DMG Blockchain Solutions Inc. announced its fiscal fourth quarter and full year 2024 financial results, highlighting a 21% year-over-year increase in revenue to $33.9 million and a 69% increase in cash flow from operations to $8.2 million. The company also reported mining 65 bitcoin in Q4 2024 and a total of 502.5 bitcoin for the full year.
VANCOUVER, British Columbia, Dec. 18, 2024 -- DMG Blockchain Solutions Inc. , a vertically integrated blockchain and data center technology company, today announces its fiscal fourth quarter and full year 2024 financial results. All financial references are in Canadian Dollars unless specified otherwise.$5.9 million in Q4 2024, down 29% sequentially; $33.
Research and development costs for 2024 were $2.1 million compared to $2.0 million in the previous year. These costs include salaries and wages for work on software, mainly on Systemic Trust, Terra Pool, Helm and Explorer, and subscription costs for servers related to development software. Net loss decreased in 2024 by $11.2 million to $5.2 million from $16.5 million in the previous year. The decrease is a result of increases in revenue of $5.9 million, unrealized gains on digital currency of $4.9 million, realized gains on the sale of digital currency of $2.0 million and an overall decrease in depreciation on fixed assets of $3.0 million, offset by an overall increase in operating and maintenance costs of $2.9 million.
Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hash rate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hash rate mining difficulty.The Company will host a conference call to review its results and provide a corporate update on Thursday, December 19, 2024 at 4:30 PM ET.
FINANCE BLOCKCHAIN BITCOIN MINING DATA CENTERS TECHNOLOGY
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