- Revenue of $7.2 million, a decrease of 50 per cent versus Q1, 2022
- Net loss for the quarter was $7.0 million, versus a net profit of $5.0 million in the prior-year period
- EPS of -$0.04 for the quarter
- Total assets as of December 31, 2022, of $92.1 million
- DMG is a blockchain and cryptocurrency company
- DMG Blockchain Solutions (DMGI) opened trading at C$0.31
DMG Blockchain Solutions (DMGI) announced its first quarter of 2023 unaudited financial results.
Financial highlights:
- Revenue of $7.2 million on 274.70 mined Bitcoin, a net loss of $7.0 million
- $10.9 million in cash and digital currency (453.06 Bitcoin) and debt of $1 million
Revenue for the first quarter ending December 31, 2022, was $7.2 million versus $14.3 million in the year-ago quarter, a decrease of 50 per cent, driven primarily by a 65 per cent year-over-year decline in the quarterly price of Bitcoin, which was partly offset by a 50 per cent increase in the amount of mined Bitcoin to 274.70 from 183.20 in the prior-year period.
Operating and maintenance costs for the quarter ended December 31, 2022, were $4.4 million as compared to $2.8 million in the year-ago period. The majority of this increase was due to utility costs, which increased by $1.6 million during the period. This increase was the result of an increase in digital currency mining activity from additional miners acquired during the year.
General and administrative expenses increased to $948,000 in the quarter ending December 31, 2022, versus $701,000 in the prior-year period. This was primarily due to higher wages, which increased by $215,000 during the period.
Net loss for the quarter was $7.0 million, versus a net profit of $5.0 million in the prior-year period. The loss was primarily the result of lower revenues combined with increasing operating and maintenance costs of $1.7 million, higher depreciation expenses of $2.6 million and unrealized revaluation losses on digital currency of $1.4 million. This was partially offset by lower share-based compensation expenses of $0.8 million.
Earnings per share for the first fiscal quarter ending December 31, 2022, was negative $0.04 versus positive $0.03 in the prior year period.
As of December 31, 2022, the company had cash of $684,000, digital currency of $10.3 million and total assets of $92.1 million.
About DMG Blockchain Solutions
DMG is a blockchain and cryptocurrency company that manages, operates and develops end-to-end digital solutions to monetize the blockchain ecosystem.
DMG Blockchain Solutions (DMGI) opened trading at C$0.31.