In Edmonton, Alberta on August 13, 2024, Bitcoin Well Inc. (TSXV: BTCW; OTCQB: BCNWF), a non-custodial bitcoin company aiming to promote financial independence, reported its financial and operational results for the second quarter and six months ending June 30, 2024.
Key highlights of the report include a net income of $1.1 million for the three months ending June 30, 2024, compared to a net loss of $1.5 million in the same period in 2023. Additionally, revenue for the quarter was $23.3 million, a 54% increase from the previous year. The company attributed the growth in revenue to the success of its Online Bitcoin Portal, which saw over 20,000 unique users by June 30, 2024.
Gross profit for the quarter was $1.0 million, a 13% decrease from the previous year. This decline was due to a shift in sales mix towards the Online Bitcoin Portal, which has a lower gross margin compared to ATM sales. To counter this, the company is implementing strategies to increase the gross margin on the Bitcoin Portal.
The company reported an adjusted EBITDA of negative $0.6 million for the quarter, higher than the negative $0.3 million in the same period in 2023. This decline was primarily due to lower gross profit and higher marketing expenses.
Total operational expenses increased slightly to $2.9 million for the year-to-date period, attributed to investments in marketing and advertising initiatives. Professional fees also increased due to legal fees related to litigation and regulatory filings.
Bitcoin Well’s CEO, Adam O’Brien, expressed satisfaction with the growth of the Bitcoin Portal and highlighted ongoing efforts to enhance the gross profit margin. The company is focusing on expanding its product offerings, such as Lite Accounts and Cash Vouchers, to increase revenue and promote self-custody bitcoin transactions.
In addition to its Online Bitcoin Portal, the company’s Bitcoin ATM segment saw a decline in revenue but has implemented a new marketing strategy to improve performance. Bitcoin Well aims to create a comprehensive digital payments ecosystem by integrating its Bitcoin ATMs with other products like Cash Vouchers.
The company emphasized that the financial results should be viewed in conjunction with the full disclosure documents available on its website. Furthermore, it disclosed certain non-IFRS measures used in the report, such as Adjusted EBITDA and Adjusted Cash Flow, to provide additional insights into its performance.
Bitcoin Well’s mission is to make bitcoin accessible and practical for everyday use, combining the benefits of modern banking with the security of bitcoin. Investors and stakeholders can stay updated on the company’s progress through various communication channels provided on its website.
For further information or inquiries, please contact Adam O’Brien at ir@bitcoinwell.com or call 1 888 711 3866.
