on a single ecosystem (Ethereum) constrain how durable any moat can be, so execution speed and risk management are critical.

Innovation and R&D

Innovation and R&D Innovation is where Ethzilla is most aggressive. The company is not just holding Ethereum; it is actively experimenting across staking, lending, liquidity provision, and newer liquid restaking platforms to squeeze more yield from its treasury. It is also pursuing tokenization of real‑world assets and building gateways between traditional finance and on‑chain markets, which, if successful, could open differentiated fee and yield streams. Its focus on integrating across multiple Ethereum layer‑two networks, plus exploratory work on proprietary protocols and analytics, underscores a willingness to stay at the frontier of DeFi infrastructure. However, most of these initiatives are early, technically complex, and unproven at commercial scale, so the innovation pipeline carries as much execution and smart‑contract risk as it does upside potential.

Summary

Ethzilla is best viewed as a transformation story: historically a tiny, loss‑making company that has repositioned itself as a large Ethereum treasury manager and DeFi yield platform. The traditional financials still show a small pre‑revenue business with recurring losses, but the strategic shift and capital inflows imply a much bigger balance sheet and a model where value is driven by on‑chain assets, not conventional operations. Strengths include a focused Ethereum strategy, access to public capital markets, expert advisors, and a willingness to adopt cutting‑edge DeFi tools and tokenization concepts. Key risks center on crypto volatility, concentration in Ethereum, protocol and smart‑contract failures, regulatory shifts, and the fact that core revenue and profit engines are still being built. Overall, Ethzilla’s profile is less like a mature financial services firm and more like a highly specialized, crypto‑native treasury vehicle with considerable upside and downside linked to the broader DeFi ecosystem.

NEWS

November 14, 2025 · 8:00 AM UTC

ETHZilla Reports Third Quarter 2025 Financial Results

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October 27, 2025 · 4:00 PM UTC

ETHZilla Sells Approximately $40mm ETH to Facilitate Stock Repurchases

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October 24, 2025 · 2:34 PM UTC

ETHZilla Announces Third Quarter 2025 Earnings Release Date and Webcast Details

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October 16, 2025 · 8:00 AM UTC

ETHZilla names John Kristoff as SVP, Corporate Communications and Investor Relations

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October 15, 2025 · 8:00 AM UTC

ETHZilla Corporation Announces 1-For-10 Reverse Stock Split

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