- Q2 revenue was up 13% YoY, beating our estimate by 6%, driven by the company’s online platform and ATM business.
- At the end of Q2, this company operated 287 crypto ATMs across Canada, up from 266 at the end of Q1. The company’s online platform (launched in Q4-2022) had 6,000 users at the end of Q2, up from 3,800 at the end of Q1. Management aims to launch services in the U.S. this year.
- EBITDA improved YoY (-$1.34M to -$0.33M), but was 62% lower than our forecast, due to higher than expected G&A expenses.
- This company’s forward EV/R is 24% lower than comparables. Upcoming catalysts include ramping up of online operations, and improving outlook for non-custodial platforms.
- This report is currently available to premium subscribers – Free subscribers will gain access on Sep 5th, 2022 Join as a FREE member and get our research report delivered straight to your inbox, with a seven-day delay
Visit Bitcoin Well Inc. page for more research, discussion boards and to like, and share.
Are you enjoying the highlights?
Discover the company's fair value estimate from our certified analysts, identify potential risks, and explore exciting upcoming catalysts in our detailed report.