What Is the Impact of Non-Dilutive Funding on a Company’s Earnings per Share (EPS)?

Non-dilutive funding, such as that raised through a utility token sale, generally has a positive or neutral impact on EPS. Since no new shares are issued, the denominator (number of outstanding shares) remains unchanged.

The capital raised can be used to fund profitable projects, increasing the numerator (Earnings) and thus increasing EPS. If the token sale is treated as revenue, it can immediately boost earnings.