DMG Blockchain reported $33.9 million in revenue for full year 2024, up 21%

From GlobeNewswire: 2024-12-18 21:02:08

DMG Blockchain Solutions Inc. announced its fiscal fourth quarter and full year 2024 financial results. In Q4 2024, revenue was $5.9 million, down 29% sequentially, while for the full year 2024, revenue was $33.9 million, up 21% from the previous year. The Company mined 65 bitcoin in Q4 2024 and 502.5 bitcoin in the full year 2024. Cash flow from operations was $1.3 million in Q4 2024 and $8.2 million for the full year 2024. DMG’s CEO, Sheldon Bennett, highlighted the company’s achievements and growth in 2024, with plans to increase hashrate and expand in 2025.

In the financial year 2024, DMG’s revenue increased to $33.9 million from $27.9 million in 2023, attributed to growth in digital currency mining revenues. Operating and maintenance expenses were $19.7 million, research and development costs were $2.1 million, and general and administrative costs were $5.9 million. The net loss decreased to $5.2 million from $16.5 million in the previous year. Total assets as of September 30, 2024, were $103.9 million, up from $82.6 million the previous year.

Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hash rate may affect DMG’s production of bitcoin. The company will host a conference call on December 19, 2024, to review results and provide a corporate update. DMG aims to increase its hashrate to 2.1 EH/s by February 2025 and further expand to 3 EH/s by year-end. It also plans to grow its digital currency holdings and improve fleet efficiency. For more information, visit DMG Blockchain Solutions’ website.



Read more at GlobeNewswire: DMG Blockchain Solutions Reports Fourth Quarter and Full