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BTCS reports $4.5 million net loss for H1 2015
BTCS, a U.S. public company focused on blockchain technology, reported a net loss of $4.59m for the first half of 2015 in its 10-Q filing with the SEC amplifying the $4m net loss incurred over the same period last year.
The figure seems to have been driven mainly by rise in non-operational costs, which spiked from $205,000 to $791,000. However, the operational losses stood at $3.8m for the first half of 2015, down from $4.2m seen in the same period in 2014.
Total revenues for the Q2 2015 stood at $144,375, significantly up from $4,912 recorded in the Q2 2014, while for the first half of 2015 it stood at 182,043, up from $130,180 registered in the same period in 2014.
Speaking to CoinDesk, CEO Charles Allen suggested that he views the report as a validation of BTCS' recent market strategy shift. He stated that he views BTCS' pivot from e-commerce to transaction processing services as a success that will continue to benefit investors, adding:
"We had 2,000% revenue growth. We went from $45,000 in revenue to $145,000 in revenue [quarter over quarter]. We're seeing tremendous growth on the transaction verification services side."
He further pointed out that the company is now spending $109 on average to mine 1 BTC, worth around $220 at press time. He suggested that he expects this cost to lower as BTCS nears opening new North Carolina-based mining facilities.
In a note, however, the company warned that it "expects to incur losses into the foreseeable future".