- Bitcoin Well (BTCW) reports the third quarter of 2022
- The company recorded its best gross profit in a single quarter since Q1 2021
- This is a direct result of the internal emphasis and focuses on improved margin at our Bitcoin ATMs and our Bitcoin Branches
- Previous quarters underwent internal layoffs and a slight shift of focus for upcoming goals
- As a result of cutting costs, Bitcoin Well saw a $1.1 million decrease (31 per cent improvement) in operational expenses compared to Q2 2022
- The main focus right now is the online portals
- Bitcoin Well (BTCW) is unchanged on the day, trading at C$0.04 per share at 12 pm ET
Bitcoin Well (BTCW) released the financial and operating results for the third quarter.
The company recorded its best gross profit in a single quarter since Q1 2021.
Gross profit was $1.2 million, an increase of $0.4 million compared to Q3 2021, which was up 58 per cent, an increase of $0.1 million compared to Q2 2022.
This is a direct result of the internal emphasis and focuses on improved margins at our Bitcoin ATMs and our Bitcoin Branches.
In other words, this is due to the layoffs the company had undergone in past quarters, tightening their belt, as they say.
Living in the current economic client Bitcoin Well is not the anomaly when trying to stay on top while staying economically prosperous.
As a result of cutting costs, Bitcoin Well saw a $1.1 million decrease (31 per cent improvement) to operational expenses compared to Q2 2022.
Going forward, the company continues to streamline operations in order to lower operating costs further while still maintaining a growth-focused strategy.
“Our ability to increase margin while decreasing costs in one of the most tumultuous bear markets our industry has ever seen is a tremendous feat,” said Adam O’Brien, Founder & CEO of Bitcoin Well.
“It says a lot about the resilience and passion our team has for our mission of future-proofing money. We are committed to continually striving towards becoming a sustainable, profitable organization,” added O’Brien.
The main focus right now is the online portals.
In Q3, it improved its e-Transfer payment rail to be the fastest and safest way to buy bitcoin in Canada.
This is indicated by transactions completed as fast as 105 seconds (from e-Transfer to blockchain) in a fully non-custodial environment.
Bitcoin Well is known for its non-custodial ecosystem, which includes purchasing bitcoin online and in person, paying household bills with the currency, paying credit cards with bitcoin and also purchasing gift cards from most retailers with bitcoin and other cryptocurrencies.
Bitcoin Well has 257 ATMs operating across Canada at the moment.
This includes 84 ATMs under its Partner Program, which allows Bitcoin Well to scale the ATM count quicker with minimal capital expenditure.
As far as Q4 accomplishments go, the company has signed one new ATM partner and has seen expansion by three of its existing partners.
Bitcoin Well, an Edmonton-born and-breed company, aspires to make bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin.
Bitcoin Well (BTCW) is unchanged on the day, trading at C$0.04 per share at 12 pm ET.
