Bitcoin Well Announces Strategy for Highly Scalable Ecosystem of Products and Services With Q3 Financial Results

EDMONTON, Alberta, Nov. 29, 2021 (GLOBE NEWSWIRE) — Bitcoin Nicely (the “Firm” or “BTCW”), is happy to announce our monetary and working outcomes for the third quarter and 9 months ended September 30, 2021, and to introduce our new three-pillar strategic progress plan. The interim Monetary Statements and Notes, in addition to Administration’s Dialogue and Evaluation (“MD&A”) can be found on our web site and have been filed on SEDAR.

“Bitcoin Nicely elevated income by 193% and gross revenue by 22% within the first 9 months of 2021. This progress is thrilling nonetheless, I’m much more impressed by the trail now we have set to develop our ecosystem of services. These new choices inside our core enterprise pillars will improve buyer worth and complement our rising community of over 200 ATMs,” stated Adam O’Brien, Founder and CEO of Bitcoin Nicely. “Whereas our ATM community represents a base enterprise for us at present, our increasing expertise, SaaS software program growth and on-line companies provide new scalability throughout the enterprise, as we search to ship progressive cost rails that set the stage for long-term progress and variety throughout the group. We proceed to forge new paths, create new partnerships, develop on our capital markets presence and set up an ecosystem to develop our choices to present prospects.”

Monetary Highlights Overview

¹ Non-IFRS measure. See Advisories – “Non-IFRS measures”.

Q3 and 9 Months Monetary Overview

• Income elevated to $15.9 million in Q3 2021, and to $85.2 million for the nine-month interval, which included a single over-the-counter (“OTC”) transaction that represented $22.0 million in income in Q2. Whereas not anticipated to recur at that stage, the latest success of our OTC enterprise demonstrates the economies of scale and the Firm’s potential to supply large-scale transactions to people as a major factor of our choices.

• Money on the finish of the quarter elevated to $6.1 million from $4.1 million at 12 months finish 2020 – a 49% improve – and we had a working capital surplus of $5 thousand at September 30, 2021 in comparison with a working capital deficit of $2.9 million at December 31, 2020.

• Working bills in Q3 2021 replicate the impression of hiring a bigger company staff and implementing organizational enhancements required to assist our aggressive enlargement plans (a few of that are detailed under), which contributed to detrimental Adjusted EBITDA¹ of $2.0 million within the third quarter of 2021, and detrimental Adjusted EBITDA¹ of $2.0 million within the first 9 months of the 12 months.

  • These losses are anticipated as we set the stage for anticipated scalable progress, whereas benefitting from the economies of scale that our bolstered staff brings. The investments made into our group and processes have already began to return to fruition, as exemplified by the expanded RapidCash partnership introduced on November 18, 2021, in addition to doubling our in-person OTC presence throughout Canada as introduced November 10, 2021.

• Web loss totaled $3.9 million for the quarter ended September 30, 2021, primarily a results of the elevated bills for the expanded staff and a $1.9 million non-cash, unrealized loss on the revaluation of cryptocurrency-based loans, which is an accounting requirement however doesn’t have any impression on the Firm’s potential to function or develop the enterprise.

Q3 and 9 Months Strategic / Operational Overview

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• 129 machines have been added to our fleet throughout the 9 months ended September 30, 2021, 55 of which have been added in Q3 2021, resulting in over 200 machines put in on the interval finish.

• 43 of the ATMs put in throughout the 9 months ended September 30, 2021 are working beneath our strategic Associate Program, which permits us to scale our ATM rely extra rapidly and with out vital capital expenditures or working prices, supporting better economies of scale whereas additionally defending the stability sheet.

• Throughout the first 9 months of the 12 months, execution of our strategic and diversified M&A method continued with acquisitions of, and investments into quite a few alternatives:

  • Acquired the belongings of Crypto Kiosk Inc. a cryptocurrency ATM operator in northern Ontario, together with 11 cryptocurrency ATMs. This resulted in a direct injection of money circulate as we have been in a position to make use of our present staff and present fastened prices to assist this progress;

  • Acquired Ghostlab, a software program firm that designs and develops software program to enhance the performance and accessibility of contemporary monetary expertise and companies, together with Bitcoin ATM machines. With Ghostlab in home, we anticipate to have the chance to seize incremental income with out excessive capital prices, whereas leveraging analysis and growth to generate excessive margin SaaS income to offer long-term, progressive options for the bitcoin trade.

  • Acquired Entreprises Equibytes Inc. (“Equibytes”), a cash service enterprise and bitcoin ATM operator based mostly in Montreal, Quebec, additional increasing our attain throughout Canada. This led to the enlargement of our In-Particular person companies in Montreal, as introduced on November 10, 2021.

  • Acquired Paradime LDT, working as AlphaVend, a Bitcoin ATM operator in the UK, which included 26 operated machines in England, Scotland and Wales;

Current Developments

• Introduced the grand opening of two new, white-glove OTC places of work in Montreal (open) and Winnipeg (opening November 29, 2021), structured to check the market with out a vital outlay of capital. Our present Calgary OTC workplace (opened June 15, 2021) reached a degree of profitability inside 4 months, and we anticipate the brand new OTC places, that are working beneath a newly refined course of and robust company staff, to return capital even quicker.

• Confirmed the Firm reached a important milestone with our 200^th operated ATM in Canada, realized forward of our inner forecasts.

• Enhanced our partnership with RapidCash ATM to develop unique operations of our Bitcoin ATM software program on an anticipated 100+ newly deployed machines, offering incremental income potential to Bitcoin Nicely with no further capital funding or additional will increase to our now bolstered staff.

• Unveiled Bitcoin Academy, a free on-line academic curriculum of related and dependable details about Bitcoin, created in partnership with PowerED™ and native award-winning artistic company, Sticks & Stones, which we anticipate will overcome a big barrier to entry for brand spanking new prospects.

• Deployed our Bitcoin Nicely on-line ecosystem, with the addition to buy Bitcoin on-line, in a non-custodial trend, with Visa Debit. This is step one in the direction of a full ecosystem of merchandise together with in individual companies and on-line companies.

• As outlined within the Share Buy Settlement (SPA) associated to Paradime LDT, working as AlphaVend, if we decide that compliance with any situation or time period to acquire the Full FCA Registration is onerous, then we could elect to serve a discover of this willpower to the sellers (the “Purchaser Possibility”). We now have elected to serve this discover which triggers the unique choice for the sellers to buy the entire issued and excellent shares of AlphaVend, or stroll away from the longer term concerns of the deal (the “Vendor Possibility”). In consequence we aren’t capable of make a willpower to the potential final result of this course of, or the potential impression it might have on the consolidated monetary statements.

Introducing the Three Strategic Pillars of Bitcoin Nicely

At Bitcoin Nicely, our mission has been refined to replicate our dedication to thought management and buyer safety inside the bitcoin trade. We now have got down to shift the connection that society has with cash by providing an ecosystem of services that make bitcoin accessible and understood. Our ecosystem is comprised of three pillars, which we summarize under. A full define of our three pillars and their anticipated contribution to the Firm is included inside our third quarter MD&A, out there on our website, or on SEDAR.

• Pillar #1 | Non-Custodial Monetary Companies (purchase, promote and use bitcoin)

  • Via our non-custodial enterprise mannequin, we provide handy, safe and dependable methods to purchase and promote bitcoin by way of a trusted Bitcoin ATM community and suite of web-based and in-person transaction companies. Our non-custodial service choices now embrace ATMs (wholly owned or operated by way of the Associate Program), white-glove in-person OTC transactions, and choose on-line companies that we hope to combine into our full on-line ecosystem, permitting prospects to work together with their bitcoin in a self-custodied and safe trend, with the identical comfort of contemporary banking.

• Pillar #2 | Expertise Improvement

  • Our Expertise Improvement pillar is break up into two capabilities: exterior and inner expertise. Externally, ghostATM and future applied sciences are SaaS enterprise choices that we anticipate will begin producing exterior income in 2022. These choices are designed and supposed to be extremely scalable and have the potential to generate conventional SaaS margins. Internally, we now have the technological experience to create self-serving expertise and can be capable to dedicate sources to expertise that we anticipate will proceed to boost the client expertise, such because the newly developed and launched Visa Debit bitcoin buy performance.

• Pillar #3 | Training

  • We construct services that take away limitations to entry for brand spanking new bitcoin customers, which we consider will construct belief with newcomers coming into the house. Our most up-to-date growth is the Bitcoin Academy, a 6-module curriculum developed and distributed in partnership with PowerED™, by Athabasca College. As well as, we provide informative in-person consultations at our 4 OTC places throughout Canada in addition to free on-line coaching periods for the group.

“Our multi-faceted progress plan is designed to vary the panorama of self-custodied bitcoin possession (direct possession by the client). Supported by transaction-based income from our rising suite of bitcoin ATMs, we proceed to develop on-line choices to facilitate the easy use of bitcoin for all day-to-day cash exchanges. It’s my hope that the Bitcoin Nicely ecosystem will quickly be a fluent and handy community of bodily and digital service choices to make sure Bitcoin Nicely prospects are capable of purchase, promote and use bitcoin within the quickest and most secure means potential,” stated Adam O’Brien, Founder and CEO of Bitcoin Nicely. “We are going to proceed to execute on our three pillars to facilitate widespread monetary independence and drive additional enlargement and variety to our income streams and buyer base.”

About Bitcoin Nicely

Bitcoin Nicely (TSX.V: BTCW) gives handy, safe, and dependable methods to purchase and promote bitcoin by way of a trusted Bitcoin ATM community and suite of web-based transaction companies. The Firm generates income and based mostly on administration’s evaluation of publicly out there information, is the primary publicly traded Bitcoin ATM firm on this planet, with an enterprising consolidation technique to ship accretive and cost-effective enlargement in North America and globally. As leaders of the longest-running, founder-led bitcoin ATM firm in Canada, administration of Bitcoin Nicely brings deep operational capabilities that span your complete worth chain together with entry to proprietary, cutting-edge software program growth that helps additional enlargement. Bitcoin Nicely is on a mission to shift the connection that society has with cash by providing an ecosystem of services that make bitcoin accessible and understood. Comply with us on LinkedIn, Twitter, YouTube, Facebook and Instagram to maintain updated with our enterprise.

Contact Info

For investor data, please contact:

Bitcoin Nicely
10142 82 Avenue NW
Edmonton, AB T6E 1Z4
bitcoinwell.com

Adam O’Brien, President & CEO or Dave Bradley, Chief Income Officer
Tel: 1 888 711 3866
ir@bitcoinwell.com

For media queries and additional data, please contact:

Karen Smola, Director of Advertising
Tel: 587-735-1570
k.smola@bitcoinwell.com

Reader Advisories

Ahead-Trying Statements

Statements on this press launch relating to Bitcoin Nicely which aren’t historic details are “forward-looking statements” that contain dangers and uncertainties, such because the timing of enlargement plans and actions, third-party and companion enlargement plans and actions, the acquiring of licenses and approvals from regulatory authorities, in addition to numerous enterprise aims together with however not restricted to the results of our discover beneath the Paradime SPA. Such data can usually be recognized by way of forwarding-looking wording similar to “could”, “anticipate”, “estimate”, “anticipate”, “intend”, “consider” and “proceed” or the detrimental thereof or related variations. Since forward-looking statements handle future occasions and situations, by their very nature, they contain inherent dangers and uncertainties. Precise ends in every case might differ materially from these presently anticipated in such statements attributable to components similar to: (i) adversarial market situations; (ii) the necessity for extra financing; and (iii) adjustments in legal guidelines and rules. Besides as required by regulation, Bitcoin Nicely doesn’t intend to replace any adjustments to such statements.

Non-IFRS Measures
The Firm makes use of sure phrases on this information launch and inside the MD&A, similar to ‘adjusted EBITDA’, which don’t have a standardized or prescribed that means beneath Worldwide Monetary Reporting Requirements (IFRS), and accordingly, these measurements is probably not comparable with the calculation of comparable measurements utilized by different firms. See the desk under for a reconciliation of every non-IFRS measure to its nearest IFRS measure or confer with the “Non-GAAP Measures” and “Chosen Monetary Info” sections within the MD&A for relevant definitions, calculations, rationale to be used and reconciliations to essentially the most instantly comparable measure beneath IFRS. Non-IFRS measures are offered as supplementary data by which readers could want to contemplate the Firm’s efficiency however shouldn’t be relied upon for comparative or funding functions.

Reconciliation of Adjusted EBITDA to internet revenue (loss)

Neither TSXV nor its Regulation Companies Supplier (as that time period is outlined in insurance policies of the TSXV) accepts duty for the adequacy or accuracy of this launch.

¹ Non-IFRS measure. See Advisories – “Non-IFRS measures”.