Business
BTCS Reports Q1 2022 Results
Q1 revenue up 776% over Q1 2021 with gross margins of 76% Fair market value of digital assets up 105% year-over-year Silver Spring, MD, May 16, 2022 (GLOBE
About this update from Btcs Inc.
[{"type":"text","content":"Q1 revenue up 776% over Q1 2021 with gross margins of 76% Fair market value of digital assets up 105% year-over-year Silver Spring, MD, May 16, 2022 (GLOBE NEWSWIRE) -- BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology-focused company, today announced its results for the first quarter ended March 31, 2022. Q1 2022 Highlights Expanding blockchain infrastructure operations drove Q1 revenue up 29% over Q4 2021 and up 776% over Q1 2021 to $0.6 million76% gross margins for the three months ended March 31, 2022 compared to 79% and 72% for Q1 2021 and Q4 2021 respectively$5.8 million GAAP net loss, primarily triggered by non-cash charges compared to $11.6 million GAAP net loss for Q1 2021Stockholders’ equity increased 44% to $17.4 million at March 31, 2022, up $5.3 million from December 31, 2021Fair market value of digital assets increased to approximately $41.3 million as of March 31, 2022, up 13% compared to December 31, 2021, and up 105% versus March 31, 2021Cash and fair market value of digital assets $43.6 million or $3.45 per share as of March 31, 2022Declared a special one-time $0.05 per share dividend payable in Bitcoin at election of shareholders, becoming the first U.S. public company to issue such a dividendStrengthened leadership team with the addition of Chief Technology Officer Blockchain Infrastructure Update BTCS continued to expand its blockchain infrastructure operations in the first quarter of 2022, announcing the addition of Algorand, Kusama, Solana, Polkadot, and Terra. Subsequent to the quarter end, the Company announced the addition of Polygon and Kava to its infrastructure operations. A primary driver of revenue growth, the Company’s blockchain infrastructure operations are a high profit margin component of its business model, and margins are expected to improve as operations scale. Research and development related to the technical work needed to run additional validator nodes on new blockchains remains ongoing. Management Commentary “We continued to grow our blockchain infrastructure segment in Q1 and anticipate ongoing growth in the quarters ahead as we add new blockchains to our expanding operations,” stated Charles Allen, Chief Executive Officer of BTCS. “As a high-margin component of our business, our blockchain infrastructure operations were a key driver behind the 76% gross margi...