Business
BTCS Reports 2022 Results
Silver Spring, MD, April 03, 2023 (GLOBE NEWSWIRE) -- BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology-focused company, announced
About this update from Btcs Inc.
[{"type":"text","content":"Silver Spring, MD, April 03, 2023 (GLOBE NEWSWIRE) -- BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology-focused company, announced its results for the fiscal year ended December 31, 2022. 2022 Financial Highlights Revenue for fiscal year 2022 rose 39% to $1.7 million compared to $1.2 million in 2021. Gross margins were 75% for fiscal year 2022, compared to 78% during 2021. In 2022, net loss decreased to $15.9 million ($1.25 per share) compared to $21.1 million ($3.09 per share) net loss for 2021. BTCS’s net loss is primarily driven by non-cash charges related to the impairment of crypto assets, because U.S. Generally Accepted Accounting Principles requires BTCS to impair its crypto assets to their lowest price since acquisition, with no ability to mark-to-market if crypto prices rebound. Crypto asset impairment charges during the fourth quarter of 2022 amounted to $1.0 million, compared to $145,000 in the third quarter of 2022 and $12.2 million in the first six months of 2022, highlighting the impact of the crypto market’s decline throughout the year on our financial statements. Crypto asset impairment for fiscal year 2022 totaled $13.3 million compared to $3.8 million in 2021. The fair value of BTCS’s crypto assets totaled $12.5 million as of December 31, 2022, however, crypto prices have since rebounded and the fair value of our crypto assets was $18.8 million and together with our cash equate to approximately $1.37 per share as of March 28, 2023. As of December 31, 2022, the Company had $2.1 million in cash. Management Commentary “Building on the momentum of staking our own crypto assets over the past several years and through extensive research and development in the necessary technology to create and run validator nodes on a growing number of proof-of-stake blockchains, we successfully completed the beta launch of our innovative StakeSeeker platform in early January 2023,” said Charles Allen, Chief Executive Officer of BTCS. “The launch of this proprietary digital asset analytics and non-custodial staking-as-a-service platform represents a significant step forward for our organization.” StakeSeeker is a comprehensive crypto dashboard and education center for crypto asset holders to learn how to earn crypto rewards by staking through its non-custodial Stake Hub and evaluate their crypto portfolios a...