• Over 8,800 unique users in the Online Bitcoin Portal (3,800 - Q1 2023, 6,000 - Q2
2023) an improvement of 132% and 47% over Ql 2023 and Q2 2023, respectively.
• Associated online revenues exceeded $3.4 million for the 3-months ended September 30, 2023 ($2.0 million - Q2 2023, $0.9 million - Q1
2023), maintaining continued growth in the Online Bitcoin Portal since launched in Q4 2022.
• Revenue for the 3-months and 9-months ended September 30, 2023 was $13.4
million and $40.9 million, respectively ($14.4 million and $48.5 million for the
3-months and 9-months ended September 30, 2022, respectively). Despite a decrease in revenue, gross profits have stayed consistent during the 3 and
9-month periods ending September 30, 2023, when compared to the same periods in 2022. The improved margins are a direct result of earning higher margins from AM sales compared to the same periods last year.
BUSINESS OVERVIEW AND OUTLOOK
The Company makes bitcoin useful by coupling the convenience of modern banking with the benefits of bitcoin. In Q3 2023 the Company integrated its Bitcoin Well Infinite services into the Online Bitcoin Portal enabling a faster and easier way to buy and sell bitcoin in large quantities. As a result, Bitcoin Well has two (2) unique business units including:
- Bitcoin ATM business (ATMs)
- Started in 2013
- Over 180 Bitcoin ATMs across Canada
- Highest margin business unit
- Non-custodial bitcoin platform (Online Bitcoin Portal)
- Launched in Q4 2022
- Bank to bitcoin in less than 30 seconds (faster than anyone else in the market)
- Enables individuals and corporations to buy or sell large sums of bitcoin
- Recently launched Recurring Buy to allow pre-determined and automated customer purchases (AKA - The Bitcoin Savings Plan)
- Recently expanded into USA