BTC Digital .(US:BTCT)2024-05-15 20:23Revenue and Profitability - For the three months ended March 31, 2024, the company generated total revenues of US$2.65 million, a 192.2% increase from US$0.9 million for the same period in 2023[134]. - The company mined a total of 12.407 bitcoins during the same period, generating US$0.7 million in revenue from bitcoin mining[129]. - The resale of mining machines contributed US$1.728 million to total revenues, accounting for 65.2% of the revenue for the three months ended March 31, 2024[135]. - The gross loss for the three months ended March 31, 2024, was US$0.128 million, improving from a gross loss of US$0.343 million in the same period in 2023[137]. - The net loss for the three months ended March 31, 2024, was US$0.731 million, a decrease from a net loss of US$0.98 million for the same period in 2023[141]. - Adjusted EBITDA for the three months ended March 31, 2024, was US$0.708 million, compared to an adjusted EBITDA of negative US$0.111 million for the same period in 2023[147]. Expenses and Costs - The total cost of revenues increased by 122.2% to US$2.778 million for the three months ended March 31, 2024, compared to US$1.25 million in the same period in 2023[136]. - General and administrative expenses rose by 71.3% to US$0.906 million for the three months ended March 31, 2024, primarily due to increased expenses related to the Employee Stock Option Plan[139]. Cash Flow and Investments - Net cash generated from operating activities was US$6.2 million for the three months ended March 31, 2023, compared to US$0.2 million for the same period in 2024[161][162]. - The company reported a net cash used in investing activities of US$2.3 million for the three months ended March 31, 2023, and US$0.8 million for the same period in 2024[163]. - Net cash flow used in financing activities was US$0.3 million for the three months ended March 31, 2023, while it generated US$0.7 million for the same period in 2024[164]. - Capital expenditures amounted to US$2.3 million in Q1 2023 and US$0.6 million in Q1 2024, indicating a decrease in investment[165]. - The company plans to continue capital expenditures to support expected business growth, relying on cash generated from operating and financing activities[165]. Assets and Liabilities - Cash and cash equivalents at the end of the period were US$3.6 million for March 31, 2023, and decreased to US$0.032 million by March 31, 2024[159]. - The company noted a decrease in accounts receivable of US$8.9 million in Q1 2023, primarily due to the collection of receivables from mining machines resale[161]. - An increase in prepayments and other current assets was reported at US$1.8 million for Q1 2023 and US$3.8 million for Q1 2024[161][162]. Future Outlook - The company plans to continue investing in research and development to enhance mining efficiency and expand service offerings[131]. - No significant trends or uncertainties were disclosed that could materially affect the company's financial condition or operating results[166].