WonderFi Reports Third Quarter 2024 Results
WonderFi Technologies reported strong Q3 2024 results with $8.2 million in revenue and interest income, contributing to a total of $41 million for the nine months ended September 30th, marking a 153% increase year-over-year. The company's cash and digital assets reached $42 million, up from $37.3 million in December 2023. Trading volumes hit $2.3 billion in the nine-month period, a 212% increase from 2023. Bitbuy and Coinsquare achieved consolidated revenues of $35 million and $14.6 million in adjusted EBITDA. The company reduced corporate expenses by 22% and launched several initiatives including WonderFi Labs and Bitbuy APAC.
WonderFi Technologies ha riportato risultati solidi nel terzo trimestre del 2024, con un fatturato e un reddito da interessi di 8,2 milioni di dollari, contribuendo a un totale di 41 milioni di dollari per i nove mesi terminati il 30 settembre, con un incremento del 153% rispetto all'anno precedente. Le risorse liquide e digitali dell'azienda hanno raggiunto 42 milioni di dollari, in aumento rispetto ai 37,3 milioni di dollari di dicembre 2023. I volumi di trading hanno toccato i 2,3 miliardi di dollari nel periodo di nove mesi, con un aumento del 212% rispetto al 2023. Bitbuy e Coinsquare hanno ottenuto ricavi consolidati di 35 milioni di dollari e 14,6 milioni di dollari in EBITDA rettificato. L'azienda ha ridotto le spese aziendali del 22% e ha lanciato diverse iniziative, tra cui WonderFi Labs e Bitbuy APAC.
WonderFi Technologies reportó resultados sólidos en el tercer trimestre de 2024, con ingresos y ganancias por intereses de 8,2 millones de dólares, contribuyendo a un total de 41 millones de dólares para los nueve meses que finalizaron el 30 de septiembre, marcando un aumento del 153% en comparación con el año anterior. El efectivo y los activos digitales de la empresa alcanzaron 42 millones de dólares, en comparación con los 37,3 millones de dólares en diciembre de 2023. Los volúmenes de comercio alcanzaron los 2,3 mil millones de dólares en el período de nueve meses, un aumento del 212% con respecto a 2023. Bitbuy y Coinsquare lograron ingresos consolidados de 35 millones de dólares y 14,6 millones de dólares en EBITDA ajustado. La empresa redujo los gastos corporativos en un 22% y lanzó varias iniciativas, incluidas WonderFi Labs y Bitbuy APAC.
WonderFi Technologies는 2024년 3분기 강력한 실적을 보고했으며, 매출과 이자 수익으로 820만 달러를 기록하여 9월 30일 종료된 9개월 동안 총 4,100만 달러에 기여하였으며, 이는 전년 대비 153% 증가한 수치입니다. 회사의 현금 및 디지털 자산은 4,200만 달러에 도달했으며, 2023년 12월의 3,730만 달러에서 증가했습니다. 거래량은 9개월 동안 23억 달러에 도달하여 2023년 대비 212% 증가했습니다. Bitbuy와 Coinsquare는 각각 3,500만 달러 및 1,460만 달러의 조정된 EBITDA를 기록하였습니다. 회사는 법인 비용을 22% 줄였고 WonderFi Labs 및 Bitbuy APAC을 포함한 여러 가지 이니셔티브를 출시했습니다.
WonderFi Technologies a rapporté de solides résultats pour le troisième trimestre 2024, avec des revenus et des produits d'intérêts de 8,2 millions de dollars, contribuant à un total de 41 millions de dollars pour les neuf mois se terminant le 30 septembre, marquant une augmentation de 153% par rapport à l'année précédente. Les liquidités et actifs numériques de l'entreprise ont atteint 42 millions de dollars, en hausse par rapport à 37,3 millions de dollars en décembre 2023. Les volumes de trading ont atteint 2,3 milliards de dollars sur la période de neuf mois, soit une augmentation de 212% par rapport à 2023. Bitbuy et Coinsquare ont réalisé des revenus consolidés de 35 millions de dollars et 14,6 millions de dollars en EBITDA ajusté. L'entreprise a réduit ses dépenses d'entreprise de 22% et a lancé plusieurs initiatives, dont WonderFi Labs et Bitbuy APAC.
WonderFi Technologies berichtete im dritten Quartal 2024 über starke Ergebnisse mit Einnahmen und Zinsen von 8,2 Millionen Dollar, was zu einem Gesamtbetrag von 41 Millionen Dollar für die neun Monate bis zum 30. September führte, ein Anstieg von 153% im Vergleich zum Vorjahr. Die liquiden Mittel und digitalen Vermögenswerte des Unternehmens erreichten 42 Millionen Dollar, ein Anstieg von 37,3 Millionen Dollar im Dezember 2023. Die Handelsvolumina erreichten in den neun Monaten 2,3 Milliarden Dollar, was einem Anstieg von 212% gegenüber 2023 entspricht. Bitbuy und Coinsquare erzielten konsolidierte Einnahmen von 35 Millionen Dollar und 14,6 Millionen Dollar im bereinigten EBITDA. Das Unternehmen senkte die Unternehmensausgaben um 22% und führte mehrere Initiativen ein, darunter WonderFi Labs und Bitbuy APAC.
- 153% YoY revenue growth to $41 million for nine months
- Cash and digital assets increased to $42 million from $37.3 million
- 212% increase in trading volumes to $2.3 billion
- $14.6 million in adjusted EBITDA from Bitbuy and Coinsquare
- 22% reduction in corporate expenses
- 38% revenue increase in October 2024 vs Q3 monthly average
- Share dilution through outstanding warrants despite cancellations
Achieved
Cash and digital assets of
Facilitated
Toronto, Ontario--(Newsfile Corp. - November 5, 2024) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) ("WonderFi" or the "Company"), a global leader in centralized and decentralized financial services and products, today announced its financial results for the third quarter ("Q3'24") and nine-month period ended September 30, 2024. All financial references are in Canadian dollars unless otherwise noted.
Key Third Quarter and Nine-Month 2024 Financial Highlights:
Achieved
$8.2 million in revenue and interest income in Q3'24, for a total of$41 million for the nine-months ended September 30th. This represents a153% increase over the first nine months of 2023.Cash and digital assets at
$42 million as of September 30th, up from$37.3 million on December 31, 2023.The Company has private investments totalling
$9 million as of September 30, 2024, this includes the Company's investment in digital asset custodian Tetra Trust Company and investments in crypto-native investment funds.Bitbuy and Coinsquare have achieved consolidated revenues of
$35 million and$14.6 million of adjusted EBITDA during the nine-month period ended September 30, 2024.During the nine-month period ended September 30, 2024, the Company re-purchased and cancelled 5.4 million common shares, and 11.4 million warrants were delisted and cancelled.
Reduced corporate and administrative expenses by
22% in the nine-month period ended September 30, 2024, as compared to the same period in 2023.
Key Third Quarter and Nine-Month 2024 Operating Highlights:
Bitbuy and Coinsquare facilitated
$480 million in trading volumes in Q3'24, and over$2.3 billion in trading volume in the nine-months ended September 30, 2024, representing a212% increase as compared to the same nine-month period ended September 2023.Launched WonderFi Labs, an innovation and development arm, to develop, incubate and invest in centralized and EVM-compatible decentralized products and protocols with a global reach.
Initiated a strategic Bitcoin and Ethereum buying program in Q3'24, to strengthen and diversify treasury assets. The program increased the Company's total Bitcoin and Ethereum Treasury holdings by
$1.4 million during the quarter. The Company's Bitcoin holdings in its treasury increased in value by approximately30% as at October 29, 2024.Launched Bitbuy APAC, a first step in WonderFi's international expansion plan; commencing operations and servicing clients in the Asia-Pacific region.
Launched new versions of the Coinsquare and Bitbuy mobile applications for the Canadian market.
Subsequent to Q3 2024:
For the month of October 2024, Bitbuy and Coinsquare achieved a
38% increase in revenue, and a45% increase in registrations compared to the monthly averages during Q3 2024.During the month of October 2024, the Company re-purchased and cancelled 2.5 million common shares.
Entered into a partnership with Tom Lee and Fundstrat, to provide exclusive access to crypto research and insights to Bitbuy and Coinsquare users.
WonderFi also reported that a total of 6,760,002 common share purchase warrants (WNDR.WT.B) have expired, reducing the Company's fully-diluted outstanding securities by this amount.
"We're extremely pleased with the progress we have made in the third quarter," said Dean Skurka, President and CEO of WonderFi. "Our strong performance throughout the year has allowed us to focus on our strategic priorities and make substantial investments in the areas that will drive long-term material growth."
"As we look to 2025, we plan to leverage these investments to accelerate our growth path even further," added Mr. Skurka. "We're in a strong position to develop and launch a number of new products and features to our global customer base, driving greater volumes in our target markets."
ABOUT WONDERFI
WonderFi is the largest regulated crypto trading platform in Canada and a global leader in centralized and decentralized financial services and products.
With over
Designed to provide investors with diversified investment exposure across the global digital asset ecosystem, the Company has a proven track record of launching new products and obtaining applicable licenses. It is also the owner of market-leading brands, including Bitbuy, Coinsquare, SmartPay and Tetra Trust.
As the world continues to move on-chain, WonderFi is strategically placed to capture both market and wallet share through ongoing innovation within the digital asset space.
For more information, visit www.wonder.fi
For additional information, please contact:
Investor Relations
Charlie Aikenhead
WonderFi
Invest@wonder.fi
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: taxation, controls or regulations and/or changes in the administration of laws, policies and practices and political or economic developments in Canada 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, decisions to modify, pause or discontinue certain treasury management strategies. 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 September 30, 2024, available on its SEDAR+ profile at www.sedarplus.ca.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228985
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