Business
BTCS Reports Q3 2021 Financial Results
Silver Spring, MD, Nov. 10, 2021 (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, Nov. 10, 2021 (GLOBE NEWSWIRE) -- BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology focused company, announced its results for the third quarter ended September 30, 2021. BTCS through its infrastructure operations, secures disruptive blockchains by actively validating network transactions, and is rewarded with digital assets. BTCS is developing the BTCS Data Analytics Dashboard which allows users to evaluate their crypto portfolio from across multiple exchanges with plans to eventually add year-end reports and asset leveraging. Q3 Highlights Expanding blockchain infrastructure operations drove Q3 revenue to $0.3 million, and $0.8 million for the three and nine months ended September 30, 2021, respectively81% gross margin for the nine months ended September 30, 2021GAAP Net loss was $3.8 million and $15.5 million for the three and nine months ended September 30, 2021, respectively, triggered by non-cash charges$1.9 million in Adjusted EBITDA, a non-GAAP financial measure, for the nine months ended September 30, 2021 (please refer to the reconciliation toward the end of this press release)Stockholders’ equity was $8.48 million at September 30, 2021, up $7.4 million from December 31, 2020The fair market value of earned digital assets rewards for operating validator nodes for the three and nine months ended September 30, 2021 was $0.34 million and $0.91 million, respectivelyDigital assets had a fair market value (“FMV”) of approximately $30.2 million as of September 30, 2021, up 40% from June 30, 2021, and up 1,780% versus September 30, 2020Repaid $1.0 million in convertible debt, eliminating potential equity dilutionCompleted uplist to Nasdaq Blockchain Infrastructure Update BTCS continued to expand its blockchain infrastructure segment in the third quarter, by actively operating validator nodes for Tezos, a blockchain designed for smart contracts and decentralized applications, and Avalanche, one of the fastest smart contract platforms offering high transaction throughput. Subsequent to the quarter end, the Company announced the continued expansion of its blockchain infrastructure segment with the addition of Cosmos, a $7 billion interoperable blockchain platform that connects large numbers of independent blockchains within the Cosmos network. BTCS generated 81% gross margin from its op...