BTCS Inc. (NASDAQ: BTCS) said on Friday that revenue for the three months ended June 30 totaled $2.4 million, an increase of 14% from $2.1 million in the prior quarter. Gross profit rose 47% quarter-over-quarter to $1.5 million, lifting the gross margin to 61% from 47% in the first quarter.
The DeFi business line Imperium generated $1.5 million in revenue, up 48% from $1.0 million in Q1 and accounting for 61% of total revenue. Blockchain infrastructure operations, comprising NodeOps and Builder+, contributed $900,000, down from $1.1 million in the prior quarter.
Net loss narrowed to $34.9 million from $69.1 million in Q1, though the company attributed the deficit primarily to non-cash items including unrealized losses on digital assets tied to Ethereum price declines and realized losses on transactions. For the six months ended June 30, BTCS reported a net loss of $104.1 million on revenue of $4.6 million.
Total assets fell to $89.3 million as of June 30 from $129.0 million at the end of March, while total debt declined to $50.4 million from $74.8 million. The company repaid $8.2 million in Aave debt during the quarter. Common shares outstanding stood at 49.8 million, with no sales executed under its at-the-market agreement.
