Bitcoin company BTCS loses $3.82 million in Q3

BTCS Co., Ltd. submitted its third quarter performance report to the U.S. Securities and Exchange Commission. In the first half of the year, the company's financial performance was sluggish, with a net loss of $4.6 million. In the third quarter, the company suffered a large loss again.

BTCS is located in Nevada and is active in the blockchain and digital currency fields. In the third quarter, the company's operating expenses remained at a high level, reaching US$4.17 million, which was also the main reason for the loss.

In the third quarter, the company had a net loss of $3.82 million, compared with a net loss of $2.59 million in the same period last year. Total revenue was only $169,069, all of which was transaction recognition business revenue. BTCS admitted that a large amount of additional capital was needed to maintain short-term operations and the investment required to implement long-term business plans.

The report states:

The Company's current liquid assets are insufficient to sustain operations and anticipated capital expenditures for the foreseeable future. If the Company were to raise debt or equity financing, there is no guarantee that the Company's position would improve. The Company's ability to continue operating is of concern due to its recurring losses, net operating cash flow deficit, and accumulated losses.