- Bitcoin Well (BTCW) reports second quarter 2022 results
- Revenue in the second quarter of 2022 increased by 52 per cent and Gross Profit increased by 10 per cent when compared to the first quarter of 2022
- Net loss in the second quarter of 2022 of $1.1 million included $3.3 million of restructuring costs that were not in the normal course of business
- These costs mainly relate to staff reductions and associated severance costs, office facilities, and costs associated with a pause in the ghostATM B2B product development
- These actions are expected to significantly lower salary, wages, and general & administrative expenses.
- Bitcoin Well (BTCW) is trading at C$0.07 at 10:05 am EST
The Edmonton-based company Bitcoin Well (BTCW) has reported its second quarter financial results.
The company recently experienced internal layoffs refocusing its efforts and direction for the coming quarters.
Revenue in the second quarter of 2022 increased by 52 per cent and gross profit increased by 10 per cent when compared to the first quarter of 2022. This increase is due to the diversity of revenue streams that have been a focus over the past two years.
Going forward in 2022, the company has calculated a conservative monthly growth in in-person services and significantly reduced expenses.
“Our business has been navigating the crypto market downturn effectively. Albeit modest, we were focused on increasing our gross profit and were successful in doing that in the second quarter despite the overall crypto market decreasing from all-time highs,” said Adam O’Brien, Founder & CEO of Bitcoin Well.
Net loss in the second quarter of 2022 of $1.1 million included $3.3 million of restructuring costs that were not in the normal course of business.
These costs mainly relate to staff reductions and associated severance costs, office facilities, and costs associated with a pause in the ghostATM B2B product development.
These actions are expected to lower salary, wages, and general & administrative expenses.
Despite layoffs and tightening the belt, O’Brien is singing a tune of positivity.
“I have successfully led this organization through multiple ‘crypto winters’ and will employ similar cash preservation and building strategies through this one as I have in the past,” concluded O’Brien.
The company also added nine Bitcoin ATMs to its operating fleet in the second quarter of 2022. Having 248 ATMs operating across Canada.
This includes 75 ATMs under its Partner Program, which allows them to scale its ATM count quicker and add incremental revenue potential with minimal capital expenditure.
Bitcoin Well offers convenient, secure and reliable ways to buy, sell and use bitcoin.
Bitcoin Well (BTCW) is trading at C$0.07 at 10:05 am EST.