{"id":744662,"date":"2023-04-03T08:58:46","date_gmt":"2023-04-03T12:58:46","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/btcs-reports-2022-results\/"},"modified":"2023-04-03T08:58:46","modified_gmt":"2023-04-03T12:58:46","slug":"btcs-reports-2022-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/btcs-reports-2022-results\/","title":{"rendered":"BTCS Reports 2022 Results"},"content":{"rendered":"
\n

Silver Spring, MD, April 03, 2023 (GLOBE NEWSWIRE) — BTCS Inc. (Nasdaq: BTCS) (\u201cBTCS\u201d or the \u201cCompany\u201d), a blockchain technology-focused company, announced its results for the fiscal year ended December 31, 2022.<\/p>\n

\n 2022 Financial <\/strong>
\n Highlights<\/strong>\n <\/p>\n

Revenue for fiscal year 2022 rose 39% to $1.7 million compared to $1.2 million in 2021.<\/p>\n

Gross margins were 75% for fiscal year 2022, compared to 78% during 2021.<\/p>\n

In 2022, net loss decreased to $15.9 million ($1.25 per share) compared to $21.1 million ($3.09 per share) net loss for 2021. BTCS\u2019s net loss is primarily driven by non-cash charges related to the impairment of crypto assets, because U.S. Generally Accepted Accounting Principles requires BTCS to impair its crypto assets to their lowest price since acquisition, with no ability to mark-to-market if crypto prices rebound. Crypto asset impairment charges during the fourth quarter of 2022 amounted to $1.0 million, compared to $145,000 in the third quarter of 2022 and $12.2 million in the first six months of 2022, highlighting the impact of the crypto market\u2019s decline throughout the year on our financial statements. Crypto asset impairment for fiscal year 2022 totaled $13.3 million compared to $3.8 million in 2021.<\/p>\n

The fair value of BTCS\u2019s crypto assets totaled $12.5 million as of December 31, 2022, however, crypto prices have since rebounded and the fair value of our crypto assets was $18.8 million and together with our cash equate to approximately $1.37 per share as of March 28, 2023.<\/p>\n

As of December 31, 2022, the Company had $2.1 million in cash.<\/p>\n

\n Management Commentary<\/strong>\n <\/p>\n

\u201cBuilding on the momentum of staking our own crypto assets over the past several years and through extensive research and development in the necessary technology to create and run validator nodes on a growing number of proof-of-stake blockchains, we successfully completed the beta launch of our innovative StakeSeeker platform in early January 2023,\u201d said Charles Allen, Chief Executive Officer of BTCS. \u201cThe launch of this proprietary digital asset analytics and non-custodial staking-as-a-service platform represents a significant step forward for our organization.\u201d<\/p>\n

StakeSeeker is a comprehensive crypto dashboard and education center for crypto asset holders to learn how to earn crypto rewards by staking through its non-custodial Stake Hub and evaluate their crypto portfolios across exchanges and wallets in a single analytics platform. StakeSeeker sets itself apart by solving the common problem of central tracking for crypto holdings stored on various crypto exchanges and digital wallets, providing crypto holders with an improved user experience and the ability to easily track and analyze the performance of their entire portfolio. The platform was developed to empower crypto holders, to self-custody their crypto, and to better understand and grow their crypto asset holdings with innovative portfolio analytics and a non-custodial process to earn staking rewards through the direct participation in blockchain consensus algorithms.<\/p>\n

\u201cSince launching StakeSeeker, we have continued to expand its features and functionality, with a particular focus on integrating new blockchain networks and improving user experience,\u201d added Michael Prevoznik, Chief Financial Officer of BTCS. \u201cWe remain committed to growing StakeSeeker’s user base and building a strong delegator base on our validator nodes to provide an attractive non-custodial staking option for crypto asset holders. Our team is passionate about empowering users to keep control of their crypto assets and make informed decisions with respect to their crypto assets. We have developed in-depth educational materials that emphasize the benefits of non-custodial staking and the importance of self-custody of assets.\u201d<\/p>\n

\u201cAt BTCS, we recognize that blockchain technologies are still emerging, and we remain committed to being at the forefront of the industry\u2019s ongoing evolution,\u201d continued Allen, \u201cAs such, we continue to invest time and resources into educating the public on emerging blockchain technologies, the benefits of self-custody of crypto assets, and the importance of secure staking practices. We firmly believe in the transformational potential of blockchain technologies and passionately advocate for its increasing use in both the private and public sectors. We are optimistic about the future and excited to continue driving new innovations that strengthen long-term shareholder value.\u201d<\/p>\n

\n Industry and <\/strong>
\n Business<\/strong>
\n Highlights<\/strong>\n <\/p>\n

The recent failures of Silicon Valley Bank, Silvergate, and Signature Bank have had a significant impact on both the crypto and financial markets, sparking a shift in capital flows as people look for alternative places to store their wealth. BTC and ETH in particular have shone brightly in this market environment, providing signs of optimism in the sector following FTX’s recent collapse.<\/p>\n

BTCS believes the failure of FTX as well as recent actions taken by the SEC against Kraken and ongoing investigations into crypto’s classification as securities underscore the need for greater regulatory clarity and transparency in the crypto market. Importantly, the Company’s StakeSeeker platform, a non-custodial staking-as-a-service solution, differs materially from other industry staking programs such as Kraken’s custodial model.<\/p>\n

In non-custodial staking, users retain control over their crypto assets and directly participate in the network\u2019s consensus mechanism by staking their crypto and earning rewards. In contrast, centralized staking, such as that employed by Kraken and other exchanges, involves entrusting a third-party with your crypto assets. While centralized staking may seem convenient, they often come with significant undisclosed risks, such as hacking, theft, and going bankrupt.<\/p>\n

\u201cAs the crypto industry continues to grow and mature, it is vital that we maintain a clear understanding of the differences between non-custodial and centralized staking,\u201d continued Allen. \u201cBy doing so, we can ensure the general public is informed and make wise decisions about how they participate in consensus mechanisms and earn rewards.\u201d<\/p>\n

\n About BTCS:<\/strong>\n <\/p>\n

BTCS Inc. is a Nasdaq listed company operating in the blockchain technology space since 2014 and is one of the first U.S. publicly traded companies with a primary focus on blockchain infrastructure and staking. BTCS secures and operates validator nodes on disruptive next-generation blockchain networks that power Web 3, earning native token rewards by staking our proof-of-stake crypto assets. \u201cStakeSeeker\u201d is BTCS\u2019 newly introduced proprietary Cryptocurrency Dashboard and Staking-as-a-Service platform, developed to empower users to better understand and grow their crypto holdings with innovative portfolio analytics and a non-custodial process to earn staking rewards on crypto asset holdings. Users can easily link and monitor their cryptocurrency portfolios across exchanges, wallets, validator nodes, and other sources; and have access to a suite of data analytic tools such as performance and reward tracking. StakeSeeker\u2019s Staking Hub allows users to earn rewards by directly participating in network consensus mechanisms by staking and delegating their cryptocurrencies to company-operated validator nodes for a growing number of supported blockchains. As a non-custodial validator operator, BTCS receives a percentage of token holders staking rewards generated as a validator node fee, creating the potential opportunity for a highly scalable business with limited additional costs. For more information visit: www.btcs.com<\/a>.<\/p>\n

\n Forward-Looking Statements:<\/strong>\n <\/p>\n

Certain statements in this press release, constitute \u201cforward-looking statements\u201d within the meaning of the federal securities laws including statements regarding the growth of our StakeSeeker use base, our beliefs regarding the transformational potential of blockchain technologies and the optimism regarding delivering shareholder value. Words such as \u201cmay,\u201d \u201cmight,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201ccontinue,\u201d \u201cpredict,\u201d \u201cforecast,\u201d \u201cproject,\u201d \u201cplan,\u201d \u201cintend\u201d or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation regulatory issues unexpected issues with our proprietary Digital Asset Analytic and Staking-as-a-Service Platform: StakeSeeker, regulatory issues, and the reluctance of users to try or accept our product, as well as risks set forth in the Company\u2019s filings with the Securities and Exchange Commission including its Form 10-K for the year ended December 31, 2022 which was filed on March 31, 2023. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements, whether as a result of new information, future events or otherwise, except as required by law.<\/p>\n

\n Investor Relations:<\/em>
\n
\n ir@btcs.com<\/a>\n <\/p>\n

\n Public Relations: <\/em>
\n
Mercy Chikowore
m.chikowore@btcs.com<\/a><\/p>\n

\n Financials<\/strong>\n <\/p>\n

The tables below are derived from the Company\u2019s financial statements included in its Form 10-K filed on March 31, 2023, with the Securities and Exchange Commission. Please refer to the Form 10-K for complete financial statements and further information regarding the Company\u2019s results of operations and financial condition relating to the fiscal quarter and fiscal year ended December 31, 2022 and 2021. The Company\u2019s Form 10-K also includes a discussion of risk factors applicable to the Company and its business.<\/p>\n

\n BTCS Inc.<\/strong>
\n
\n Balance Sheets<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n December 31,<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n December 31,<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2022<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2021<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Assets:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash<\/td>\n\u00a0<\/td>\n$<\/td>\n2,146,783<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,400,867<\/td>\n\u00a0<\/td>\n<\/tr>\n
Crypto assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n982<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,117,360<\/td>\n\u00a0<\/td>\n<\/tr>\n
Investments, at value (Cost $100,000)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n100,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Staked crypto assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,826,307<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n623,754<\/td>\n\u00a0<\/td>\n<\/tr>\n
Prepaid expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n123,727<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n324,551<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,197,799<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,466,532<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property and equipment, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,152<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,783<\/td>\n\u00a0<\/td>\n<\/tr>\n
Staked crypto assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,708,624<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,625,678<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total other assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,719,776<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,635,461<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n9,917,575<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n14,101,993<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Liabilities and Stockholders’ Equity:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable and accrued expense<\/td>\n\u00a0<\/td>\n$<\/td>\n76,727<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n138,716<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued compensation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n295,935<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,334<\/td>\n\u00a0<\/td>\n<\/tr>\n
Warrant liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n213,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,852,500<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n586,412<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,998,550<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stockholders’ equity:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common stock, 97,500,000 shares authorized at $0.001 par value, 13,107,149 and 10,528,212 shares issued and outstanding at December 31, 2022 and 2021, respectively<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,108<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,529<\/td>\n\u00a0<\/td>\n<\/tr>\n
Additional paid in capital<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n160,800,263<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n147,682,384<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accumulated deficit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(151,482,208<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(135,589,470<\/td>\n)<\/td>\n<\/tr>\n
Total stockholders’ equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,331,163<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,103,443<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Liabilities and Stockholders’ Equity<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n9,917,575<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n14,101,993<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
\n <\/strong>\n <\/p>\n

\n BTCS Inc.<\/strong>
\n
\n Statements of Operations<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n For the Year Ended<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n December 31,<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2022<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2021<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Validator revenue (net of fees)<\/td>\n\u00a0<\/td>\n$<\/td>\n1,692,454<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,213,284<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,692,454<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,213,284<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Validator expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n426,440<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n268,346<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross profit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,266,014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n944,938<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating expenses:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
General and administrative<\/td>\n\u00a0<\/td>\n$<\/td>\n1,916,193<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,590,707<\/td>\n\u00a0<\/td>\n<\/tr>\n
Research and development<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n611,758<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n712,736<\/td>\n\u00a0<\/td>\n<\/tr>\n
Compensation and related expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,313,638<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,583,258<\/td>\n\u00a0<\/td>\n<\/tr>\n
Marketing<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n78,171<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n180,290<\/td>\n\u00a0<\/td>\n<\/tr>\n
Impairment loss on crypto assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,348,874<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,845,899<\/td>\n\u00a0<\/td>\n<\/tr>\n
Realized gains on crypto asset transactions<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(506,757<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,054,418<\/td>\n)<\/td>\n<\/tr>\n
Total operating expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,761,877<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,858,472<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other income (expenses):<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(186,740<\/td>\n)<\/td>\n<\/tr>\n
Amortization on debt discount<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,868,059<\/td>\n)<\/td>\n<\/tr>\n
Change in fair value of warrant liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,638,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,918,750<\/td>\n\u00a0<\/td>\n<\/tr>\n
Distributions to warrant holders<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(35,625<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total other income (expenses)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,603,125<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,863,951<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net loss<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (15,892,738<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (16,049,583<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
Deemed dividends related to amortization of beneficial conversion feature of Series C-2 convertible preferred stock<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(45,541<\/td>\n)<\/td>\n<\/tr>\n
Deemed dividends related to recognition of downround adjustment to conversion amount for Series C-2 convertible preferred stock<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,020,883<\/td>\n)<\/td>\n<\/tr>\n
\n Net loss attributable to common stockholders<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (15,892,738<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (21,116,007<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\n Net loss per share attributable to common stockholders, basic and diluted<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (1.25<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (3.09<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\n Weighted average number of common shares outstanding, basic and diluted<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,732,914<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,840,665<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
\n <\/strong>\n <\/p>\n

\n BTCS Inc.<\/strong>
\n
\n Statements of Cash Flows<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n For the Year Ended<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n December 31,<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2022<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2021<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\n Net Cash flows used from operating activities:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss<\/td>\n\u00a0<\/td>\n$<\/td>\n(15,892,738<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(16,049,583<\/td>\n)<\/td>\n<\/tr>\n
Adjustments to reconcile net loss to net cash used in operating activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,039<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n939<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amortization on debt discount<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,868,059<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stock-based compensation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,625,270<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,490,555<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stock-based compensation in connection with issuance of Series C-2 convertible preferred stock<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n179,277<\/td>\n\u00a0<\/td>\n<\/tr>\n
Validator revenue<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,692,454<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,213,284<\/td>\n)<\/td>\n<\/tr>\n
Blockchain network fees (non-cash)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,321<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Change in fair value of warrant liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,638,750<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,918,750<\/td>\n)<\/td>\n<\/tr>\n
Purchase of non-productive crypto assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,761,550<\/td>\n)<\/td>\n<\/tr>\n
Sale of non-productive crypto assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,547,325<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,274,491<\/td>\n\u00a0<\/td>\n<\/tr>\n
Realized gain on crypto asset transactions<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(506,757<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,054,418<\/td>\n)<\/td>\n<\/tr>\n
Impairment loss on crypto assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,348,874<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,845,899<\/td>\n\u00a0<\/td>\n<\/tr>\n
Changes in operating assets and liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Prepaid expenses and other current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n200,824<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(292,676<\/td>\n)<\/td>\n<\/tr>\n
Accounts payable and accrued expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(62,332<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n112,428<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued compensation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n288,601<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(343,042<\/td>\n)<\/td>\n<\/tr>\n
Net cash used in operating activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(776,777<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,861,655<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net cash used in investing activities:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Purchase of productive crypto assets for validating<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,453,024<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,462,279<\/td>\n)<\/td>\n<\/tr>\n
Sale of productive crypto assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n585,595<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Purchase of investments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(100,000<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Purchase of property and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,408<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,491<\/td>\n)<\/td>\n<\/tr>\n
Net cash used in investing activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8,972,837<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,472,770<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net cash provided by financing activities:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Dividend distributions<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(630,801<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Proceeds from exercise of warrants<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n400,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Proceeds from issuance of Series C-2 convertible preferred stock<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,100,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net proceeds from issuance of convertible notes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,000,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net proceeds from issuance of common stock and warrants for cash<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,865,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net proceeds from issuance of common stock<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,014,005<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net proceeds from issuance common stock\/ At-the-market offering<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,126,331<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,832,152<\/td>\n\u00a0<\/td>\n<\/tr>\n
Payment to convertible notes principle<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,000,000<\/td>\n)<\/td>\n<\/tr>\n
Net cash provided by financing activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,495,530<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,211,157<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net increase in cash<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n745,916<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n876,732<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash, beginning of period<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,400,867<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n524,135<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash, end of period<\/td>\n\u00a0<\/td>\n$<\/td>\n2,146,783<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,400,867<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Supplemental disclosure of non-cash financing and investing activities:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deemed dividends related to amortization of beneficial conversion feature of Series C-2 convertible preferred stock<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n45,541<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deemed dividends related to recognition of downround adjustment to conversion amount for Series C-2 convertible preferred stock<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n5,020,883<\/td>\n\u00a0<\/td>\n<\/tr>\n
Conversion of Series C-1 Preferred Stock<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n20<\/td>\n\u00a0<\/td>\n<\/tr>\n
Conversion of Series C-2 Preferred Stock<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n6,216,289<\/td>\n\u00a0<\/td>\n<\/tr>\n
Beneficial conversion feature of Series C-2 convertible preferred stock<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n129,412<\/td>\n\u00a0<\/td>\n<\/tr>\n
Beneficial conversion features associated with convertible notes payable<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,000,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Dividends payable<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Silver Spring, MD, April 03, 2023 (GLOBE NEWSWIRE) — BTCS Inc. (Nasdaq: BTCS) (\u201cBTCS\u201d or the \u201cCompany\u201d), a blockchain technology-focused company, announced its results for the fiscal year ended December 31, 2022. 2022 Financial Highlights Revenue for fiscal year 2022 rose 39% to $1.7 million compared to $1.2 million in 2021. Gross margins were 75% for fiscal year 2022, compared to 78% during 2021. In 2022, net loss decreased to $15.9 million ($1.25 per share) compared to $21.1 million ($3.09 per share) net loss for 2021. BTCS\u2019s net loss is primarily driven by non-cash charges related to the impairment of crypto assets, because U.S. Generally Accepted Accounting Principles requires BTCS to impair its crypto assets to their lowest price since … <\/p>\n

Continue reading “BTCS Reports 2022 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-744662","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBTCS Reports 2022 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/btcs-reports-2022-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BTCS Reports 2022 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Silver Spring, MD, April 03, 2023 (GLOBE NEWSWIRE) — BTCS Inc. (Nasdaq: BTCS) (\u201cBTCS\u201d or the \u201cCompany\u201d), a blockchain technology-focused company, announced its results for the fiscal year ended December 31, 2022. 2022 Financial Highlights Revenue for fiscal year 2022 rose 39% to $1.7 million compared to $1.2 million in 2021. Gross margins were 75% for fiscal year 2022, compared to 78% during 2021. In 2022, net loss decreased to $15.9 million ($1.25 per share) compared to $21.1 million ($3.09 per share) net loss for 2021. BTCS\u2019s net loss is primarily driven by non-cash charges related to the impairment of crypto assets, because U.S. Generally Accepted Accounting Principles requires BTCS to impair its crypto assets to their lowest price since … Continue reading "BTCS Reports 2022 Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/btcs-reports-2022-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-03T12:58:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgwMDM3NCM1NTA1NTY4IzUwMDAyNTU5OQ==\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/btcs-reports-2022-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/btcs-reports-2022-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"BTCS Reports 2022 Results\",\"datePublished\":\"2023-04-03T12:58:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/btcs-reports-2022-results\\\/\"},\"wordCount\":1944,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/btcs-reports-2022-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODgwMDM3NCM1NTA1NTY4IzUwMDAyNTU5OQ==\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/btcs-reports-2022-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/btcs-reports-2022-results\\\/\",\"name\":\"BTCS Reports 2022 Results - 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(Nasdaq: BTCS) (\u201cBTCS\u201d or the \u201cCompany\u201d), a blockchain technology-focused company, announced its results for the fiscal year ended December 31, 2022. 2022 Financial Highlights Revenue for fiscal year 2022 rose 39% to $1.7 million compared to $1.2 million in 2021. Gross margins were 75% for fiscal year 2022, compared to 78% during 2021. In 2022, net loss decreased to $15.9 million ($1.25 per share) compared to $21.1 million ($3.09 per share) net loss for 2021. BTCS\u2019s net loss is primarily driven by non-cash charges related to the impairment of crypto assets, because U.S. Generally Accepted Accounting Principles requires BTCS to impair its crypto assets to their lowest price since … Continue reading \"BTCS Reports 2022 Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/btcs-reports-2022-results\/","og_site_name":"Market Newsdesk","article_published_time":"2023-04-03T12:58:46+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgwMDM3NCM1NTA1NTY4IzUwMDAyNTU5OQ==","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"10 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/btcs-reports-2022-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/btcs-reports-2022-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"BTCS Reports 2022 Results","datePublished":"2023-04-03T12:58:46+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/btcs-reports-2022-results\/"},"wordCount":1944,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/btcs-reports-2022-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgwMDM3NCM1NTA1NTY4IzUwMDAyNTU5OQ==","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/btcs-reports-2022-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/btcs-reports-2022-results\/","name":"BTCS Reports 2022 Results - 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