Bitcoin Well announced the results of the third quarter of 2022

EDMONTON, Alberta, Nov. 04, 2022 (GLOBE NEWSWIRE) — Bitcoin Well Inc. (the “Company” or “Bitcoin Well”) (TSX.V: BTCW) (OTCQB:BCNWF) announced its financial and operating results for the third quarter ended September 30, 2022. The Interim Financial Statements and Management’s Discussion and Analysis (“MD&A”) are available on our investor website ( and have been filed on SEDAR.

In the third quarter ended September 30, 2022, we recorded our best Gross Profit in a quarter since the first quarter of 2021. Gross Profit was $1.2 million, an increase of $0.4 million and $0.1 compared to Q3 2021 (+58%). compared to the II quarter of 2022 (+11%) mln. This is a direct result of our internal emphasis and focus on improved margin at our Bitcoin ATMs and Bitcoin Branches.

We previously announced that we would aggressively reduce costs and expenses while still focusing on growth. As a result, we saw a $1.1 million reduction in operating expenses compared to Q2 2022 (a 31% improvement). This contributed to a $0.9 million (+55%) increase in Adjusted EBITDA compared to Q2 2022, while also representing a $1.3 million (+64%) year-over-year improvement contane. We will continue to streamline operations to further reduce operating costs while continuing our growth-focused strategy.

“Our ability to reduce costs while increasing margins in one of the most turbulent bear markets our industry has ever seen is a huge achievement,” said Adam O’Brien, founder and CEO of Bitcoin Well. passion our team has a mission to make money future ready. We are committed to continuing our efforts to become a sustainable, profitable organization.”

Financial review

During the past three months,
During the past nine months,
30, 2022

30, 2021
30, 2022

Revenue ($000s) $ 14,354 $ 15,943 $ 48,469 $ 85,201
Gross profit ($000s) $ 1,178 $ 745 $ 3,208 $ 4,204
Adjusted EBITDA1 ($000) $ (714 ) $ (2,003 ) $ (4,350 ) $ (2,020 )
Net loss ($000s) $ (983 ) $ (3,897 ) $ (4,140 ) $ (8,231 )
General ATMs 257 185 257 185

1 See Non-IFRS Measures.

Results for the third quarter of 2022

  • Gross profit in the third quarter of 2022 was $1.1 million (+58%) compared to the same period last year. Gross profit margin increased by 76% during the same period.
  • In the first nine months ending in 2021, revenues included only $22 million in transactions from one individual, which are not expected to be repeated. Normalizing this, adjusted revenue for the third quarter and first nine months of 2022 was $14.3 million (+4%) and $48.4 million (-23%), respectively.
  • Adjusted EBITDA in the third quarter improved by $1.3 million (+64%) compared to the same period last year. At the end of the second quarter of 2022, the Company streamlined operations and implemented cost-cutting decisions. We expect this to continue, resulting in improved adjusted EBITDA.

Recent Business Developments

  • Our online portal (available at continues to be the main focus of our product ecosystem. In the third quarter, we upgraded our e-Transfer payment line to be the fastest and safest way to buy bitcoin in Canada. This is demonstrated by transactions completed in a fully non-secure environment in up to 105 seconds (from e-Transfer to blockchain). We believe that we can further improve this metric and make these operations immediate in the future.
    • The Electronic Transfer payment line was developed in conjunction with Visa Debit, our existing payment rail that is not offered anywhere else in Canada.
    • As a reminder, the Bitcoin Well non-security ecosystem currently includes:
      • Buy bitcoins online and in person instantly.
      • Pay household bills with Bitcoin and other cryptocurrencies
      • Pay credit cards with bitcoin and other cryptocurrencies
      • Instantly buy gift cards to most major retailers with bitcoin and other cryptocurrencies
      • Buy Bitcoin and other cryptocurrencies and buy $CAD online and in person
  • In the third quarter of 2022, 9 Bitcoin ATMs (+4%) were added to our operating fleet. We now have 257 ATMs operating across Canada. This includes 84 ATMs under our Partner Program, allowing us to expand ATMs more quickly and add additional revenue potential with minimal capital expenditure.
    • So far in the fourth quarter, we have signed one new ATM Partner and witnessed expansion by three of our existing partners.
    • In Q4, we plan to grow our ATM network by ~7%, which is above and beyond our expectations for Partner ATM growth.

Non-IFRS Measures
The Company uses certain terms in this news release and within the MD&A, such as “Adjusted EBITDA,” which do not have a standardized or assigned meaning in accordance with International Financial Reporting Standards (IFRS) and, accordingly, are not comparable to these measurements. calculating similar measurements used by other companies. See the table below for a reconciliation of each non-GAAP measure to the nearest IFRS measure, or see the “Non-GAAP Measures” and “Selected Financial Information” sections in the MD&A for the relevant definitions, calculations, basis of use and reconciliations. Most Directly Comparable Measure Under IFRS Non-IFRS measures are provided as additional information that readers may wish to consider in considering the Company’s performance, but should not be relied upon for comparative or investment purposes.

Reconciliation of Adjusted EBITDA to Net Income (Loss).

During the past three months,
During the past nine months,
000 dollars September
30, 2022

30, 2021
30, 2022

30, 2021
Net income (loss) $ (983 ) $ (3,897 ) $ (4,140 ) $ (8,231 )
List costs 1,477
Business acquisition and QT operating expenses 8 303 8 867
Depreciation and accumulation 403 262 1798 804
Fair value change – cryptocurrency 223 1,846 (4,692 ) 3,783
Reconstruction (120 ) 3,188
Income tax refund (302 ) (791 ) (595 ) (1,269 )
Share-based compensation 93 290 204 572
Profit from debt repayment (36 ) (9 ) (123 ) (15 )
other (7 ) 2 (8 )
Adjusted EBITDA $ (714 ) $ (2,003 ) $ (4,350 ) $ (2,020 )

This news release should be read in conjunction with the full disclosure documents. Bitcoin Well’s Unaudited Condensed Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis for the three months ended September 30, 2022 are available at Bitcoin Well (, may be requested through SEDAR ( or from the Company.

Good about Bitcoin
Bitcoin Well is in the forward-looking money business. We do this by making bitcoin useful to give everyday people the convenience of modern banking and the benefits of bitcoin. Our existing Bitcoin ATM business unit manages cash flow to help fund this mission.

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Bitcoin Good Contact Information
Use the link below to book a virtual meeting with our Founder and CEO Adam O’Brien:

For additional investor and media information, please contact:
Tel: 1 888 711 3866

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in TSX Venture Exchange policies) is responsible for the adequacy or accuracy of this release..

Forward-Looking Information:
Certain statements contained in this news release may constitute forward-looking information. Forward-looking statements are often, but not always, qualified by the use of words such as “expect,” “plan,” “estimate,” “expect,” “may,” “will,” “intend,” “should.” is done. , or negative and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from those anticipated in such forward-looking information.

Bitcoin Well’s actual results may differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which Bitcoin Well operates, current economic conditions and other factors beyond the control of many. Bitcoin is good.

Bitcoin Well believes that the expectations reflected in the forward-looking statements are reasonable, but no assurance can be given that such expectations will prove to be correct, and undue reliance should not be placed on such forward-looking statements.

Any forward-looking information contained in this news release reflects Bitcoin Well’s expectations as of this date and is subject to change after such date. Bitcoin Well disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

For more information, see the Cautionary Note Regarding Forward-Looking Information found in Bitcoin Well’s Quarterly Management Discussion and Analysis.

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