BitNile (NYSEMKT:NILE) stock is soaring in morning trading after the company reported that its revenue had soared 120% year over year in 2021. BitNile operates as a holdings company that is involved in Bitcoin (BTC-USD) mining, cryptocurrency trading and money lending. It also says that it invests in decentralized finance, among other sectors.
In 2021, BitNile’s revenue jumped 120% to $52.4 million. The company’s net loss improved to $24.2 million last year, compared with its 2020 net loss of $32.7 million. As of the end of last year, the company reported that it had about $16 million in cash and $2.2 million in digital currencies.
Also in 2021, BitNile’s subsidiary, Gresham Worldwide, a defense contractor, generated nearly 50% of its revenue. At the end of last year, BitNile agreed to combine Gresham with another defense contractor, Giga-tronics (OTCMKTS:GIGA). After the deal closes, the post-merger defense firm will become “a standalone publicly traded company, approximately 68% of which will be indirectly owned by BitNile,” the latter company explained.
What Else Happened With NILE Stock?
Last year, BitNile’s net revenue from cryptocurrency mining came in at $3.45 million, while it reported revenue, lending and trading activities had contributed $16.9 million toward its top line.
BitNile also announced on March 21 that one of its subsidiaries, TurnOnGreen, would “become a subsidiary of Imperalis (OTCMKTS:IMHC).” The latter company is also a subsidiary of BitNile. “After Imperalis acquires TurnOnGreen, Imperalis will change its name to TurnOnGreen,” I reported on March 21.
In the wake of the deal, the combined entity will specialize in electric vehicle charging and, with BitNile’s help, attempt to list its shares on the Nasdaq. BitNile explained that it intends “to distribute to BitNile stockholders approximately 140 million of its common shares and an equal number of warrants” for TurnOnGreen’s shares.
NILE stock rallied to 83 cents on March 21, the day that it announced the merger of Imperalis and TurnOnGreen. As of the market close on April 14, however, the shares had tumbled to 55 cents. As of this writing, shares are up 15% to just over 63 cents.
On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.