- DMG Blockchain Solutions (DMGI) reported its Q2 2022 financials for the quarter ended March 31, 2022
- Quarterly revenues increased to $11.9M, up 377 per cent YoY
- Strong balance sheet with $125M in total assets
- DMG is a full-service blockchain and cryptocurrency company
- DMG Blockchain Solutions Inc. (DMGI) was up 3.95 per cent, trading at C$0.395 per share at 1:50 pm ET
DMG Blockchain Solutions (DMGI) reported its Q2 2022 financial results for the quarter ended March 31, 2022.
Highlights:
- Quarterly revenues increased to $11.9M, up 377 per cent YoY
- EPS increased to $0.03 per share for six months ending March 31, up from (0.01) loss per share for the same period a year ago
- Strong balance sheet with $125M in total assets
- 372 BTC held as of March 31, 2022
- Hashrate increased to 595 PH/s as of March 31, 2022
Financial summary:
The second quarter of the 2022 financial year showed continued strength despite headwinds of a simultaneous decline in bitcoin pricing and an increase in the network hash rate.
The company’s revenue was up 377 per cent year over year and down 17 per cent quarter over quarter. This sequential decline was mainly due to a bitcoin price decline of 26 per cent to $52,374. This was combined with an increase in the Bitcoin network hashrate of 20 per cent to 194.0 EH/s. It was partly offset by a 40 per cent increase in the company’s average hash rate to 491 PH/s. The quarter ending hashrate was 595 PH/s.
The gross margin percentage also declined to 73 per cent from 81 per cent the prior quarter. For the six-month financial period through March 31, 2022, gross profit and net income were $20.2 million and $5.1 million, respectively.
The increase in six-month period revenue resulted in the company’s strongest operating income to date of $6.8 million as compared to a loss of $2.1 million in the prior year period. As of March 31, 2022, the company held $6.3 million in cash and $21.8 million in digital assets (primarily bitcoin) for total cash and cash equivalent liquidity of $28.1 million.
DMG’s BTC mining production was the highest of any quarter due to the arrival of new miners. DMG achieved a total of 196 BTC in the quarter, an increase of 7 per cent quarter over quarter.
The company will be hosting a conference call to review these results and provide a corporate update on June 3, 2022, at 4:05 pm ET.
DMG is a full-service blockchain and cryptocurrency company. It manages, operates, and develops end-to-end digital solutions to monetize the blockchain ecosystem. It is also involved in server hosting and other similar service arrangements for the transaction verification services business and software solutions.
DMG Blockchain Solutions Inc. (DMGI) was up 3.95 per cent, trading at C$0.395 per share at 1:50 pm ET.
