Silver Spring, MD, Nov. 10, 2023 (GLOBE NEWSWIRE) — BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology-focused company, announced its results for the third quarter ending September 30, 2023 (“Q3 2023”).
Third Quarter 2023 Financial HighlightsQ3 2023 revenue decreased 18% from Q2 2023 and 8% from Q3 2022 as a result of depressed crypto asset prices, particularly impacting Ethereum (ETH) and Cosmos (ATOM), our two highest earning staked tokens.
Gross margins improved slightly to 74% for Q3 2023 compared to 71% for Q2 2023, with gross margins of 72% for the first nine months of 2023.
Net loss for Q3 2023 decreased to $0.6 million ($0.04 per share) compared to $1.0 million ($0.07 per share) for Q2 2023 and $1.0 million ($0.08 per share) for Q3 2022.
Net loss for the nine months ended September 30, 2023 (“2023 Period”) decreased 79% to $3.1 million ($0.22 per share) compared to $14.5 million ($1.15 per share) for the nine months ended September 30
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