Business
WonderFi Announces Q2 2022 Financial Results
Commences Revenue Generation, Adds $412 million of Assets Under Custody ("AUC") and Approaches...
About this update from Wonderfi Technologies Inc
[{"type":"text","content":"WonderFi Announces Q2 2022 Financial ResultsCommences Revenue Generation, Adds $412 million of Assets Under Custody (\"AUC\") and Approaches 750,000 UsersVancouver, British Columbia--(Newsfile Corp. - May 16, 2022) - WonderFi Technologies Inc. (NEO: WNDR) (OTC Pink: WONDF) (WKN: A3C166) (FTX: WNDR) (the \"Company\" or \"WonderFi\") today announced its second quarter 2022 financial results for the period ended March 31, 2022. All financial references are in Canadian dollars unless otherwise noted.Financial Highlights:WonderFi has commenced revenue generation through its acquisition of Bitbuy on March 25, 2022 Total assets as of March 31, 2022 were $598 million, including $18.8 million in cash and $20.6 million in crypto assets, as well as $412 million of AUC for customersCash used in operating activities, excluding one-time transaction costs related to the Bitbuy acquisition, of $4.1 million for the quarter ended March 31, 2022Total loss and comprehensive loss of $14 million for the quarter ended March 31, 2022Operating Highlights:Closed acquisition of Bitbuy on March 25, 2022Completed \"bought deal\" public offering for aggregate gross proceeds of $45 millionSubsequent to March 31, 2022Signed definitive agreement to acquire Coinberry Limited (\"Coinberry\") on April 18, 2022On closing of the acquisition, WonderFi will house one of the largest communities of Web3 users in Canada with over 750,000 users\"WonderFi's second quarter was marked by the transformative acquisition of Bitbuy, which immediately positions the company as one the leading regulated crypto exchange businesses in Canada. The signing of the definitive agreement to acquire Coinberry so soon after the closing of the Bitbuy transaction will further add to the company's leadership position within the industry and we are excited for what the future holds as we integrate all of our businesses to continue our rapid user acquisition growth and explore ways to unlock cost synergy opportunities,\" said Ben Samaroo, CEO of WonderFi.Summary of Financial Results for the Quarter ended March 31, 2022Revenues were $254K for the three and six months ended March 31, 2022, compared to $nil for the same three and six month ended period in 2021. The increase in revenue was due to the acquisition of Bitbuy and represents the activity of Bitbuy from March 25, 2022, to March 31, 2022. T...