BTCS Shares Gain on Q1 Revenue Growth; Becomes First US Bitcoin Company To Declare Dividend

  • BTCS Inc BTCS reported first-quarter FY22 revenue growth of 776% year-on-year to $0.6 million.
  • The gross margin contracted 300 bps to 76%.
  • BTCS held $11.5 million in cash and equivalents and used $1.06 million in operating cash flow.
  • Dividend: BTCS declared a special one-time $0.05 per share dividend, becoming the first U.S. public company to issue such a dividend.
  • BTCS continued to expand its blockchain infrastructure operations in the first quarter of 2022, announcing the addition of Algorand, Kusama, Solana, Polkadot, and Terra. After the quarter ended, it announced the addition of Polygon and Kava to its infrastructure operations. 
  • "We continued to grow our blockchain infrastructure segment in Q1 and anticipate ongoing growth in the quarters ahead as we add new blockchains to our expanding operations," CEO Charles Allen said. "As a high-margin component of our business, our blockchain infrastructure operations were a key driver behind the 76% gross margins achieved in Q1."
  • Price Action: BTCS shares traded higher by 6.25% at $2.55 on the last check Monday.
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