The Company recorded a net loss of $(7.2) million, or $(0.05) per share, during the fiscal quarter ended March 31, 2023, compared to a net loss of $(12.9) million, or $(0.12) per share, in the prior-year period ended March 31, 2022.
Revenues were $51.1 million for the quarter, slightly below prior year revenues of $51.7 million, as a 74% increase in bitcoin production was more than offset by lower bitcoin prices in the current year period.
The company recorded gains on the sale of bitcoin of $17.6 million in the quarter as a result of its previously reported program of selling bitcoin to fund operating costs.
In addition, the Company experienced lower impairments in the carrying value of its digital assets of $11.5 million, as bitcoin prices were generally rising during the current-year period. It benefitted from the absence of a $5.3 million unrealized loss on digital assets it held in an investment fund in the prior year. Partially offsetting these favorable earnings variances was lower total margin of $25.3 million, primarily resulting from lower bitcoin prices, and increased tax expense of $4.3 million due to the establishment of a valuation allowance at year-end 2022.
Stocks fell over 2% in premarket trading.
