Business
BTCS Reports Q2 2023 Results
Silver Spring, MD, Aug. 14, 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, Aug. 14, 2023 (GLOBE NEWSWIRE) -- BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology-focused company, announced its results for the second quarter ending June 30, 2023 (“Q2 2023”). Second Quarter 2023 Financial HighlightsQ2 2023 revenue improved 21% over Q1 2023 to $0.4 million but remained lower than Q2 2022 by 25% as a result of the depressed crypto asset prices. Gross margins for Q2 2023 were 71% compared to 74% for Q1 2022, with gross margins of 72% for the first half of 2023. Net loss for Q2 2023 decreased to $1.0 million ($0.07 per share) compared to $1.4 million ($0.10 per share) for Q1 2023 and $7.7 million ($0.61 per share) for Q2 2022. Net loss for the first half of 2023 was $2.4 million ($0.18 per share) compared to $13.5 million ($1.08 per share) for the first half of 2022. Net losses during the first half of 2022 were largely driven by $12.2 million crypto asset impairment losses realized, compared to only $0.9 million impairment charges in the first half of 2023. As of June 30, 2023, the Company had $0.9 million in cash. The fair value of our crypto assets increased 63% YoY to $19.4 million in Q2 2023. The fair value of our crypto assets together with our cash equated to approximately $1.47 per share as of June 30, 2023. Management Commentary Business UpdateIn Q2 2023, BTCS continued its momentum from the successful beta launch of the StakeSeeker platform in January. Through our StakeSeeker platform, a comprehensive crypto dashboard and education center for crypto asset holders, and our blockchain infrastructure operations we believe we’ve laid the core foundation for significant growth into key blockchain verticals that leverage the knowledge and expertise we’ve honed over the last few years. Our team is dedicated and hard at work, developing new initiatives built on our core expertise, and look forward to sharing these initiatives later in the year. Industry CommentaryWhile crypto prices have been relatively flat on average in Q2 2023. Ethereum and other cryptos held by BTCS have seen substantial price increases since 2022 lows underscoring the potential and opportunities within the cryptocurrency market. We are aware of recent incidents that have raised concerns about regulatory clarity and the need for greater transparency within the crypto sphere. At BTCS, we firmly ...