Our financial improvement in the latter half of the year is a testament to the capabilities of our team and we are marching into 2023 with more momentum than ever before.” said Adam O’Brien, the Founder and CEO of the Company. While we still have work to do, our Bitcoin ATM business unit cash flows are stable while we continue to develop and grow our hyper-scalable growth business unit. The market has forced us to find the balance between growth and sustainability and I’m very happy with the results so far. “2022 was a transformational year for Bitcoin Well. The Convertible Debenture bears interest at a rate of 8% + Bank of Canada policy interest rate per annum and matures on February 16, 2026. Bitcoin Well has the right to require the holder to convert any portion of the principal amount into Common Shares at any time where the Current Market Price of the Common Shares equals or exceeds $0.30 for a period of ten (10) consecutive Trading Days. At the option of the holder, the principal amount of the Convertible Debenture is convertible into common shares of Bitcoin Well (the “Common Shares”) at a conversion price of $0.15 per Common Share, subject to TSXV review and acceptance. In February 2023, Bitcoin Well issued a secured convertible debenture for up to $0.7 million to refinance a portion of the existing bitcoin denominated debt. The quarter ending in December 2022 on the right shows a significant improvement over the same period the previous year and the management team is looking for this metric to continue improving. The graph represents our quarterly adjusted EBITDA over the last 6 quarters. "The much improved financial performance seen in the latter half of 2022 is a demonstration of our effective strategy to significantly reduce costs, while maintaining strong revenues in the year," said Luke Thibodeau, CFO "We are committed to maintaining this positive financial momentum, and are excited to watch how the growth of our new online product offering creates value for our users and our investors.” Notably, the Company achieved a 7% Gross Margin in 2022 compared to a 5% Gross Margin in 2021. This decline in revenue and gross profit is attributed to a significant decline in the sentiment of the overall bitcoin market. Gross Profit was $5.1 million in 2021 and $4.4 million in 2022, representing a 14% decline year over year. The Company has revenue of $66.7 million in 2022 representing a 14% decline over the normalized revenue in the prior year. When normalized to remove this transaction, 2021 revenue was $77.6 million. In 2021 the Company recorded a one-time transaction of $22.0 million which was not expected to recur. Adjusted EBITDA improved to negative $0.2 million in Q4 2022 compared to negative $2.3 million in the prior year and improvement of 90%. Gross Profit also increased to $1.2 million in Q4 2022, compared to $0.9 million in the same time period in the prior year, an improvement of 26%. The Company’s Q4 2022 revenue increased to $18.2 million compared to $14.4 million in the previous year, representing an improvement of 27% year over year. Online revenues growing at an average of 145% MoM in Q4 2022ġ See Non-IFRS Measures. Recent business developmentsģ,000 unique users on the platform as of February 2023 Gross margin of 7% in 2022, compared to 5% in 2021Īdjusted EBITDA of negative $0.2 million in Q4 2022, compared to negative $2.3 million in Q4 2021. Revenue in Q4 2022 was $18.3 million, compared to revenue of $14.4 million in Q4 2021. Normalized revenue in 2021 excludes a non recurring single transaction in the amount of $22 million Revenue of $67 million in 2022, compared to normalized revenue of $77 million in 2021. Bitcoin Well Reports 2022 Financial Results and Announces Closing of Secured DebentureĪssociated Online monthly revenues exceeding $190,000 and growing rapidly.
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