Expected Q4 2023 Revenues of $12.5 to $13 Million (29% growth QoQ)
Achieved Cash-Flow Positive Operations for the Quarter
Ended 2023 with Client Assets Under Custody Exceeding $1 Billion
Vancouver, BC, January 9, 2024--(T-Net)--WonderFi Technologies Inc. (TSX: WNDR), operator of regulated Canadian crypto trading platforms and other digital asset businesses, today announced certain corporate updates and unaudited fourth quarter financial estimates for the period ended December 31, 2023.
All financial references are in Canadian dollars unless otherwise noted.
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Q4 Corporate Updates:
- As of December 31, 2023, combined client assets under custody for Bitbuy and Coinsquare exceed $1 Billion.
- Bitbuy and Coinsquare facilitated $760 Million in combined trading volumes during the quarter. This includes over $45 Million in trading volumes generated from Bitvo client accounts purchased in the fourth quarter of 2023.
- SmartPay processed over $180 Million in crypto payment volumes during the quarter.
- WonderFi achieved cash-flow positive operations on a consolidated basis during the quarter.
Q4 Financial Guidance:
WonderFi expects to achieve the following results for Q4 2023:
- Revenue in the range of $12.5 - $13 Million. At the mid-point, this represents an increase of 29% compared to Q3 2023. This reflects increased activity across WonderFi's wholly-owned subsidiaries' business lines, including trading, payments and staking.
- WonderFi expects to generate positive non-adjusted EBITDA and operating earnings on a consolidated basis for the quarter.
Dean Skurka, President and Chief Executive Officer, WonderFi
"The WonderFi team has continued to execute our plan against an improved backdrop for digital assets during the fourth quarter. In less than six months following our transformational merger, we have been able to realize our vision of combining prominent digital assets businesses into a leader in the digital asset industry," shared Dean Skurka, President and Chief Executive Officer of WonderFi.
"Achieving positive non-adjusted EBITDA during the quarter is a pivotal milestone for WonderFi and a reflection of the efforts of the entire WonderFi team. We continue to provide investors with diversified exposure across the digital asset ecosystem," added Mr. Skurka.
ABOUT WONDERFI
WonderFi owns and operates leading digital asset businesses in Canada. WonderFi is the holding company for Bitbuy and Coinsquare, two of Canada's largest regulated crypto trading platforms and SmartPay, a crypto payments processing platform.
With a collective user base of over 1.6 Million registered Canadians and a combined assets under custody exceeding $1 Billion, WonderFi serves one of the largest crypto investor communities in Canada.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. [ MORE ]
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995.
Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. In this news release, forward looking-statements relate to, among other things, statements relating to the timing for the completion of the Offering and Concurrent Block Trade, the expected use of proceeds from the Offering, and the ability of the Company list the Warrants. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such "could", "intend", "expect", "believe", "will", "projected", "estimated", or variations of such words.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions.
Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability of the Company to work effectively with strategic investors; and changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements.
The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
Neither NEO Exchange nor its Regulation Services Provider (as that term is defined in policies of the NEO Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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