BTCS Inc. (BTCS) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 19, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BTCS SEC filings page.
BTCS Inc. (BTCS) reported $16.5M in revenue for fiscal year 2025, up 304.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
BTCS expanded its asset base through financing, but FY2025 growth came with thinner margins, heavier leverage, and deeper losses.
Assets reached$214.6M in FY2025 even as operating cash flow remained-$9.8M , so the enlarged balance sheet was not being funded by ongoing operations. The paired$206.8M financing inflow and-$197.5M investing cash flow indicate that reported scale was built mainly through capital flows rather than internally generated cash.
FY2025 revenue reached
Debt-to-equity rose to 0.5x from 0.1x in FY2023, showing the enlarged asset base carried more obligations relative to shareholder capital. The current ratio still stood at 3.4x, but its decline from 9.0x in FY2024 means short-term coverage was less exceptional than the prior year.
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of BTCS Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
BTCS Inc. earned a return on assets of -15.5% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is down from -3.3% the prior year. Earnings ranks banks on that return over three years, and BTCS Inc. scores 9/100 among other banks.
BTCS Inc. reported revenue of $16.5M in fiscal year 2025, against $4.1M in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and BTCS Inc. scores 99/100 among other banks.
BTCS Inc. funded 65.0% of its assets with shareholders' equity at the end of fiscal year 2025, holding $139.4M of equity against $214.6M of assets. Capital ranks banks on that cushion, and BTCS Inc. scores 96/100 among other banks.
Not available for BTCS Inc., and counted as zero in the overall score.
Not available for BTCS Inc., and counted as zero in the overall score.
BTCS Inc. reported a net loss of $33.4M in fiscal year 2025, against a loss of $1.3M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and BTCS Inc. scores 16/100 among other banks.
BTCS Inc. passes 1 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
BTCS Inc. reported a net loss of $33.4M while operations used $9.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
BTCS Inc. generated $2.4M in revenue in Q2 2026. This represents a decrease of 11.9% from the same quarter a year earlier. Against the prior quarter it is up 13.9%.
BTCS Inc. reported -$34.9M in net income in Q2 2026. This represents a decrease of 999.2% from the same quarter a year earlier. Against the prior quarter it is up 49.5%.
BTCS Inc. earned -$0.70 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 51.0%.
Not reported for Q2 2026.
Cash & Balance Sheet
BTCS Inc. held $262K in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
BTCS Inc.'s gross margin was 61.1% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 63.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 13.9 percentage points.
BTCS Inc.'s ROE was -89.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 102.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.1 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
BTCS Inc. invested $82K in research and development in Q2 2026. This represents a decrease of 57.6% from the same quarter a year earlier. Against the prior quarter it is up 2.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
BTCS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4M-11.9% | $2.1M+27.1% | $7.1M+205.3% | $4.9M+568.1% | $2.8M+394.6% | $1.7M+274.2% | $2.3M+611.9% | $739K+133.7% |
| Cost of Revenue | $952K-66.6% | $1.1M-27.8% | $6.2M+175.4% | $3.9M+608.7% | $2.9M+1589.8% | $1.6M+876.6% | $2.3M+2681.8% | $543K+553.8% |
| Gross Profit | $1.5M+2031.3% | $1.0M+743.3% | $879K+1211.0% | $1.1M+455.5% | -$77K-119.7% | $120K-58.6% | $67K-72.6% | $196K-16.0% |
| R&D Expenses | $82K-57.6% | $80K-61.6% | $131K-43.6% | $146K-31.8% | $194K+18.2% | $209K+42.8% | $232K+48.6% | $213K+43.6% |
| SG&A Expenses | $327K-11.1% | $246K-10.9% | $309K+159.8% | $611K+18.2% | $368K-31.7% | $276K-43.5% | -$516K-761.1% | $516K+82.4% |
| Interest Expense | $448K+5500.0% | $469K | N/A | $665K | $8K | N/A | N/A | N/A |
| Net Income | -$34.9M-999.2% | -$69.2M-300.5% | -$85.6M-3919.6% | $65.6M+825.6% | $3.9M+157.7% | -$17.3M-240.9% | $2.2M-69.4% | -$9.0M-175.3% |
| EPS (Basic) | -$0.70-488.9% | -$1.43-66.3% | -$2.83-2121.4% | $1.48+364.3% | $0.18+141.9% | -$0.86-210.3% | $0.14-72.5% | -$0.56-143.5% |
| EPS (Diluted) | -$0.70 | -$1.43 | -$2.48 | $1.30 | $0.14 | -$0.86-236.5% | $0.14-66.7% | -$0.56-143.5% |
| Diluted Shares (Avg) | 50M | 48M | N/A | 50M | 28M | 20M+2.9% | N/A | 16M+12.9% |
Not reported in any period shown, so not listed: Operating Income, EBITDA, Income Tax.
BTCS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $89.3M+118.7% | $129.0M+513.4% | $214.6M+461.2% | $298.9M+1026.3% | $40.8M+20.7% | $21.0M-46.8% | $38.2M+40.9% | $26.5M+197.6% |
| Current Assets | $88.7M+119.2% | $128.4M+521.0% | $214.0M+461.2% | $298.3M+1028.9% | $40.5M+20.0% | $20.7M-47.6% | $38.1M+41.1% | $26.4M+196.8% |
| Cash & Equivalents | $262K-58.9% | $285K+5.4% | $1.5M-22.8% | $4.5M+1662.9% | $639K+19.1% | $270K-59.7% | $2.0M+35.6% | $254K-66.2% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $50.4M+417.7% | $56.9M+11854.7% | $75.2M+1671.7% | $73.5M+5392.5% | $9.7M+1270.6% | $476K+93.3% | $4.2M+332.8% | $1.3M+116.6% |
| Current Liabilities | $43.1M+771.8% | $44.3M+9197.2% | $63.4M+1392.7% | $62.4M+4562.5% | $4.9M+595.0% | $476K+93.3% | $4.2M+332.8% | $1.3M+175.7% |
| Non-Current Liabilities | $7.4M+53.4% | $12.7M | $11.8M | $11.1M | $4.8M | $0 | $0 | $0+100.0% |
| Total Equity | $38.8M+25.0% | $72.1M+250.7% | $139.4M+310.0% | $225.4M+794.6% | $31.1M-6.2% | $20.6M-47.7% | $34.0M+29.9% | $25.2M+48.3% |
| Retained Earnings | -$277.4M-80.9% | -$242.5M-54.2% | -$173.3M-23.8% | -$87.7M+38.3% | -$153.3M-15.2% | -$157.2M-24.4% | -$139.9M-0.9% | -$142.2M+8.0% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
BTCS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$22K+98.3% | -$1.2M+34.7% | -$3.8M-228.6% | -$2.8M-302.5% | -$1.3M-44.1% | -$1.9M-147.4% | -$1.1M-31.4% | -$695K-7.3% |
| Depreciation & Amortization | $2K+73.0% | $2K+74.9% | $1K+13.2% | $915-38.4% | $899-39.9% | $879-41.2% | $1K-19.7% | $1K+23.4% |
| Stock-Based Compensation | $1.6M+572.8% | $1.7M-52.1% | N/A | $6K-98.7% | $245K-18.5% | $3.6M+309.8% | N/A | $421K+67.2% |
| Capital Expenditures | N/A | N/A | $5K | $5K | $2K | $2K | N/A | N/A |
| Free Cash Flow | N/A | N/A | -$3.8M | -$2.8M | -$1.3M | -$1.9M | N/A | N/A |
| Investing Cash Flow | N/A | $18.2M+53089.7% | -$664K+79.0% | -$187.5M-426059159.1% | -$9.3M-1797.3% | -$34K-83.7% | -$3.2M-7908207.5% | -$44-100.0% |
| Financing Cash Flow | N/A | -$17.7M-7840.2% | $1.5M-75.8% | $194.1M+46896.2% | $11.0M | $229K | $6.0M+283.0% | $413K+120.5% |
| Share Buybacks | N/A | N/A | $1.0M | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
BTCS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.1%+63.9pp | 47.2%+40.1pp | 12.4%+9.5pp | 22.0%-4.5pp | -2.8%-72.7pp | 7.1%-57.3pp | 2.9%-72.3pp | 26.5%-47.2pp |
| Net Margin | -1426.7% | -3220.9% | -1207.0% | 1328.1% | 139.8% | -1022.5% | 96.5% | -1223.0% |
| Return on Equity | -89.8%-102.3pp | -95.9%-11.9pp | -61.4%-68.0pp | 29.1%+65.0pp | 12.5%+32.8pp | -84.0%-115.2pp | 6.6%-21.4pp | -35.9%-16.6pp |
| Return on Assets | -39.1%-48.6pp | -53.6%+28.5pp | -39.9%-45.7pp | 21.9%+56.0pp | 9.5%+29.4pp | -82.1%-113.1pp | 5.9%-21.1pp | -34.1%+2.8pp |
| Current Ratio | 2.06-6.1x | 2.90-40.5x | 3.38-5.6x | 4.78-15.0x | 8.19-39.3x | 43.43-116.7x | 8.98-18.6x | 19.76+1.4x |
| Debt-to-Equity | 1.30+1.0x | 0.79+0.8x | 0.54+0.4x | 0.33+0.3x | 0.31+0.3x | 0.020.0x | 0.12+0.1x | 0.05 |
| Asset Turnover | 0.030.0x | 0.02-0.1x | 0.030.0x | 0.020.0x | 0.07+0.1x | 0.08+0.1x | 0.060.0x | 0.030.0x |
| FCF Margin | N/A | N/A | -53.0% | -56.8% | -48.0% | -112.7% | N/A | N/A |
Not reported in any period shown, so not listed: Operating Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| BTCS Inc. BTCS | FY2025 | $16.5M | -$33.4M | N/A | $67.7M | 37/100 |
| Forge Global Holdings, Inc. FRGE | FY2024 | $79.3M | -$66.3M | -83.6% | $623.0M | 30/100 |
| Bitcoin Depot Inc. BTM | FY2025 | $614.9M | -$6.2M | -1.0% | $5.6M | 9/100 |
| Fold Holdings, Inc. FLD | FY2025 | $31.8M | -$69.6M | N/A | $30.3M | 33/100 |
| The9 Limited NCTY | FY2025 | $15.4M | -$58.5M | N/A | $53.0M | 20/100 |
| Metalpha Technology Holding Limited MATH | FY2021 | $226K | -$5.1M | N/A | $44.5M | — |
Where BTCS Inc. Ranks
Frequently Asked Questions
What is BTCS Inc.'s annual revenue?
BTCS Inc. (BTCS) reported $16.5M in total revenue for fiscal year 2025. This represents a 304.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is BTCS Inc.'s revenue growing?
BTCS Inc. (BTCS) revenue grew by 304.8% year-over-year, from $4.1M to $16.5M in fiscal year 2025.
Is BTCS Inc. profitable?
No, BTCS Inc. (BTCS) reported a net income of -$33.4M in fiscal year 2025.
What is BTCS Inc.'s gross margin?
BTCS Inc. (BTCS) had a gross margin of 12.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is BTCS Inc.'s return on equity (ROE)?
BTCS Inc. (BTCS) has a return on equity of -23.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is BTCS Inc.'s free cash flow?
BTCS Inc. (BTCS) recorded an outflow of $9.8M in free cash flow during fiscal year 2025. This represents a -177.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is BTCS Inc.'s operating cash flow?
BTCS Inc. (BTCS) recorded an outflow of $9.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are BTCS Inc.'s total assets?
BTCS Inc. (BTCS) had $214.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are BTCS Inc.'s capital expenditures?
BTCS Inc. (BTCS) invested $13K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does BTCS Inc. spend on research and development?
BTCS Inc. (BTCS) invested $679K in research and development during fiscal year 2025.
What is BTCS Inc.'s current ratio?
BTCS Inc. (BTCS) had a current ratio of 3.38 as of fiscal year 2025, which is generally considered healthy.
What is BTCS Inc.'s debt-to-equity ratio?
BTCS Inc. (BTCS) had a debt-to-equity ratio of 0.54 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is BTCS Inc.'s return on assets (ROA)?
BTCS Inc. (BTCS) had a return on assets of -15.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is BTCS Inc.'s P/E ratio?
BTCS Inc. (BTCS) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $67.7M as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is BTCS Inc.'s price-to-sales ratio?
BTCS Inc. (BTCS) trades at 4.1x sales, its market capitalization divided by revenue of $16.6M revenue, trailing 12 months to June 30, 2026. The market capitalization is $67.7M as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is BTCS Inc.'s Piotroski F-Score?
BTCS Inc. (BTCS) has a Piotroski F-Score of 1 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are BTCS Inc.'s earnings high quality?
BTCS Inc. (BTCS) reported a net loss of $33.4M while operations used $9.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is BTCS Inc.?
BTCS Inc. (BTCS) scores 37 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.