08:19 AM EST, 12/19/2024 (MT Newswires) -- DMG Blockchain Solutions ( DMGGF ) overnight Wednesday said loss narrowed for the year ended Sept. 30, as result of increases in revenue, unrealized gains on digital currency, realized gains on the sale of digital currency and an overall decrease in depreciation on fixed assets, offset by an overall increase in operating and maintenance costs.

The company reported net loss of near $5.1 million, or $0.03 per share, in the fiscal year ended Sept. 30, compared with a net loss of near $16.4 million, or $0.10, in the year-prior period.

Revenue for the year was $33.9 million, up from $27.94 million.

While the company didn't provide many figures for the fourth quarter, revenue for the period did fall 29% to $5.9 million compared with the prior quarter.

Among other highlights, the company said bitcoin mined in the fourth quarter reflected a 26% sequential decrease due to the April halvening and network difficulty increases. 502.5 bitcoin were mined in the full year 2024, down 43% from the previous year.

The company had $1.3 million in cash flow from operations in the fourth quarter, contributing to $8.2 million for the full year 2024, a 69% increase from the previous year. Cash and digital assets were $36 million as of quarter-end Q4 2024, up 90% year-over-year.

DMG's CEO, Sheldon Bennett, in a statement said: "2024 was a transformative year for DMG, driven by remarkable achievements in our Core+ strategy and Core operations.

"As we look to 2025, we expect to grow our hashrate to 2.1 EH/s by the end of February with a planned further expansion to 3 EH/s by year-end, leveraging hydro direct liquid cooling technology for enhanced efficiency. We also achieved key milestones in building our carbon neutral Bitcoin ecosystem with the development of Systemic Trust while revamping Terra Pool with a focus on both to onboard new clients in 2025. We also laid the foundation for cutting-edge generative artificial intelligence (AI) initiatives, including a 30 megawatt AI data center memo of understanding with the Malahat Nation. DMG is uniquely positioned for multipronged growth in the coming year that should deliver value to our stakeholders."

Shares closed down $0.045 or near 10%, to $0.41 and nearer 52 week lows on Wednesday on the TSX Venture Exchange.