Friday, May 12, 2023
Tokens.com Corp is a publicly traded company that invests in Web3 assets and businesses focused on the Metaverse, NFTs, DeFi, and gaming based digital assets. Tokens.com is the majority owner of Metaverse Group, one of the world’s first virtual real estate companies. Hulk Labs, a wholly-owned Tokens.com subsidiary, focuses on investing in play-to-earn revenue generating gaming tokens and NFTs. Additionally, Tokens.com owns and stakes crypto assets to earn additional tokens. Through its growing digital assets and NFTs, Tokens.com provides public market investors with a simple and secure way to gain exposure to Web3.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Results. Tokens.com reported revenue of $303,217 compared to $326,320 in the prior year. Driven by a $2.6 million digital asset revaluation gain, operating income was $1.9 million compared to a loss of $3.2 million last year. Net income for the quarter was $1.7 million, or diluted EPS of $0.02, compared to $7.8 million, or $0.07. We estimated revenue of $115,000, operating loss of $482,000, and breakeven EPS.
Macro Environment. Tokens.com noted that the ETH Shapella upgrade showed an increase in staking activity, which results in lower yields but is countered with the increase in crypto prices over the last few months. We expect that staking revenue will remain volatile for Tokens.com’s ETH and DOT but will have increases quarter-over-quarter, assuming prices stay level or increase.
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