Primary Markets, page-12

When Animoca goes silent, you can guarantee that their financial results aren't great.

I think that the early 2022 revenue windfall was largely due to the Yuga partnership and selling tokens, such as APE when it was riding high. So long as they sold the crypto, which I think they referred to as "other income", then this is realised profit, rather than paper profits (which would've since been eroded).

The rest of 2022 probably saw a huge drop in revenue, which is why they've never released full year results. More concerning, in my view, is that 2023 will be similarly low (or even lower) operating revenue (from games, NFTs etc), but in addition they'll be much less "other income" (third-party token sales), which in the past has helped to inflate topline growth.

$1 per share might be viewed as extremely expensive once FY23's results are revealed.

Fingers crossed that Yat can pull another rabbit out of a hat, such as the Japan subsidiary, Open Campus etc.