WonderFi Announces Q2 2023 Financial Results
- WonderFi reported strong financial results for the second quarter, with significant revenue generation from Bitbuy and Coinberry, successful cost-saving initiatives, and substantial increases in assets staked and client assets under custody. The recent acquisitions of Coinsquare Ltd. and CoinSmart Financial Inc. also indicate the company's commitment to expansion and growth.
- None.
Toronto, Ontario--(Newsfile Corp. - August 11, 2023) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (the "Company" or "WonderFi") today announced its second quarter financial results for the period ended June 30, 2023. All financial references are in Canadian dollars unless otherwise noted.
This news release constitutes "a designated news release" for the purposes of the Company's prospectus supplement dated December 23, 2022, to its short form base shelf prospectus dated September 7, 2022.
Second Quarter Highlights:
- Bitbuy and Coinberry earned
$2.9 million in revenue during the quarter. - Successful cost-saving initiatives reduced quarter-over-quarter operating expenditures.
- Bitbuy added Cardano (ADA) to its staking offering and launched OTC Desk supported staking.
Highlights Occurring After June 30, 2023:
- On July 7, 2023, WonderFi closed the acquisitions of Coinsquare Ltd. and CoinSmart Financial Inc.
$3.5 million of consolidated revenues earned in July across the Bitbuy, Coinsquare, CoinSmart and SmartPay platforms, exceeding expectations.$735 million in client assets under custody across the Bitbuy, Coinsquare and CoinSmart crypto-trading platforms.- Cash and cash equivalents total over
$35M across WonderFi and its wholly owned subsidiaries as of July 7, 2023. 450% increase in the dollar value of assets staked on the Bitbuy platform since December 31, 2022.- SmartPay experienced a
12.5% month-over-month increase in total volumes transacted in July.
Access to Financial Statements and Management Discussion and Analysis
Complete financial statements along with related management discussion and analysis, as well as a copy of the business combination agreement and documentation related to the transaction, can be found in the System for Electronic Document Analysis and Retrieval ("SEDAR"), the electronic filing system for the disclosure documents of issuers across Canada at https://www.sedarplus.ca.
Additional Information
For additional information, please contact:
WonderFi Technologies Inc.
Dean Skurka, President and Chief Executive Officer
dean@bitbuy.ca
Investor Relations Contact: invest@wonder.fi
Media Contact:
Binu Koshy, Communications Director
binu@wonder.fi
ABOUT WONDERFI
WonderFi aims to revolutionize access to digital assets through its Canadian-owned and operated crypto asset trading platforms: Bitbuy, Coinsquare, and CoinSmart. WonderFi's crypto payment processing division, SmartPay, enables seamless digital asset payments across a broad range of industries. With a combined user base of over 1.6 million Canadians and assets under custody exceeding
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the beliefs of WonderFi Technologies Inc. ("WonderFi" or the "Company") regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such "could", "intend", "expect", "believe", "will", "projected", "planned", "estimated", "soon", "potential", "anticipate" or variations of such words.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the inability of the Company to integrate successfully (including the retention of key employees) such that the anticipated benefits of the acquisitions of Coinsquare Ltd and CoinSmart Financial Inc. (the "Acquisition") are realized; the ability to realize synergies and cost savings at the times, and to the extent, anticipated; the potential impact of the announcement or consummation of the Acquisition on relationships, including with regulatory bodies, employees, suppliers, customers, competitors and other key stakeholders; the inability of the Company to meet its expected revenue targets and revenue growth of SmartPay, each of which may be subject to market conditions and regulatory or other approvals which may be required in connection therewith; the ability of the Company to consolidate its registered crypto asset trading businesses under Coinsquare's Canadian Investment Regulatory Organization investment dealer registration, including obtaining requisite regulatory approvals in connection therewith; the inability to maintain current levels of user growth due to competition and cyclical market conditions; the inability of the Company to work effectively with strategic investors and partners, and any changes to key personnel; security and cybersecurity threats and hacks; internet and power disruptions; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID-19 pandemic; climate change; currency risk; changes in or enforcement of national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices and political or economic developments in Canada, the United States, Europe and other jurisdictions in which the Company carries on business or in which the Company may carry on business in the future; and material adverse changes in general economic, business and political conditions, including changes in the financial markets and compliance with extensive government regulation. These risks are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and the Company's future decisions and actions will depend on management's assessment of all information at the relevant time. A more fulsome description of risk factors that may impact business, financial condition and results of operation with respect to WonderFi is set out in its management's discussion and analysis and financial statements for the period ended March 31, 2023, as well as its annual information form and the joint management circular of WonderFi, Coinsquare and CoinSmart in respect of the Acquisition, available on its SEDAR profile at www.sedar.com.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice. All financial amounts referenced herein are in Canadian dollars unless otherwise expressly identified.
The Toronto Stock Exchange has not approved or disapproved of the information contained in this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176995
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