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 securities, including unrealized gains and losses from market price changes. These gains and losses have caused, and will continue to cause, significant volatility in our periodic earnings; Total revenue of $49.8 million improved $80.6 million, from negative revenue of ($30.8) million in the prior third fiscal quarter and Net loss available to common stockholders of $7.5 million improved $35.4 million, compared to a net loss available to common stockholders of $42.9 million in the prior third fiscal quarter.
Nine months ended September 30, 2022 highlights: Revenue from cryptocurrency mining of $11.4 million, compared to $0.7 million in the prior nine-month period; Revenue from SMC, acquired in June 2022, of $17.1 million, compared to $0 in the prior nine-month period; Revenue from hotel operations, acquired in December 2021, of $12.8 million, compared to $0 in the prior nine-month period; Revenue from lending and trading activities of $32.2 million, an increase of 64%, from $19.6 million in the prior nine-month period; Total revenue of $100.0 million, an increase of 124%, from $44.6 million in the prior nine-month period; Cash provided by operating activities of $12.9 million, compared to cash used in operating activities of ($56.9) million in the prior nine-month period; Interest expense of $35.8 million, primarily resulting from the issuance of $66 million of secured promissory notes in December 2021, which were fully paid in March 2022. Interest expense from these notes included the amortization of debt discount of $26.3 million from the issuance of warrants, a non-cash charge, and original issue discount, in connection with these secured promissory notes and Net loss available to common stockholders of $62.0 million, compared to net income available to common stockholders of $1.3 million in the prior nine-month period.
About BitNile Holdings, Inc.
BitNile Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, BitNile owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including oil exploration, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics, hotel operations and textiles. In addition, BitNile extends credit to select entrepreneurial businesses through a licensed lending subsidiary. BitNile's headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.com.
Forward-Looking Statements
This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as 'believes,' 'plans,' 'anticipates,' 'projects,' 'estimates,' 'expects,' 'intends,' 'strategy,' 'future,' 'opportunity,' 'may,' 'will,' 'should,' 'could,' 'potential,' or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company's business and financial results are included in the Company's filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company's Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company's website at www.BitNile.com.
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