BTCS(US:BTCS)2025-11-13 21:36Financial Performance - Total revenues for the three months ended September 30, 2025, reached $4,938,503, a significant increase from $739,157 in the same period of 2024, representing a growth of 570%[16] - The company reported a net income of $65,588,809 for the three months ended September 30, 2025, compared to a net loss of $9,039,787 in the same period of 2024, marking a turnaround of $74,628,596[16] - The net income for the nine months ended September 30, 2025, was $52,201,644, compared to a net loss of $3,511,070 for the same period in 2024[28] - The company reported a gross profit of $1,087,953 for the three months ended September 30, 2025, compared to $195,849 in 2024, indicating an increase of 454%[16] Revenue Breakdown - Blockchain infrastructure revenues amounted to $4,215,224 for the three months ended September 30, 2025, compared to $739,157 in 2024, indicating a growth of 470%[16] - Blockchain infrastructure revenues for the nine months ended September 30, 2025, reached $8,676,357, compared to $1,751,735 in 2024, indicating a year-over-year increase of about 394%[100] - DeFi revenues from the Imperium business line for the three months ended September 30, 2025, were $723,279, while no revenues were recorded in the same period of 2024[103] - The Company earned $3,356,357 from block building through Builder+ for the three months ended September 30, 2025, compared to $404,503 in 2024, marking an increase of approximately 730%[102] Expenses and Liabilities - The company incurred total operating expenses of $7,079,833 for the three months ended September 30, 2025, compared to $1,920,693 in the same period of 2024, representing an increase of 269%[16] - The total liabilities increased to $73,450,855 as of September 30, 2025, compared to $4,245,435 as of December 31, 2024, reflecting a growth of 1,730%[14] - The total cost of blockchain infrastructure revenues for the three months ended September 30, 2025, was $3,843,634, compared to $543,308 for the same period in 2024, representing a significant increase[112] Assets and Equity - Total current assets increased to $298,344,324 as of September 30, 2025, up from $38,137,940 as of December 31, 2024, reflecting a growth of 682%[14] - The total stockholders' equity rose to $225,404,497 as of September 30, 2025, compared to $33,999,954 as of December 31, 2024, an increase of 563%[14] - As of September 30, 2025, the company's total crypto assets amounted to $293,180,682, a significant increase from $36,056,683 as of December 31, 2024, representing a growth of approximately 715%[161][174] Cash and Financing Activities - The company’s cash and cash equivalents increased to $4,486,051 as of September 30, 2025, compared to $1,977,778 as of December 31, 2024, a growth of 127%[14] - The net cash provided by financing activities for the nine months ended September 30, 2025, was $205,373,353, significantly higher than $653,340 in 2024[28] - The company issued 26,394,414 shares of common stock during the nine months ended September 30, 2025, raising $135,160,842 net of offering costs[18] Stock and Compensation - Stock-based compensation for the nine months ended September 30, 2025, was $3,850,662, compared to $1,887,800 in 2024[28] - The Company issued 329,110 shares of Common Stock to officers and employees as part of accrued bonus compensation, with a total fair value of approximately $813,000[196] - The Company issued 49,812 shares of Common Stock to independent directors, with a total grant date fair value of approximately $113,000 for the nine months ended September 30, 2025[195] Crypto Assets and Valuation - The fair value of crypto assets is primarily determined based on pricing data from Kraken, the Company's principal market[48] - The Company measures its crypto assets at fair value using the last closing price of the day in the UTC time zone at each reporting period end[51] - The fair market value of Ethereum (ETH) held by the company is $291,581,923, with a cost basis of $213,513,938, indicating a realized gain of approximately 36.5%[159] Strategic Operations - The company completed a strategic wind-down of its validator node operations on multiple platforms to focus on Ethereum[34] - The Company expanded its blockchain infrastructure operations to include DeFi activities under the Imperium business line starting in 2025, participating directly in DeFi ecosystems[96] - The Company recognizes revenue from blockchain operations under ASC 606, with three primary sources: staking rewards, transaction fees, and protocol-driven rewards[79]