Total Revenue

Q1 2025 revenue at $1.558 million represents a sequential drop of about 60% compared to Q4 2024’s $3.845 million.

Total Revenue fell sharply, likely due to lower mining activity and reduced profitability following adverse market conditions (e.g. post-halving challenges) that were less pronounced in Q4 2024. This volatility, combined with the cyclical nature of mining revenues, underscores the sensitivity of revenue to both operational and market factors. " "

Net Loss

Q1 2025 net loss of $(6.28 million) improved by roughly 46.5% compared to Q1 2024’s $(11.744 million).

Net Loss improved as operating cost reductions—such as a 67% drop in depreciation expense—and lower other non-cash expenses outweighed the impact from reduced revenue. This suggests better cost management even amid challenging revenue conditions compared to previous periods. "

Operating Expenses

Decreased by $2.026 million (a 22.4% decline) from Q1 2024’s $9.05 million to Q1 2025’s $7.024 million.

Operating Expenses declined due mainly to lower cost of revenues and significantly reduced depreciation, despite increases in stock‑based compensation and general and administrative costs. This reflects a strategic rebalancing of expense drivers compared to prior periods aimed at mitigating the drop in revenue. "

Cash Flow

Net cash changed from a positive $822,000 in Q1 2024 to a negative $(417,000) in Q1 2025.

Cash Flow deterioration was driven by higher outflows in operating and investing activities—specifically reduced proceeds from digital asset sales and increased equipment purchases/deposit outlays—partially offset by greater financing inflows. These changes highlight liquidity pressures not as evident in the previous period. " "

Balance Sheet Highlights

Q1 2025 shows total assets at $8.979 million and a stockholders’ deficit of $(7.662 million), indicating a deteriorated asset base and equity position compared to earlier periods.

Balance Sheet shifts, including lower cash and digital assets alongside increased liabilities, reflect the cumulative impact of operational losses and financing activities from earlier periods. The more pronounced stockholders’ deficit compared to prior periods signals that sustained net losses and asset impairments have worsened the equity position. "