Bitcoin Wells Announces Financial Results for the First Quarter of 2022

Edmonton, Alberta, May 18, 2022 (GLOBE NEWSWIRE) – Bitcoin Well Inc. (“The Company” or “Bitcoin Well”) (TSXV: BTCW), today announced our financial and operating results for the first quarter ended March 31, 2022. Interim financial statements as well as management discussions and analysis (“MD&A”) are available on our website and have been completed. Saved on SEDAR.

“We are in an emerging industry that is still in its infancy that will present a variety of growth opportunities,” said Adam O’Brien, founder and CEO of Bitcoin Well. “We continue to deploy cost-effective growth strategies for our personal services that we expect to generate revenue in the future. The company is in a transitional phase where we can thrive by continuing to find efficiencies and growth opportunities through our existing infrastructure.”

Recent Business Developments

  • 29 Bitcoin ATMs were added to our operating fleet in the first quarter of 2022. In the past twelve months, we have grown our ATM fleet by 93%. We now have 239 ATMs operating across Canada. This includes 67 ATMs under the Partner Program, allowing us to scale our number of ATMs faster and add increased revenue potential with minimal capital expenditures. Our partner RapidCash ATM is expected to add over 100 newly deployed devices in 2022.
  • 5 over-the-counter (“OTC”) locations were added in our partner program, bringing the total number of OTC locations to 7 in Alberta with plans to continue expansion outside Alberta in 2022. Active expansion of beneficial business arrangements in the partner program added cash flow Cumulative with minimal capital investment. OTC revenue tripled in March and April compared to January and February 2022.
  • An agreement completed in January 2022 with Memory Express to process Bitcoin payments for Memory Express customers over the Internet. Bitcoin Well installed 5 Bitcoin ATMs at Memory Express stores in the first quarter of 2022 and has the option to install Bitcoin ATMs at the remaining 10 Memory Express stores across Canada during 2022.
  • Entering into a secured convertible bond agreement of up to $5 million under which $3.5 million was issued in the first quarter of 2022. At the option of the owner, the principal amount of the convertible bond bond is convertible into common shares in the bitcoin well ( “Ordinary Shares”) at a conversion price of $0.30 per common share, subject to adjustments in certain circumstances.

financial evaluation

for the three months ending,
March 31, 2022 December 31, 2021 March 31, 2021
Revenue (in thousands of US dollars) $ 13529 $14,411 $27,525
Gross profit (in thousands of dollars) $ 965 $968 2,303 dollars
Adjusted EBITDA1 (in thousands of dollars) $ (1,670) $ (2,333) $828
net loss $ (2,061) $ (5,372) $ (4,363)
Total ATMs 239 210 124

1 See Non-IFRS-compliant measures.

First Quarter Results 2022

  • Total revenue and profit in the first quarter of 2022 was largely similar to the fourth quarter of 2021 and less than the first quarter of 2021. The industry as a whole has seen a significant change in the last twelve months which will present opportunities in this new environment.
  • Adjusted EBITDA improved in the first quarter of 2022 compared to the fourth quarter of 2021 primarily due to strategic cost containment measures that will have a continuing positive impact on adjusted EBITDA. Lower adjusted EBITDA compared to Q1 2021 primarily attributable to lower gross profit and higher operating expenses from increased headcount for strategic investments in scalable growth based on mobile online applications and additions to our ATM network Both in Canada and abroad.
  • The net loss was $2.1 million in the first quarter of 2022 compared to a net loss of $4.4 million in the same period in 2021. The net loss included a non-cash gain from a $0.2 million crypto loan revaluation in the first quarter of 2022 and a loss $5.3 million in the same period in 2021.

Measures other than IFRS

The Company uses certain terms in this news release and within MD&A, such as ‘adjusted EBITDA’, which have no standardized or defined meaning under International Financial Reporting Standards (IFRS), and, therefore, these measurements may not be comparable with the calculation of similar measurements that Other companies use it. Refer to the table below for a reconciliation of each non-IFRS measure to the closest IFRS scale or see the MD&A’s “Non-GAAP Measures” and “Selected Financial Information” sections for applicable definitions and calculations and rationale for use and adjustments to the measure most directly comparable under IFRS. The non-IFRS metrics are provided as supplementary information with which readers may wish to consider a company’s performance but should not be relied upon for comparison or investment purposes.

Adjusted EBITDA with net loss

for the three months ending,
In thousands of dollars March 31, 2022 March 31, 2021
net loss $ (2,061) $ (4,363)
Business Acquisition and Qt Transaction Costs 24 98
Financing Fee 262
Bad debt allowance 94
Depreciation and accumulation 681 268
Fair Value Change – Cryptocurrency (138) 5254
Income tax refund (577) (496)
Compensation based on share 73 75
Earning on debt settlement (28) (5)
else 2 (2)
Adjusted EBITDA $ (1,670) $828

This press release should be read in coordination with the full disclosure documents. Bitcoin Well’s unaudited condensed interim financial statements and management discussions and analysis for the three months ended March 31, 2022 will be available on the Bitcoin Well website (, via SEDAR ( or can be ordered from the company.

About Bitcoin Well
Bitcoin Well offers convenient, secure and reliable ways to buy, sell and use Bitcoin. Bitcoin Well has a mission to transform society’s relationship with money by offering an ecosystem of products and services that make Bitcoin accessible and understandable. This ecosystem includes self-guarded financial offerings (in person and online); Technology development, including SaaS and in-house technology developments through Ghostlab, the business technology arm; and educational resources designed with the needs of both clients and the industry in mind.

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Bitcoin Well contact information
For investor and media information, please contact:

Miles DuganInvestor Relations Manager
Tel: 587982 2769

Neither TSX Venture Exchange nor the Regulatory Services Provider (as defined in the TSX Venture Exchange policies) accept responsibility for the adequacy or accuracy of this release.

Forward-looking information:
Certain statements in this press release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as “expect,” “plan,” “estimate,” “expect,” “may,” “will,” “intend,” “should,” or negate and similar expressions. Forward-looking information includes known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from those projected in this forward-looking information.

Actual results of Bitcoin Well may differ materially from those projected in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which Bitcoin Well operates, prevailing economic conditions, and other factors, many of which are outside the control of Bitcoin Well.

Bitcoin Well believes that the expectations reflected in the forward-looking information are reasonable, but no guarantee can be made that such expectations will prove correct and such forward-looking information should not be relied upon unduly.

Any forward-looking information contained in this press release represents Bitcoin Well’s expectations as of the date of this release, and is subject to change after that date. Bitcoin Well disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

For more information, see the cautionary note regarding forward-looking information found in Bitcoin Wells’ quarterly management discussion and analysis.

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