Bitcoin Well Reports 2024 Q4 And Year End Financial Results; Q4 Revenue Increased 121% Year Over Year

(TheNewswire)Edmonton, Alberta – March 12, 2025– TheNewswire – Bitcoin Well Inc.(“Bitcoin Well” or the “Company”) (TSXV: BTCW; OTCQB: BCNWF), the non-custodial bitcoin business on a mission to enableindependence, today announced financial and operating results for thefourth quarter and year ended December 31, 2024.Key highlightsRevenue of $30.1 million for the 3-months endedDecember 31, 2024 (Q4 2023: $13.6 million, +121%); and $90.5 millionfor the year ended December 31, 2024 (2023: $54.5 million,+66%) Revenue growth driven by continuing significant growthon the Bitcoin Portal (Bitcoin Portal revenue +361% in Q4 2024 and+201% full year).  Unique registrations grew by more than 5,000 in Q4 to atotal of over 32,000 as of December 31, 2024 (representing growth of28% from September 30, 2024 and 191% from December 31, 2023). As of March 1, 2025 the Company has over 37,000 uniqueregistrations Financial overview For the three months ended,For the year ended, Dec 31, 2024Dec 31, 2023 Dec 31, 2024   Dec 31, 2023  Revenue$     30,059,063  $    13,590,048 $    90,513,400 $    54,531,838Gross Profit1,220,3901,427,803 3,970,608 4,826,169Adjusted EBITDA(1)25,673177,360 (1,655,890) (440,794)Adjusted Cash Flow(1)(154,672)(138,489) (2,598,072) (2,102,581)Total comprehensive loss(2,477,571)(1,264,707) (7,110,154) (5,303,177)(1)  See Non-IFRSMeasures.The Company's overall revenue in the fourth quarter of2024 showed a substantial 121% increase, reaching $30.1 millioncompared to $13.6 million in Q4 2023. This growth was primarily drivenby increased transaction volumes on the Bitcoin Portal, including fromBitcoin Well Infinite - which provides large bitcoin transactions tohigh net worth individuals. The Company also debuted Bitcoin Well Infinite in theUSA through a strategic partnership in Q4. Volume in the USA throughthe first couple months exceeded $3,000,000 and is expected to grow inQ1 2025.  Both the Bitcoin Portal and Bitcoin Well Infinite have alower gross profit margin than the Bitcoin ATMs, but are more scalableand cost less to expand making them the optimal growth business unit.“I am happy to report these revenue numbers!” saidBitcoin Well Founder and CEO Adam O'Brien, "I am more certain ofthe Bitcoin Portal's product-market fit than ever before. The additionof Bitcoin Well Infinite offering large bitcoin transactions directlyto self custody looks like a recipe for success and we are excited tocontinue growing this service line. I’m confident our increasedscale will outpace the costs of growth soon."Gross profit decreased to $1.2 million in Q4 2024 from$1.4 million last year due to a lower overall gross margin. This wasprimarily caused by a shift in sales mix, with lower margin onlinetransactions now representing a larger share compared to high marginBitcoin ATM sales. The Company views this shift as a necessary step inthe successful transition to a highly scalable online bitcoinplatform.During Q4 2024, the Company’s online segment's grossmargin increased to 1.7%, from 1.3% in Q4 2023, +30%improvementAdditional information This news release should be readin concert with the full disclosure documents. The BitcoinWell consolidated financial statements andManagement Discussion & Analysis for the years ended December 31,2024 and 2023 (“MD&A”) will be available on the Bitcoin Wellwebsite (www.bitcoinwell.com), via SEDAR+ (www.sedarplus.ca) or can be requested from the Company.Non-IFRS measures The Company uses certain terms in this news release,such as ‘Adjusted EBITDA’ and ‘Adjusted Cash Flow’, which donot have a standardized or prescribed meaning under InternationalFinancial Reporting Standards (IFRS), and accordingly, thesemeasurements may not be comparable with the calculation of similarmeasurements used by other companies. Please refer to the "Non-IFRS FinancialMeasures” section in the Company’s MD&A for applicabledefinitions, calculations, and rationale for use. Non-IFRS measuresare provided as supplementary information by which readers may wish toconsider the Company's performance, but should not be relied upon forcomparative or investment purposes. See the table below for a reconciliation of eachnon-IFRS measure to its nearest IFRS measure:  Three months ended Year  ended  Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023Net loss$(9,828,152)$(5,204,590)$(17,777,117)$(12,024,324)Financing fees 612,264 683,513 2,567,439 2,285,183Depreciation and accretion 97,127 297,084 651,902 1,416,882Fair value change - crypto loans(1) 8,100,878 4,328,718 13,974,453 7,421,089Fair value change - investments - 337,635 - 337,635Share based compensation 142,024 (19,633) 467,952 483,430Foreign exchange loss (gain) 492,913 (8,568) 599,760 9,846Loss (gain) on debt settlement 937 10,779 (19,063) 14,703Loss (gain)  on disposal of equipment 609 - (481) 7,991Fair value change - crypto inventory(1) (488,006) - (784,679) (12,401)Fair value change - convertible debt 1,194,636 - 1,194,636 -Realized gain on digital assets(1) (299,557) (247,578) (2,530,692) (622,535)Income tax expense - - - 241,707Adjusted EBITDA$25,673$177,360$(1,655,890)$(440,794)Less: financing fees (612,264) (683,513) (2,567,439) (2,285,183)Add: non-cash interest items(2) 431,919 367,664 1,625,257 623,396Adjusted Cash Flow$(154,672)$(138,489)$(2,598,072)$(2,102,581)(1) Non-cash, fair value change on the revaluation ofcryptocurrency loans is largely offset by revaluation changes ininventory and gains (losses) on digital assets, which are recorded inboth income (if realized) and other comprehensive Income (ifunrealized).(2) Non-cash interest items include interest on cryptocurrency loansthat were settled in common shares or are intended to be settled incommon shares as well as non-cash interest on the line of credit wherethe accrued interest is added to the principal balance of theloan.About Bitcoin Well Bitcoin Well is on a mission to enable independence. Wedo this by making bitcoin useful to everyday people to give them theconvenience of modern banking and the benefits of bitcoin. We like tothink of it as future-proofing money. Our existing Bitcoin ATM andOnline Bitcoin Portal business units drive cash flow to help fund thismission.  Join our investor community and follow us onNostr, LinkedIn,Twitter andYouTube tokeep up to date with our business. Bitcoin Well contact informationTo book a virtual meeting with our Founder & CEOAdam O’Brien please use the following link: https://bitcoinwell.com/meet-adamFor additional investor & media information, pleasecontact:Adam O’BrienTel: 1 888 711 [email protected] TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of thisrelease.Forward-lookinginformation Certain statements contained in thisnews release may constitute forward-looking information.Forward-looking information is often, but not always, identified bythe use of words such as "anticipate", "plan","estimate", "expect", "may","will", "intend", "should", or thenegative thereof and similar expressions. All statements herein otherthan statements of historical fact constitute forward-lookinginformation including, but not limited to statements in respect of:revenue growth from the Bitcoin Portal in 2025; improving grossmargins from the Online Segment; and Bitcoin Well’s business plans,strategy and outlook. Forward-looking information involvesknown and unknown risks, uncertainties and other factors that maycause actual results or events to differ materially from thoseanticipated in such forward-looking information, including, but notlimited to the following: economic and financial conditions,volatility in the capital or credit markets; the level of demand andfinancial performance of the cryptocurrency and digital assetindustry, the occurrence of force majeure events; the extent to whichthe Company is successful in gaining new long-term users or retainingexisting users; developments and changes in laws and regulations,disruptions to the Company’s technology network; inability to obtainfinancing; competitive factors; and such other factors as discussed inthe “Risks and Uncertainties” section of the Company’sMD&A.Bitcoin Well actual results coulddiffer materially from those anticipated in this forward-lookinginformation as a result of the foregoing risk factors and otherfactors, many of which are beyond the control of Bitcoin Well.Bitcoin Well believes that theexpectations reflected in the forward-looking information arereasonable, but no assurance can be given that these expectations willprove to be correct and suchforward-looking information should not be unduly relied upon.Any forward-looking informationcontained in this news release represents Bitcoin Well expectations asof the date hereof, and is subject to change after such date. BitcoinWell disclaims any intention or obligation to update or revise anyforward-looking information whether as a result of new information,future events or otherwise, except as required by applicablesecurities legislation. For more information, see the NoteRegarding Forward Looking Statements found in the Bitcoin WellMD&A.Copyright (c) 2025 TheNewswire - All rights reserved.