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.
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