- Bitcoin Well (BTCW) has released financial results for Q2 2021 highlighted by revenue growth of 405 per cent
- Net income was positive at C$30,000, compared to a loss of $4.3 million in the previous quarter
- The company added 46 new Bitcoin ATMs, resulting in nearly 190 machines in operation globally
- Bitcoin Well buys and sells Bitcoin through an ATM network and suite of web-based transaction services
- Bitcoin Well (BTCW) is unchanged trading at $0.27 per share
Bitcoin Well (BTCW) has released financial results for Q2 2021 highlighted by revenue growth of 405 per cent.
Adam O’Brien, founder and CEO of Bitcoin Well, commented,
“I am excited to share the numerous transformational milestones achieved by Bitcoin Well during the second quarter. We look forward to building on this momentum for the second half of the year.”
Q2 financial highlights
Revenue grew 405 per cent to C$41.7 million relative to Q2 2020, primarily from an increase in active ATMs plus over-the-counter and exchange sales.
Average revenue per machine was $15,156, approximately half of the Q2 2020 level, due to access restrictions related to COVID-19 and the implementation of new KYC regulations in June.
Adjusted EBITDA was negative $0.8 million as a result of initiatives to support future growth plans.
Net income was positive at $30,000, compared to a loss of $4.3 million in the previous quarter and net income of $37,000 in Q2 2020. The improvement reflects the non-cash impact of the revaluation of cryptocurrency loans.
The company’s cash position stood at $9.5 million, up from $4.1 million at year-end 2020, with a working capital surplus of $3.2 million on June 30 compared to a deficit of $2.9 million as of December 31, 2020.
Strategic and operational highlights
- Acquired Paradime LTD, operating as AlphaVend, the second largest Bitcoin ATM operator in the United Kingdom
- Acquired Crypto Kiosk, a cryptocurrency ATM operator in northern Ontario with 11 cryptocurrency ATMs
- Entered into a share purchase agreement to acquire Ghostlab, a software company that improves the functionality and accessibility of modern financial technology and services
- Added 46 new ATMs, resulting in 141 machines across Canada, 28 machines in the United Kingdom and nearly 190 ATMs in operation globally
- On July 30, the company’s shares made their trading debut on the TSXV
Bitcoin Well is focused on making Bitcoin more accessible and user-friendly while expanding potential SaaS revenue streams.
Bitcoin Well buys and sells Bitcoin through an ATM network and suite of web-based transaction services.
Bitcoin Well (BTCW) is unchanged trading at $0.27 per share as of 10:44 am ET.
