07:28 AM EDT, 08/27/2024 (MT Newswires) -- DMG Blockchain Solutions ( DMGGF ) said overnight Monday that it narrowed its net loss in its fiscal third quarter as revenue increased 11%.

The company reported a net loss of $3.8 million, or $0.02 per share, compared to a net loss of $4.3 million, or $0.03 per share.

Revenue rose to $8.3 million from $7.5 million due to an increase in self-mining revenue driven by a 139% increase in the bitcoin price to $89,990.

DMG mined 87 bitcoin in the third quarter, down from 152 bitcoin.

"The June 2024 quarter was a transitional quarter, marked by the once-every-four-year halvening event, which negatively affected our mined bitcoin," CEO Sheldon Bennett said. "While we are encouraged by the execution of our Systemic Trust subsidiary toward becoming a qualified custodian, we missed our target to deploy our new fleet of 4,550 Bitmain T21 miners due to supply chain issues."

"Going forward, we are highly focused on regaining profitability by increasing our hashrate, improving our fleet efficiency and continuing to execute on our Core+ software initiatives," Bennett added.

DMG's share price fell 3.8% yesterday to $0.51.