Business
BTCS Reports Q1 2023 Results
Silver Spring, MD, May 15, 2023 (GLOBE NEWSWIRE) -- BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology-focused company, announced its
About this update from Btcs Inc.
[{"type":"text","content":"Silver Spring, MD, May 15, 2023 (GLOBE NEWSWIRE) -- BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology-focused company, announced its results for the three months ended March 31, 2023. First Quarter 2023 Financial HighlightsQ1 2023 revenue improved 15% over Q4 2022 to $0.3 million but remained lower than Q1 2022 by 45% as a result of the sharp decline in crypto asset prices during Q2 2022. 74% gross margins for the three months ended March 31, 2023 compared to 75% and 59% for Q1 2021 and Q4 2021 respectively. Our net loss for the three months ended March 31, 2023 decreased to $1.3 million ($0.10 per share) compared to $5.7 million ($0.47 per share) net loss for Q1 2022 and $1.4 million ($0.11 per share) net loss for Q4 2022. As of March 31, 2023, the Company had $1.4 million in cash. The fair value of our crypto assets increased 53% during Q1 2023 to $19.2 million. The fair value of our crypto assets together with our cash equates to approximately $1.50 per share as of March 31, 2023. Management Commentary Business UpdateBTCS has continued to make strides in the first quarter of 2023 by building on the momentum of its StakeSeeker platform's successful beta launch in January. The Company’s innovative StakeSeeker platform, a comprehensive crypto dashboard and education center for crypto asset holders, allows users to learn how to earn crypto rewards by staking through its non-custodial Stake Hub and evaluate their crypto portfolios across exchanges and wallets in a single analytics platform. BTCS has continued to expand the platform’s features and functionality, with a particular focus on integrating new blockchain networks and improving user experience. We remain committed to growing StakeSeeker users and building a strong delegator base on our validator nodes, providing an attractive non-custodial staking option for crypto asset holders. Impact of Shanghai Upgrade The recent successful Shanghai upgrade to the Ethereum blockchain in April has unlocked over 840 ETH rewards earned on our Ethereum validator nodes and will cause all our staked ETH to be reclassified as a current asset going forward. This newly unlocked ETH, worth approximately $1.5m as of March 31, 2023, provides additional liquidity, flexibility to manage our assets, and opportunities for growth as we move forward in 2023. The Shanghai upgra...