Q1 Financials Sends Blockchain Shares Higher

A Canadian technology firm saw its shares rally strongly on Monday after the company announced their earnings from Q1 of this year. A few highlights from the press release are as follows:

-Increased revenues to $14.2M, up 639% from a year earlier

-Ended Q1 2021-2 with $5.9M in net income, compared to a $21K net loss from a year ago (December 31, 2020)

-432 BTC held as of December 31, 2021

-Strong balance sheet with $119M in total assets as of December 31, 2021

These financial results sent shares of DMG Blockchain Solutions Inc. (TSX-Venture:DMGI) higher to start the week.

DMG Blockchain is a full-service blockchain and cryptocurrency company. It manages, operates, and develops end-to-end digital solutions to monetize the blockchain ecosystem. It is also involved in server hosting and other similar service arrangements for the transaction verification services business and software solutions. The company engages in the research and development of technology solutions related to the transaction verification business. It derives revenue from Cryptocurrency mining, Sale of mining equipment, and Set-up and hosting fees.

Traders were bullish on the news as shares trading on the TSX-Venture exchanged popped up to $0.67/share (+11.67%) at the session high.