Bitcoin Well Reports Q3 2024 Financial Results; Revenue Increased 57% Year Over Year

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[{"type":"text","content":"Bitcoin Well Reports Q3 2024 Financial Results; Revenue Increased 57% Year Over Year\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Edmonton, Alberta –\n \n\n TheNewswire -\n \n\n November 12, 2024 – Bitcoin Well\nInc.\n \n\n (“\n \n\n Bitcoin Well\n \n\n ” or the “\n \n\n Company\n \n\n ”)\n(\n \n\n TSXV: BTCW; OTCQB:\nBCNWF\n \n\n ), the non-custodial bitcoin business on a\nmission to enable independence, today announced financial and\noperating results for the third quarter and nine months ended\nSeptember 30, 2024.\n \n\n\n\n\n\n\n\n Key highlights\n \n\n\n\n\n\n Revenue of $21.0 million for the 3-months ended\nSeptember 30 , 2024 (Q3 2023: $13.4 million, +57%); and $60.5 million\nfor the 9-months ended September 30, 2024 (2023: $40.9 million,\n+48%).\n \n\n\n\n\n\n Revenue growth driven by continued growth on the\nBitcoin Portal which grew 209% in Q3 2024 when compared to Q3 2023.\n \n\n\n\n\n\n\n\n Unique registrations grew by more than 4,800 in Q3 to a\ntotal of over 25,000 as of September 30, 2024 (representing growth of\n23% from June 30, 2024 and 127% from December 31, 2023).\n \n\n\n\n\n\n As of November 4, 2024 the Company has over 27,000\nunique registrations\n \n\n\n\n\n\n\n\n Financial overview\n \n\n\n\n\n\n\n\n\n\n\n For the three months ended,\n \n\n\n\n\n\n\n\n For the nine months ended,\n \n\n\n\n\n\n\n\n\n\n\n\n Sept 30, 2024\n \n\n\n\n\n\n\n\n Sept 30, 2023\n \n\n\n\n\n\n\n\n Sept 30, 2024\n \n\n\n\n\n\n\n\n Sept 30, 2023\n \n\n\n\n\n\n\n\n Revenue\n \n\n\n\n\n\n\n\n $     21,010,424\n \n\n\n\n\n\n\n\n $     13,412,337\n \n\n\n\n\n\n\n\n $   60,454,337\n \n\n\n\n\n\n\n\n $    40,941,790\n \n\n\n\n\n\n\n\n Gross Profit\n \n\n\n\n\n\n\n\n 905,298\n \n\n\n\n\n\n\n\n 1,110,325\n \n\n\n\n\n\n\n\n 2,750,218\n \n\n\n\n\n\n\n\n 3,398,365\n \n\n\n\n\n\n\n\n Adjusted EBITDA\n \n\n (1)\n \n\n\n\n\n\n\n\n (611,367)\n \n\n\n\n\n\n\n\n (69,489)\n \n\n\n\n\n\n\n\n (1,681,563)\n \n\n\n\n\n\n\n\n (616,901)\n \n\n\n\n\n\n\n\n Adjusted Cash Flow\n \n\n (1)\n \n\n\n\n\n\n\n\n (806,613)\n \n\n\n\n\n\n\n\n (490,260)\n \n\n\n\n\n\n\n\n (2,243,400)\n \n\n\n\n\n\n\n\n (1,962,839)\n \n\n\n\n\n\n\n\n Net loss\n \n\n\n\n\n\n\n\n (949,226)\n \n\n\n\n\n\n\n\n (1,843,108)\n \n\n\n\n\n\n\n\n (7,948,965)\n \n\n\n\n\n...

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