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BTC Digital Ltd. (BTCTW+1.68%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenue of $2.6 million, a 202.84% increase from $0.8 million in the same quarter the previous year. This increase was primarily driven by gains in mining machine resale and miner rental businesses, which contributed $2.1 million and $0.4 million, respectively.
Cost of revenues for the quarter was $2.8 million, compared to $1.4 million in the same quarter of the previous year. The increase was primarily due to the expansion of the mining machine resale business and additional operational costs from the miner rental business.
The company reported a gross loss of $261,000 for the quarter, compared to $541,000 in the previous year, with the gross loss margin improving from 64% to 10.2%.
Selling and marketing expenses increased to $63,000 from nil in the previous year, attributed to the addition of the mining machine resale business.
General and administrative expenses rose to $218,000 from $153,000, primarily due to an increase in the number of employees and daily office expenses.
Net loss for the quarter was $571,000, down from $1,007,000 in the previous year.
For the nine months ended September 30, 2024, total revenue was $7.5 million, a decrease of 7.3% from $8.1 million in the same period the previous year. Revenue from Bitcoin mining decreased by 52%, while revenue from miner rental and other mining-related businesses increased by 116%.
Cost of revenues for the nine months was $8.1 million, slightly down from $8.8 million in the previous year, with gross loss improving to $603,000 from $651,000.
Net cash generated from operating activities was $3.4 million for the nine months ended September 30, 2024, compared to $2.0 million in the previous year.
BTC Digital Ltd. continues to focus on its bitcoin mining operations, mining machine resale, and rental business to generate revenue and manage risks associated with Bitcoin price fluctuations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BTC Digital Ltd. Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.