DMG Blockchain Solutions Quarterly Revenue Leaps $14.2m, up 639% Year-over-Year

Blockchain and cryptocurrency company DMG Blockchain Solutions announced a record revenue of $14.2 million in the first quarter of 2022, up 639% year over year.

The company said thanks to the delivery and installation of ordered crypto miners, the company’s hash rate has been increased to over 400PH/s as of December 31, 2021, resulting in a leap in revenue increase. 

Compared to the first quarter of last year, gross margin and net income were $11.5 million and $5.9 million, an increase of 2,000% and 826%, respectively.

The financial report stated that as of December 31, 2021, the total assets were $119 million, with 432 BTC. Earning per share(EPS) rose to $0.03 per share, up from a loss per share (0.01) a year ago, CEO Sheldon Bennett said:

“A tremendous amount of work has gone in by the entire team to reach these results. For the first time, the company is posting strong financial gains and we believe this will continue through many more quarters due to our large investment in new mining equipment. The whole team is focused on operational excellence for this new fleet of servers as well as working hard to launch several new software solutions throughout the year,”

DMG is a publicly traded and vertically integrated blockchain and cryptocurrency company that manages, operates, and develops end-to-end digital solutions to monetize the blockchain ecosystem. The company announced that it will hold a conference call to review its financial results for the fourth quarter of 2021 and the first quarter of 2022 and to provide an update on the results of the review on Wednesday, March 30.