BTCS Inc. said its first-quarter normalized net income came to 4 cents per share, compared with a loss of 78 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $109,780, compared with a loss of $1.9 million in the year-earlier period.

The normalized profit margin was 55.1%.

Total revenue increased on an annual basis to $199,140 from $39,080, and total operating expenses fell 67.9% from the prior-year period to $521,360 from $1.6 million.

Reported net income totaled a loss of $2.0 million, or a loss of 78 cents per share, compared to a loss of $3.3 million, or a loss of $1.36 per share, in the prior-year period.