Fri. 22 Mar 2024, 8:34am ET
Benzinga
Earnings, News
2023 Financial Highlights & 2024 Preliminary Insights
- Revenue: $1.3 million in 2023 revenue, down 20% from $1.7 million in 2022. The decrease was primarily driven by lower crypto prices in early 2022. Revenue for the fourth quarter of 2023 increased 20% year-over-year, benefiting from a surge in crypto market prices in December 2023.
- Gross Margin: 73% gross margins in 2023, down slightly from 75% in 2022.
- Net Income: $7.8 million or $0.55 per share in 2023, in stark contrast to a net loss of $15.9 million or -$1.25 per share in 2022. This significant improvement is attributed to financial reporting changes resulting from the adoption of new accounting standards as described herein.
- 2023 Cash & Crypto Value: $26.7 million as of December 31, 2023, marking a 82% year-over-year increase.
- Current Cash & Crypto Value: $36.5 million or approximately $2.33 as of March 19, 2024. The ongoing rally in crypto prices through early 2024 has further elevated the value of our crypto assets.