BTCS

MKT CAP:$94M

BTCS Inc.

Market Cap

$94M

Financial Services·Financial - Capital Markets·🇺🇸 United States·NASDAQ

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$1.90-$0.97 (-33.80%)

Apr 20, 2026

Company Details

BTCS Inc. focuses on digital assets and blockchain technologies. The company secures disruptive next-generation blockchains and operates validator nodes on various proof of stake-based blockchain networks. It also develops a proprietary Dig...

CEO

Charles W. Allen

IPO Date

Nov 15, 2010

Website

www.btcs.com

Key Metrics TTM

Revenue

$16M

+311.4% YoY

Net Income

-$33M

EPS (Diluted)

-$1.25

Free Cash Flow

-$9M

Revenue / Share

$0.35

Gross Margin

12.2%

Operating Margin

-36.4%

Net Margin

-202.3%

FCF Margin

-57.4%

P/S

5.7x

P/E

—

Earnings Reports

FY 2025

Mar 26, 2026

$16M+304.8%EPS -$1.00

Q4 2025

Mar 26, 2026

$7M+205.3%EPS -$1.83

Q3 2025

Nov 13, 2025

$5M+568.1%EPS $1.30

Q2 2025

Aug 13, 2025

$3M+394.0%EPS $0.14

Q1 2025

May 14, 2025

$2M+337.8%EPS -$0.86

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$436.9K	$314.5K	-$2M
Q2 22	$514.3K	$420.4K	-$938.3K
Q3 22	$344.2K	$262.0K	-$976.4K
Q4 22	$270.9K	$158.4K	-$911.5K
Q1 23	$311.5K	$229.5K	-$1M
Q2 23	$385.8K	$272.1K	-$1M
Q3 23	$316.2K	$233.1K	-$610.7K
Q4 23	$326.1K	$243.6K	-$944.1K
Q1 24	$385.8K	$289.3K	-$856.8K
Q2 24	$561.2K	$392.3K	-$1M
Q3 24	$739.2K	$195.8K	-$1M
Q4 24	$2M	$67.1K	-$4M
Q1 25	$2M	$120.3K	-$2M
Q2 25	$3M	-$80.9K	-$2M
Q3 25	$5M	$1M	-$2M
Q4 25	$7M	$877.7K	-$1M

Valuation

Quarter	P/S	P/E
Q4 21	31.5x	—
Q2 22	13.1x	—
Q3 22	12.6x	—
Q4 22	8.8x	—
Q1 23	13.0x	—
Q2 23	14.0x	13.5x
Q3 23	11.7x	—
Q4 23	25.5x	3.0x
Q1 24	19.7x	1.5x
Q2 24	15.0x	1.8x
Q3 24	9.4x	2.6x
Q4 24	10.1x	—
Q1 25	6.0x	—
Q2 25	12.9x	—
Q3 25	18.0x	3.9x
Q4 25	7.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$957.2K	-$963.2K
Q2 22	$1M	$1M
Q3 22	-$780.6K	-$783.4K
Q4 22	-$647.3K	-$649.9K
Q1 23	-$1M	-$1M
Q2 23	-$919.5K	-$919.5K
Q3 23	-$647.9K	-$653.2K
Q4 23	-$877.6K	-$877.6K
Q1 24	-$775.3K	-$775.3K
Q2 24	-$924.1K	-$924.1K
Q3 24	-$695.2K	-$695.2K
Q4 24	-$1M	-$1M
Q1 25	-$2M	-$2M
Q2 25	-$1M	-$1M
Q3 25	-$2M	-$2M
Q4 25	-$4M	-$4M

Capital Expenditures

Quarter	CapEx
Q4 21	$5.9K
Q2 22	$4
Q3 22	$2.9K
Q4 22	$2.6K
Q1 23	$0
Q2 23	$0
Q3 23	$5.3K
Q4 23	$2
Q1 24	$1
Q2 24	$0
Q3 24	$3
Q4 24	$2.6K
Q1 25	$1.7K
Q2 25	$1.8K
Q3 25	$4.6K
Q4 25	$4.7K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	—	+358.3%
Q2 22	+609.2%	-81.8%
Q3 22	-9.5%	-43.1%
Q4 22	-16.2%	-78.0%
Q1 23	-28.7%	-48.4%
Q2 23	-25.0%	+2.8%
Q3 23	-8.1%	-29.8%
Q4 23	+20.4%	+7.4%
Q1 24	+23.8%	-8.8%
Q2 24	+45.5%	+18.9%
Q3 24	+133.7%	+107.2%
Q4 24	+611.9%	+436.1%
Q1 25	+337.8%	+163.1%
Q2 25	+394.0%	+154.7%
Q3 25	+568.1%	+239.1%
Q4 25	+205.3%	+20.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$2M	365.7%
Q2 22	$0	0.0%
Q3 22	$450.8K	131.0%
Q4 22	$391.7K	144.6%
Q1 23	$531.6K	170.7%
Q2 23	$257.8K	66.8%
Q3 23	$268.1K	84.8%
Q4 23	$284.2K	87.1%
Q1 24	$878.0K	227.6%
Q2 24	$300.0K	53.5%
Q3 24	$709.7K	96.0%
Q4 24	$535.8K	23.1%
Q1 25	$4M	213.1%
Q2 25	$246.7K	8.9%
Q3 25	$5.7K	0.1%
Q4 25	-$3M	-45.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	$110.6K	$2M	$169.9K	—
Q2 22	$185.0K	$1M	$23.7K	—
Q3 22	$126.9K	$1M	$8.8K	—
Q4 22	$163.2K	$902.8K	$3.9K	—
Q1 23	$201.6K	$1M	$6.2K	—
Q2 23	$180.9K	$1M	$2.7K	—
Q3 23	$148.5K	$693.2K	$2.2K	—
Q4 23	$156.2K	$1M	$1.0K	—
Q1 24	$146.5K	$943.4K	$57.6K	—
Q2 24	$163.8K	$1M	$28.5K	—
Q3 24	$213.3K	$586.9K	$55.6K	—
Q4 24	$232.2K	$4M	—	—
Q1 25	$209.3K	$1M	$245.2K	—
Q2 25	$193.5K	$1M	$22.9K	—
Q3 25	$145.6K	$1M	$256.2K	—
Q4 25	$131.0K	—	—	$2M

Revenue Segments

Quarter	Validator Revenue
Q4 21	$436.9K
Q3 22	$344.2K
Q4 22	$270.9K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2M	$0	$2M
Q2 22	$3M	$2M	$6M
Q3 22	$3M	$3M	$6M
Q4 22	$2M	$2M	$4M
Q1 23	$1M	$100.0K	$2M
Q2 23	$943.4K	$100.0K	$1M
Q3 23	$753.2K	$100.0K	$853.2K
Q4 23	$1M	$25M	$27M
Q1 24	$670.6K	$39M	$39M
Q2 24	$536.7K	$33M	$34M
Q3 24	$254.5K	$26M	$26M
Q4 24	$2M	$36M	$38M
Q1 25	$269.9K	$20M	$20M
Q2 25	$639.2K	$39M	$40M
Q3 25	$4M	$0	$4M
Q4 25	$2M	$0	$2M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	7M	0.0%	+36.4%
Q2 22	13M	+94.0%	+164.7%
Q3 22	13M	+2.4%	+128.6%
Q4 22	13M	+1.2%	+101.1%
Q1 23	14M	+4.3%	+109.8%
Q2 23	14M	+1.5%	+9.7%
Q3 23	14M	+3.2%	+10.5%
Q4 23	15M	+7.0%	+16.9%
Q1 24	19M	+26.7%	+42.0%
Q2 24	16M	-18.8%	+13.6%
Q3 24	16M	+2.5%	+12.9%
Q4 24	16M	+0.7%	+6.2%
Q1 25	20M	+22.8%	+2.9%
Q2 25	28M	+39.9%	+77.3%
Q3 25	50M	+80.0%	+211.3%
Q4 25	47M	-6.9%	+188.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$109.2K	4
Q2 22	$128.6K	4
Q3 22	$86.0K	4
Q4 22	$54.2K	5
Q1 23	$62.3K	5
Q2 23	$77.2K	5
Q3 23	$63.2K	5
Q4 23	$65.2K	5
Q1 24	$77.2K	5
Q2 24	$112.2K	5
Q3 24	$147.8K	5
Q4 24	$331.7K	7
Q1 25	$241.3K	7
Q2 25	$396.0K	7
Q3 25	$705.5K	7
Q4 25	$787.6K	9

Revenue / Employee