- Bitcoin Well (BTCW) has reported 2021 results including a 92-per-cent increase in revenue
- Revenue was up due to an increase in over-the-counter (OTC) customer transactions
- Current focuses include online and mobile app-based scalable growth, ATM expansion, as well as Canadian and international acquisitions
- Bitcoin Well offers convenient, secure and reliable ways to buy, sell and use Bitcoin
- Bitcoin Well (BTCW) is up by 11.76 per cent trading at $0.19 per share
Bitcoin Well (BTCW) has reported 2021 results including a 92-per-cent increase in revenue.
Q4 and 2021 highlights
- Revenue was C$99.6M in 2021, $47.6M or 92 per cent higher than 2020, due to an increase in OTC customer transactions
- Q4 revenue was $14.4M, compared to $22.9M in 2020, due to a decrease in ATM volume
- Gross profit was $1M in Q4 and $5.2M in 2021, compared to $3.8M and $7.3M in the same periods in 2020. The decrease was due to a shift toward lower-fee OTC transactions
- Adjusted EBITDA was -$2.3M in Q4 and $4.4M in 2021, compared to $2M and $3M in the same periods in 2020. The change was due to increased headcount, technology investments and legal fees for acquisitions on the path to scalable growth
- Net loss was $5.4M in Q4 and $13.6M in 2021, compared to a net loss of $1.8M and $2.7M in the same periods in 2020. The figure was offset by gains from digital assets in Other Comprehensive Income of $2.1M in Q4 and $7.2M in 2021
Recent business developments
- Added 143 Bitcoin ATMs in 2021, bringing its fleet to over 220 across Canada
- Enhanced software partnership with RapidCash ATM
- Signed a Bitcoin payments agreement with Memory Express
- Signed a letter of intent with Greater Property Group to buy and sell real estate with cryptocurrency
- The company closed the second tranche of its convertible debenture for $2M on March 17, 2022
- Current focuses include online and mobile app-based scalable growth, ATM expansion, as well as Canadian and international acquisitions
“The next step is to expand our online ecosystem of products to eventually serve a global market,” said Adam O’Brien, Founder and CEO of Bitcoin Well. “While our network of more than 220 Bitcoin ATMs and in-person offices represent a base business for us today, our expanding technological offerings will create new scalability and better user value across the business.”
Bitcoin Well offers convenient, secure and reliable ways to buy, sell and use Bitcoin.
Bitcoin Well (BTCW) is up by 11.76 per cent trading at $0.19 per share as of 10:48 am EST.
