AVAX One's interim CEO Pete Wylie emphasized that the company's reported $35.1 million quarterly loss 'does not tell the full story' of its operations.
The $33 million in non-cash charges, mostly from unrealized markdowns on AVAX holdings, skewed the result.
Excluding these charges, AVAX One's adjusted net loss was $2.2 million, and revenue rose to $2.8 million, with staking accounting for 75% of that total.
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