Ether Capital Corporation Releases Audited Financial Performance Report for 2022

It is reported that the Canadian listed company Ether Capital Corporation (NEO: ETHC) has released its audited comprehensive financial performance report for the year ended December 31, 2022. The company’s revenue increased by 149% from $1.5 million in 2021 to $3.7 million in 2022, mainly due to the significant increase in Stacked Ether awards. In addition, the company receives consulting fee income from its related party, Purpose Investments, which is associated with assets managed by Purpose Investments’ crypto ETF (“crypto asset management scale”). The cash on the balance sheet as of December 31, 2022 was $440000, compared to $3.4 million as of December 31, 2021. However, the increase of $2.45 million was invested in cash equivalents and marketable securities. As mentioned above, significant changes occurred in the valuation of the company’s digital assets during 2022. The value of digital assets decreased by $137.3 million to $73.1 million, mainly due to a 65% decline in Ethereum prices during the year. As of December 31, 2022, the valuation of the company’s digital assets exceeded the cost base of these assets by $15.5 million.

Listed company Ether Capital’s revenue in 2022 was $3.7 million

Introduction

Ether Capital Corporation (NEO: ETHC) has released its audited comprehensive financial report for the year ending December 31, 2022. The report showcases a range of figures and data that highlight the company’s growth, financial performance and current position within the industry. This article provides an overview of the report’s primary findings, including revenue increase, digital assets’ valuation, cash flow and more.

Revenue Growth

Ether capital corporation witnessed significant growth in the year 2022 as the revenue increased by 149%. The figures rose from $1.5 million in 2021 to $3.7 million in 2022 – largely due to the significant increase in Stacked Ether awards. The company currently receives consulting fee income from its related party, Purpose Investments, which manages assets associated with the crypto ETF, “crypto asset management scale.”

Cash Flow

The company’s cash flow position as of December 31, 2022, revealed cash on the balance sheet of $440000, compared to $3.4 million a year ago. However, the increase of $2.45 million was invested in cash equivalents and marketable securities.

Valuation of Digital Assets

The report notes significant changes in the company’s digital assets valuation in 2022, with the value of assets decreasing by $137.3 million to $73.1 million. The decline was largely due to a 65% drop in Ethereum prices during the year. Despite the decrease, the digital assets’ current valuation as of December 31, 2022, exceeded the cost base of these assets by $15.5 million.

Conclusion

Ether Capital Corporation’s audited comprehensive financial report highlights an array of factors that have contributed to the company’s growth. The 149% increase in revenue, along with the decline in digital asset valuation, provides an insightful view of the challenges and opportunities in the industry. The report demonstrates that Ether Capital Corporation is working in a dynamic and rapidly changing space, carving a place for itself focusing on innovative projects to create value.

FAQs

Q1. What is Ether Capital Corporation?

Ether Capital Corporation is a Canadian-listed company that specializes in investing, managing, and securing digital assets.

Q2. What led to the revenue growth of the company in 2022?

The significant growth in the revenue of Ether Capital Corporation in 2022 was mainly due to the substantial increase in Stacked Ether awards.

Q3. Why was there a decline in the valuation of Ether Capital Corporation’s digital assets?

The decline in the value of digital assets of Ether Capital Corporation in 2022 was due to a 65% decrease in Ethereum prices during the year.