Bitcoin firm BTCS incurs net loss of $10 million in FY 2015


BTCS Inc (OTCMKTS:BTCS), formerly known as Bitcoin Shop, Inc., has just published its report for the fiscal year to December 31, 2015, with the data revealing a rise in revenues and a heavy net loss, reflecting mostly high operating expenses.

The numbers are hardly surprising for anyone monitoring the fortunes of BTCS, which has been investing in its transaction verification business (this is where the rise in revenues came from) but also reported a net loss of $4.6 million in the first half of 2015 and a net loss of $3.82 million in the third quarter of 2015, as operating expenses have been constantly high.

  • Highlights for FY 2015

Revenues for the year ended December 31, 2015 were $506,190 as compared to $38,214 for the year ended December 31, 2014, an increase of $467,976 or 1,225%. The bulk of the rise came from BTCS’s transaction verification services. The company has invested in and currently utilizes Spondoolies Tech Ltd. ASIC servers for its transaction verification services business.

Operating expenses for the year ended December 31, 2015 were $8.4 million, with $6.7 million of these stemming from non-cash charges, such as depreciation and amortization expenses, common stock and warrants issued for services, and stock based compensation.

Net loss for the year was $10,047,036.

Net loss per share was $0.06.

  • Outlook and Concerns

The company concedes it requires substantial additional capital to sustain short-term operations and make the investments needed to execute its longer term business plan. Its existing liquidity is not sufficient to fund operations and anticipated capital expenditures for the foreseeable future.

“Because of recurring operating losses, net operating cash flow deficits, and an accumulated deficit, there is substantial doubt about our ability to continue as a going concern.”

btcs_inside_fy2015

You can view the full report by clicking here.

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Bitcoin firm BTCS incurs net loss of $10 million in FY 2015

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