DigitalBTC records a whopping net loss after tax of $6.77m

DigitalBTC, an Australia-listed bitcoin-mining company, has reported a net loss after tax of $6.77 million, and negative earnings before interest, tax, depreciation, and amortisation (EBITDA) of $3.16 million for the complete financial year ending June 2015, according to a latest report by Zdnet.

However, the cryptocurrency miners told shareholders that the results for FY15 reflected a "strong performance from the company's bitcoin operations", with revenue worth $6.4 million generated in bitcoin mining.

"Despite the unfavourable depreciation of the bitcoin price, I am pleased with the growth the company has achieved from its bitcoin trading and mining activities, which continue to provide strong revenue generation," executive chairman Zhenya Tsvetnenko said.

Earlier this year, the company raised AU$3.5 million to fund the development and launch AirPocket, an app-based peer-to-peer, cross-currency cash remittance platform.

"We have made significant progress during the course of the year towards the development and commercialisation [of AirPocket], with a number of agreements in place to accelerate the launch and consumer uptake of the product," Tsvetnenko said.

For Q1 2015, the company also recorded a loss, with a negative quarterly operating cash flow of $1.2 million. It also recorded a cash inventory of AU$2.6 million as of June 30, 2015, with an additional AU$1 million tied up in bitcoins, the report added.

"Short-term fluctuations do not affect our continued progress, and we are well funded to operate our business and work towards achieving our near-term goals around managing our mining capacity and launching our cutting-edge software products", Tsvetnenko said.