Gross margins have experienced extreme volatility, collapsing from a peak of 75.0% in 2024Q1 to 12.4% in 2025Q4, suggesting that infrastructure costs are scaling disproportionately to revenue.
BTCS Inc. (BTCS) annual income statement — 17-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Net Interest Income | -6.44M | -3.52M | 0 | 0 | 0 | -2.05M | -402.66K | -86.14K | 0 | 0 | -7.42K | -11.87K | 0 | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | -633.37% | - | - | - | 100% | -410.3% | -367.44% | - | - | 100% | 37.49% | - | - | - | - | - | - | - |
| Net Interest Margin % | -7.22% | -1.64% | 0% | 0% | 0% | -14.57% | -25.95% | -20.44% | 0% | 0% | -7.57% | -0.37% | 0% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 6.44M | 3.52M | 0 | 0 | 0 | 2.05M | 402.66K | 86.14K | 0 | 0 | 7.42K | 11.87K | 0 | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | 5.7M | 10.96M | 3.13M | 359.78K | 426.44K | -1.79M | -402.66K | -86.14K | 0 | 160 | 256.45K | 278.23K | 6.75K | 1.11M | 885.02K | 1.34M | 2.5M | 0 |
| Non-Interest Income | 16.62M | 16.49M | 4.07M | 1.34M | 1.69M | 1.21M | 0 | 0 | 0 | 4.48K | 355.21K | 506.19K | 38.21K | 1.61M | 1.29M | 1.6M | 3.58M | 0 |
| Non-Interest Income % | 163.33% | 127.11% | 100% | 100% | 100% | -144.18% | 0% | 0% | - | 100% | 102.13% | 102.4% | 100% | 100% | 100% | 100% | 100% | - |
| Total Net Revenue | 10.18M | 12.97M | 4.07M | 1.34M | 1.69M | -841.51K | -402.66K | -86.14K | 0 | 4.48K | 347.79K | 494.32K | 38.21K | 1.61M | 1.29M | 1.6M | 3.58M | 0 |
| Revenue Growth % | 39.39% | 218.49% | 204.08% | -20.85% | 301.12% | -108.99% | -367.44% | - | -100% | -98.71% | -29.64% | 1193.55% | -97.63% | 25.08% | -19.31% | -55.39% | - | - |
| Non-Interest Expense | 11.32M | 8M | 9.11M | 4.69M | 5.92M | 18.07M | 1.99M | 1.43M | 990.17K | 1.57M | 1.55M | 8.41M | 14.59M | 410.72K | 432.13K | 935.41K | 983.39K | 59.16K |
| Efficiency Ratio | 111.23% | 61.67% | 223.58% | 350.28% | 349.77% | -2146.96% | -493.28% | -1662.82% | - | 35136% | 444.99% | 1702.22% | 38188.72% | 25.5% | 33.56% | 58.61% | 27.49% | - |
| Operating Income | -6.84M | -5.99M | -8.16M | -3.71M | -4.65M | -17.12M | -1.99M | -1.43M | -990.17K | -1.57M | -1.46M | -8.2M | -14.56M | 88.67K | -29.44K | -680.85K | 92.45K | -59.16K |
| Operating Margin % | -67.26% | -46.21% | -200.35% | -277.14% | -274.97% | 2034.67% | 493.28% | 1662.82% | - | -35039.58% | -418.72% | -1658.5% | -38106.37% | 5.51% | -2.29% | -42.66% | 2.58% | - |
| Operating Income Growth % | - | 26.55% | -119.83% | 20.22% | 72.82% | -762.03% | -38.67% | -44.66% | 36.92% | -7.79% | 82.24% | 43.7% | -16522.47% | 401.17% | 95.68% | -836.44% | 256.26% | - |
| Pretax Income | -124.03M | -33.35M | -1.27M | 7.82M | -15.86M | -16.05M | -2.56M | -1.64M | -826.42K | -45.46M | -44.27M | -10.05M | -14.76M | 88.67K | -25.14K | -386.69K | 60.06K | -59.16K |
| Pretax Margin % | -1218.89% | -257.08% | -31.21% | 583.65% | -936.93% | 1907.22% | 634.8% | 1904.53% | - | -1014834.13% | -12727.51% | -2032.5% | -38616.78% | 5.51% | -1.95% | -24.23% | 1.68% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -124.03M | -33.35M | -1.27M | 7.82M | -15.86M | -16.05M | -2.56M | -1.64M | -826.42K | -45.46M | -44.27M | -10.05M | -14.76M | 88.67K | -25.14K | -386.69K | 60.06K | -59.16K |
| Net Margin % | -1218.89% | -257.08% | -31.21% | 583.65% | -936.93% | 1907.22% | 634.8% | 1904.53% | - | -1014834.13% | -12727.51% | -2032.5% | -38616.78% | 5.51% | -1.95% | -24.23% | 1.68% | - |
| Net Income Growth % | -514.42% | -2523.83% | -116.26% | 149.31% | 1.2% | -527.89% | -55.8% | -98.52% | 98.18% | -2.71% | -340.58% | 31.92% | -16742.44% | 452.69% | 93.5% | -743.81% | 201.52% | - |
| Net Income (Continuing) | -124.03M | -33.35M | -1.27M | 7.82M | -15.86M | -16.05M | -2.56M | -1.64M | -826.42K | -45.46M | -44.27M | -10.05M | -14.76M | 88.67K | -25.14K | -386.69K | 60.06K | -59.16K |
| EPS (Diluted) | -2.49 | -1.00 | -0.08 | 0.55 | -2.13 | -2.65 | -0.99 | -1.09 | -0.67 | -109.43 | -1465.98 | -1085.23 | -1952.24 | 11.63 | -1795.79 | -34669.20 | 5460.27 | -3888.55 |
| EPS Growth % | -133.33% | -1178.77% | -114.22% | 125.82% | 19.62% | -167.68% | 9.17% | -62.69% | 99.39% | 92.54% | -35.08% | 44.41% | -16886.24% | 100.65% | 94.82% | -734.94% | 240.42% | - |
| EPS (Basic) | - | -1.00 | -0.08 | 0.55 | -2.13 | -2.65 | -0.99 | -1.09 | -0.67 | -109.43 | -1465.98 | -1085.23 | -1952.24 | 11.63 | -1795.79 | -34669.20 | 5460.27 | -3888.55 |
| Diluted Shares Outstanding | 49.78M | 33.19M | 16.26M | 14.09M | 12.73M | 6.84M | 2.98M | 1.59M | 1.24M | 411.82K | 30.2K | 9.26K | 7.56K | 7.62K | 14 | 10 | 11 | 11 |
Quick answers to the most common questions about buying BTCS stock.
For fiscal year 2025, BTCS Inc. (BTCS) reported total revenue of $13.0M.
BTCS Inc. (BTCS) reported a net loss of $33.4M for the fiscal year ending 2025.
BTCS Inc. (BTCS) reported an operating income of $-6.0M, resulting in an operating profit margin of -46.2%. This margin reflects the operational efficiency of the business before interest and taxes.
BTCS Inc. (BTCS) generated $2.0M in gross profit for the year, representing a gross profit margin of 15.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Staking yield volatility
Metrics are mathematically derived from official filings.
Revenue Scaling Amidst Market Volatility
As reported in recent financial filings, BTCS achieved significant top-line expansion, with quarterly revenue climbing from $326.1K in 2023Q4 to $7.1M by 2025Q4, reflecting a rapid scaling of validator operations that appears highly sensitive to the underlying market value of staked digital assets.
The trajectory of revenue growth suggests that the company is successfully increasing its total value locked across validator nodes. However, investors should monitor whether this growth is organic or merely a byproduct of broader crypto market appreciation, as the lack of consistent sequential growth indicates high cyclicality.
Structural Margin Compression and Instability
Based on the provided income statement data, gross margins have experienced extreme volatility, collapsing from a peak of 75.0% in 2024Q1 to 12.4% in 2025Q4, which suggests that the direct costs of maintaining network infrastructure are scaling disproportionately to the revenue generated from staking rewards.
The significant contraction in gross margins implies that the company lacks meaningful pricing power within the staking ecosystem. This trend warrants further investigation into whether rising cloud infrastructure costs or protocol-level reward adjustments are permanently eroding the profitability of the firm's core validator business.
Operating Leverage Remains Elusive
According to historical income statements, BTCS continues to struggle with operating leverage, as SG&A expenses frequently exceed gross profit, resulting in persistent operating losses that reached $2.4M in 2026Q1 despite the company's aggressive efforts to scale its digital asset platform and infrastructure services.
The inability to achieve positive operating income suggests that the current corporate overhead is too heavy for the existing revenue base. Investors should consider that without a substantial increase in high-margin software licensing revenue, the company may remain trapped in a cycle of operational inefficiency.
Earnings Distorted by Non-Operating Items
Analysis of the company's net income reveals significant fluctuations, including a $65.6M profit in 2025Q3 followed by an $85.6M loss in 2025Q4, indicating that reported earnings are heavily influenced by non-operating factors such as digital asset impairments rather than core operational performance.
The extreme variance in net income suggests that traditional EPS metrics are poor indicators of the company's underlying health. Analysts should focus on cash-based metrics and operational yield, as the current accounting treatment of digital assets creates noise that obscures the true economic reality of the business.
Sustainability of Current Business Model
While revenue growth appears impressive, the persistent negative net margins and the reliance on volatile staking rewards suggest that the current business model may be unsustainable without frequent capital infusions or a fundamental shift toward higher-margin, non-custodial software services that do not require heavy infrastructure.
Short-term growth in staked assets may mask the underlying risk of slashing events or regulatory shifts that could render the current validator strategy obsolete. Investors should remain cautious, as the company's path to self-sustaining profitability remains unproven despite its early-mover status in the Proof-of-Stake ecosystem.