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Contact : MicroStrategy Incorporated Investor Relations ir@microstrategy.com ( 703 ) 848-8600 TYSONS CORNER , Va . , April 29 , 2021 - MicroStrategy® ( Nasdaq : MSTR ) , the largest independent publicly - traded business intelligence company , today announced financial results for the three - month period ended March 31 , 2021 ( the first quarter of its 2021 fiscal year ) . " MicroStrategy's first quarter results were a clear example that our two - pronged corporate strategy to grow our enterprise analytics software business and acquire and hold bitcoin is generating substantial shareholder value . We had one of our strongest operational quarters in our software business in years , highlighted by 10 % revenue growth and continued improvement in non - GAAP profitability . The investments we have made in our platform in recent years are driving greater customer adoption of MicroStrategy , particularly in the cloud , " said Michael J. Saylor , CEO , MicroStrategy Incorporated . " We continue to be pleased with our bitcoin strategy . We successfully raised more than $ 1 billion of additional capital in the quarter to expand our bitcoin holdings , which now exceed 91,000 bitcoins . We also hosted a very successful ' Bitcoin for Corporations ' track at MicroStrategy World ™ where we utilized our thought leadership in the cryptocurrency market to show how organizations can incorporate digital assets into their balance sheet management . We will continue to acquire and hold additional bitcoin as we seek to create additional value for shareholders . " First Quarter 2021 Financial Highlights Revenues : Total revenues for the first quarter of 2021 were $ 122.9 million , a 10.3 % increase , or a 7.6 % increase on a non - GAAP constant currency basis , compared to the first quarter of 2020. Product licenses and subscription services revenues for the first quarter of 2021 were $ 31.3 million , a 52.3 % increase , or a 49.8 % increase on a non - GAAP constant currency basis , compared to the first quarter of 2020. Product support revenues for the first quarter of 2021 were $ 70.6 million , a 0.7 % decrease , or a 3.4 % decrease on a non GAAP constant currency basis , compared to the first quarter of 2020. Other services revenues for the first quarter of 2021 were $ 20.9 million , a 6.3 % increase , or a 3.1 % increase on a non - GAAP constant currency basis , compared to the first quarter of 2020 . ● MicroStrategy Announces First Quarter 2021 Financial Results ● ● ● Gross Profit : Gross profit for the first quarter of 2021 was $ 100.4 million , representing an 81.7 % gross margin , compared to a gross margin of 78.0 % in the first quarter of 2020 . Operating Expenses : Operating expenses for the first quarter of 2021 were $ 283.5 million , a 226.1 % increase compared to the first quarter of 2020. Beginning in the third quarter of 2020 , operating expenses included impairment losses on MicroStrategy's digital assets , which were $ 194.1 million during the first quarter of 2021 . Loss from Operations : Loss from operations for the first quarter of 2021 was $ 183.2 million versus $ 0.1 million for the first quarter of 2020. Non - GAAP income from operations , which excludes share - based compensation expense and impairment losses and gains on sale from intangible assets , which include digital assets , was $ 18.7 million for the first quarter of 2021 versus $ 3.0 million for the first quarter of 2020 . Net ( Loss ) Income : Net loss for the first quarter of 2021 was $ 110.0 million , or $ 11.40 per share on a diluted basis , as compared to net income of $ 0.7 million , or $ 0.07 per share on a diluted basis , for the first quarter of 2020. Non - GAAP net income , which excludes share - based compensation expense , impairment losses and gains on sale from intangible assets , which include digital assets , interest expense arising from the amortization of debt issuance costs , and related income tax effects , was $ 14.9 million , or $ 1.54 per share on