2023 Record Net Income of $7.8m or $0.55 per share
Silver Spring, MD, March 22, 2024 (GLOBE NEWSWIRE) — BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology-focused company, announced its results for the fiscal year ended December 31, 2023 (“2023”).
2023 Financial Highlights & 2024 Preliminary Insights
Revenue: $1.3 million in 2023 revenue, down 20% from $1.7 million in 2022. The decrease was primarily driven by lower crypto prices in early 2022. Revenue for the fourth quarter of 2023 increased 20% year-over-year, benefiting from a surge in crypto market prices in December 2023.Gross Margin: 73% gross margins in 2023, down slightly from 75% in 2022.Net Income: $7.8 million or $0.55 per share in 2023, in stark contrast to a net loss of $15.9 million or -$1.25 per share in 2022. This significant improvement is attributed to financial reporting changes resulting from the adoption of new accounting standards as described herein.2023 Cash &
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