In the second quarter of 2024, the company reported a net income of $1.1 million, a significant improvement from a net loss of $1.5 million in the same period in 2023. The net loss for the six months ended June 30, 2024, was $7.0 million compared to a net loss of $5.0 million in 2023.
Revenue for the company was $23.3 million in the second quarter of 2024, a 54% increase from $15.1 million in Q2 2023. For the six months ended June 30, 2024, revenue was $39.4 million, up 43% from $27.5 million in 2023. The growth in revenue was primarily driven by the Online Bitcoin Portal, which saw a significant increase in unique users, reaching over 20,000 by June 30, 2024.
Gross profit for the company was $1.0 million in Q2 2024, down 13% from $1.2 million in the same period last year. For the six months ended June 30, 2024, gross profit decreased to $1.8 million from $2.3 million in 2023. The decline in gross profit was attributed to a shift in sales mix towards the Online Bitcoin Portal, which has a lower gross margin compared to other segments.
Adjusted EBITDA for the company was negative $0.6 million in Q2 2024, compared to negative $0.3 million in Q2 2023. For the six months ended June 30, 2024, adjusted EBITDA was negative $1.1 million, an increase from negative $0.6 million in 2023. The decline in adjusted EBITDA was mainly due to lower gross profit and higher marketing and advertising expenses.
The company is focused on increasing its gross margin on the Bitcoin Portal through the introduction of new products and services, such as Lite Accounts and Cash Vouchers. Despite challenges in the Bitcoin ATM segment, the company remains optimistic about its future growth and market position.
