BitNile Holdings Reports Third Quarter 2022 Financial Results, Including Revenue of $100 Million for the Nine Months Ended September 30, 2022, up 124% from the Prior Year’s Nine-Month Period
, 2022-11-22 04:28:32,
LAS VEGAS–(BUSINESS WIRE)–$ALZN #100_million_gross_revenue—BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (“BitNile” or the “Company”), reported its financial results for the third quarter ended September 30, 2022 on its Form 10-Q filed with the Securities and Exchange Commission.
Third quarter 2022 highlights include:
- Total assets of $610.9 million as of September 30, 2022;
- Positive working capital of $25.7 million as of September 30, 2022;
- Cash and cash equivalents of $10.1 million as of September 30, 2022;
- Revenue from cryptocurrency mining of $3.9 million, compared to $0.3 million in the prior third fiscal quarter;
- Revenue from the Company’s majority owned subsidiary, The Singing Machine Company, Inc. (Nasdaq: MICS) (“SMC”), acquired in June 2022, of $17.1 million, compared to $0 in the prior third fiscal quarter;
- Revenue from hotel operations, acquired in December 2021, of $5.5 million, compared to $0 in the prior third fiscal quarter;
- Revenue from lending and trading activities of $13.4 million, compared to negative revenue of ($38.9) million in the prior third fiscal quarter, of which revenue in the current as well as the prior year’s third fiscal quarter included an approximate ($33.4) million unrealized gain from the Company’s investment in Alzamend Neuro, Inc. (Nasdaq: ALZN) (“Alzamend”);
- Revenues from trading activities during the three months ended September 30, 2022 included net gains on equity…
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