Crypto miner BitNile stock climbs as Q1 revenue more than doubles

BitNile (NYSE:NILE) shares are rallying more than 12% in Monday afterhours trading after the cryptocurrency miners' Q1 revenue surged nearly 150% from the year-ago period. Looking forward, "we expect our investments in our cryptocurrency mining operations will contribute to both revenue growth and improved profitability in future periods,” said CFO Kenneth S. Cragun. Crypto mining net revenue was $3.55M as of March 31, compared with just $130K as of March 31, 2021. The increase comes as BitNile (NILE) invested in mining equipment and increased its mining activities. Revenue from lending and trading activities were $17.9M in the first quarter vs. $5.21M in Q1 of last year. Revenues from Gresham Worldwide were $7.25M in Q1, up from $6.35M in Q1 2021. Gross margin of 68.0% in Q1 drifted higher from 61.4% in Q1 2021 thanks to favorable margins from Ault Alliance's lending and trading activities. Still, the company's net loss of $28.8M nosedived