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@WonderFi Technologies (TSE: $WNDR) Full Year 2023 Results (OTC: $WONDF)
Key Financial Results
*Revenue: CA$28.3m (up 94% from FY 2022).
*Net loss: CA$16.7m (loss narrowed by 71% from FY 2022)
*CA$.038 loss per share (improved from CA$0.27 loss in FY 2022) https://finance.yahoo.com/news/wonderfi-technologies-full-2023-earnings-103729516.html
$WONDF $0.2378 $0.0088 (3.84%) HOD $.2379 Thin to .24's! Bullish
$WONDF News: WonderFi Reports Record Fourth Quarter and Full Year 2023 Results
Newsfile Corp.
Thu, Mar 28, 2024, 7:30 AM EDT
In This Article:
WONDF
+2.65%
Q4 2023 record quarterly revenue of $12.9 million, an increase of 395% compared with calendar Q4 2022
WonderFi generated positive EBITDA of $6.7 million in Q4 2023, a significant increase compared with negative $7.5 million in Q3 2023
WonderFi wholly owned platforms processed over $2.5 billion in crypto trading volumes and $625 million in payment processing volumes in Fiscal Year 2023
Total cash, digital assets, and investments of over $57.3 million as of December 31, 2023
Toronto, Ontario--(Newsfile Corp. - March 28, 2024) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (the "Company" or "WonderFi"), Canada's leading operator of regulated crypto trading platforms and other digital asset businesses, today announced its financial results for the three and twelve months ended December 31, 2023. All financial references are in Canadian dollars unless otherwise noted.
This news release constitutes "a designated news release" for the purposes of WonderFi Technologies Inc.'s prospectus supplement dated December 23, 2022, to its short form base shelf prospectus dated September 7, 2022.
Key Financial Highlights for Q4 2023:
Bitbuy, Coinsquare and SmartPay generated combined revenues of $12.9 million, at the high end of the range of guidance, in Q4 2023. This represents a 395% increase in quarterly combined revenues as compared with Q4 2022.
Cash and digital assets balance increased to $37.3 million, and total investments increased to $20 million, totalling $57.3 million as of December 31, 2023.
Generated EBITDA of $6.7 million, representing 52% of revenue. This compares with negative EBITDA of $7.5 million in Q3 2023 and negative EBITDA during each quarter of fiscal year 2022.
Net income for the quarter increased to $4 million or $0.01 per share. This compares with a net loss of $10 million or ($0.02) per share in Q3 2023 and a net loss during each quarter of fiscal year 2022.
Total operating expenses for Q4 2023 decreased by 35% compared to calendar Q4 2022 and decreased by 22% compared to Q3 2023, reflecting the Company's continued cost savings programs and streamlining of back-office functions for Bitbuy, Coinsquare and SmartPay.
Operating Highlights for Fiscal Year 2023:
WonderFi wholly owned platforms processed over $2.5 billion in crypto trading volumes, and $625 million in payment processing volumes during Fiscal Year 2023.
Bitbuy and Coinsquare surpassed $1 billion in client assets under custody as at December 31, 2023, an increase of 44% compared with $698 million at the end of Q3 2023.
Completed the acquisitions of Coinsquare Ltd., and CoinSmart Financial Inc., and the client accounts of Bitvo Inc., establishing WonderFi as the largest crypto ecosystem in Canada with over 1.6 million registered users.
Successfully migrated the Coinberry, CoinSmart, and Bitvo client accounts on to the Bitbuy platform, realizing significant operational and cost synergies.
Subsequent to Fiscal Year 2023:
Received a distribution of 61,700 unlocked Solana tokens worth $8.8 million at the time of receipt, and 159,100 of unlocked Polkadot tokens worth $2.1 million at the time of receipt, from one of its existing investments.
Coinsquare launched staking with the largest selection of stakeable assets of any CIRO dealer member, and has seen over $15 million total staked since its February launch.
Entered into an agreement to purchase FX Institutions Pty. Ltd, an Australian company registered to offer crypto trading and payment remittances in the region (agreement subject to regulatory approval).
"WonderFi had a breakout year in 2023, highlighted by three acquisitions, improved financial results and sequential growth across our operating platforms. The Company strengthened its financial position through positive operating earnings on a consolidated basis in Q4 and entered 2024 with $37.4 million of cash and digital assets with no debt," said Dean Skurka, Chief Executive Officer & President.
"WonderFi's focus for the year ahead is sustainable growth by continuing to scale its existing platforms, while strategically working to expand our product offerings into new markets, such as Australia. With market conditions improving significantly throughout the industry, WonderFi will continue to demonstrate its ability to generate consistent growth and profitability in 2024," continued Mr. Skurka.
Access to Financial Statements and Management Discussion and Analysis
Complete financial statements along with related management discussion and analysis can be found in the System for Electronic Document Analysis and Retrieval ("SEDAR+"), the electronic filing system for the disclosure documents of issuers across Canada at www.sedarplus.ca.
Additional Information
For additional information, please contact:
Media / Investor Relations
Charlie Aikenhead
Invest@wonder.fi
ABOUT WONDERFI
WonderFi owns and operates Bitbuy and Coinsquare, two leading domestic crypto platforms with strongholds in the Canadian market; WonderFi operates Internationally through its expansion in Australia, as well as through Smartpay, its global crypto payments platform.
With a collective user base of over 1.6 Million registered Canadians and a combined assets under custody exceeding $1.5 Billion, WonderFi serves one of the largest crypto investor communities in Canada.
For more information, visit www.wonder.fi.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" and "forward-looking statements" 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 beliefs of WonderFi Technologies Inc. ("WonderFi" or the "Company") regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. 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", "planned", "estimated", "soon", "potential", "anticipate" or variations of such words.
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 inability of the Company to meet its expected revenue targets and revenue growth of SmartPay, each of which may be subject to market conditions and regulatory or other approvals which may be required in connection therewith; the inability to maintain current levels of user growth due to competition and cyclical market conditions; the inability of the Company to work effectively with strategic investors and partners, and any changes to key personnel; security and cybersecurity threats and hacks; internet and power disruptions; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; and material adverse changes in general economic, business and political conditions, including changes in the financial markets and compliance with extensive government regulation. These risks are not intended to represent a complete list of the factors that could affect the Company. A more fulsome description of risk factors that may impact business, financial condition and results of operation with respect to WonderFi is set out in its management's discussion and analysis and financial statements for the period ended December 31, 2023, as well as its annual information form, available on its SEDAR+ profile at https://www.sedarplus.ca.
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.
The company has provided an updated outlook for the purpose of presenting information about current expectations for the periods presented. This information may not be appropriate for other purposes. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release.
The Toronto Stock Exchange has not approved or disapproved of the information contained in this release. Except as may be required by applicable law, WonderFi disclaims any obligation to update or revise any forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/203393
$WONDF .235 +2.62% on NEWS!
$WONDF .196 +1.24% @WonderFi 's Bitbuy and Coinsquare Platforms Exceed $1.5 Billion in Combined Client Assets Under Custody Coinsquare staking activity reaches over ~$11.8M in less than two weeks, increasing the total staked on WonderFi subsidiaries to over $80M
https://ca.finance.yahoo.com/news/wonderfis-bitbuy-coinsquare-platforms-exceed-140300329.html
$WONDF Great Review of PRESS RELEASE: WonderFi Generates $8.8M of Solana from Investment, While Coinsquare Launches Long Anticipated Crypto Staking
TSX : $WNDR
Full release:
https://ca.finance.yahoo.com/news/wonderfi-generates-8-8m-solana-130000934.html
$WONDF Tune in at 12.00pm EST for Today's LIVE podcast with Dean Skurka on @traderTVLIVE
WonderFi's Dean Skurka will be LIVE on @traderTVLIVE today at 12:00pm EST!
— WonderFi (@WonderFi) March 21, 2024
Watch the live stream here 👇https://t.co/Id504w4jt8
$WONDF Kevin O'Leary! huge investor #sharktank
WonderFi is acquiring FX Institutions Pty. Ltd. (FXI), a business set up to launch a crypto exchange in Australia that never did, giving WonderFi its first crypto licence outside of Canada. https://t.co/r3T67H5qvH
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) March 20, 2024
News from this morning in Video format.
$WONDF .1956 +5.90% Huge intraday gains! .20's ready to fall next!
$WONDF - Looking ahead, the focus is on #BTC and #ETH support levels, CPI data, and AI related news, and US stock performance.
Get our Bitbuy OTC Wealth daily newsletter directly to your inbox:
https://t.co/3OiWec4jlq
$WONDF @WonderFi has inked a deal to buy a #crypto trading licence in Australia, where it plans to launch this year. In an exclusive interview, CEO Dean Skurka told me international expansion is a focus again as market conditions have improved. $WNDR #CDNtech
https://t.co/y4M4Gs84RN
$WONDF News! WonderFi Announces Expansion into Australia
WonderFi will launch over-the-counter (OTC) trading services in Australia in Q2 2024, with plans to roll out a full suite of offerings in Q3 2024.
https://finance.yahoo.com/news/wonderfi-announces-expansion-australia-120000158.html
$WONDR .1883 - "We are Long #BTC and #ETH AND.. we own shares of a #penny #stock which is a back door play on both #Cryptos and is backed by Kevin "Mr. Wonderful" O'Leary of #Sharktank fame!" $WNDR.tsx - $WONDR on OTC #WONDERFI #TECH #Crypto #Stocks #PennyStocks https://www.wonder.fi/
$WONDF All available #tokens on Bitbuy – update March 2024. Which #cryptocoin do you want to see next on our platform? 💭
All available #tokens on Bitbuy – update March 2024. Which #cryptocoin do you want to see next on our platform? 💭👇 pic.twitter.com/HwcbR96nYn
— Bitbuy (@bitbuy) March 15, 2024
$WONDF is still on the radar with those strong financials.
$WONDF Update: WonderFi will be attending the 36th annual Roth Conference March 17-19 in Dana Point, CA.
WonderFi will be attending the 36th annual Roth Conference March 17-19 in Dana Point, CA.
— WonderFi (@WonderFi) March 14, 2024
If you'll be there, let us know to schedule a meeting! https://t.co/3rilzaFu67
$WONDF Successful investment generated 61,720 of unrestricted #Solana , realizing a profit of $6.7M to be recognized in Q4 2023. $SOL
WonderFi will support the product launch by staking a portion of the Solana from its successful investment.
Great video out Goes into some detail about the Company and their latest press release. Only a 1 minute watch and well worth it.
$WONDF -NEW COINS have launched on Coinsquare this morning! Why launch 1 when you can launch 7?! 🚀
You can now trade $TIA, $BAT, $1INCH, $BONK, $SEI, $HBAR and $WLD on Coinsquare!
NEW COINS have launched on Coinsquare this morning! Why launch 1 when you can launch 7?! 🚀
— Coinsquare (@Coinsquare) March 13, 2024
You can now trade $TIA, $BAT, $1INCH, $BONK, $SEI, $HBAR and $WLD on Coinsquare!
Welcome @CelestiaOrg, @AttentionToken, @1inch, @bonk_inu, @Sei_FND, @HBAR_foundation, @worldcoin 🤝 pic.twitter.com/F8Yccg3n8D
Good morning $WONDF
$WONDF Announcement: WonderFI's Dean Skurka will be joining Benzinga All-Access live this morning at 11:30am EST!
Tune in here:
$WONDF @WonderFi 's Bitbuy and Coinsquare Platforms Exceed $1.5 Billion in Combined Client Assets Under Custody Coinsquare staking activity reaches over ~$11.8M in less than two weeks, increasing the total staked on WonderFi subsidiaries to over $80M
https://ca.finance.yahoo.com/news/wonderfis-bitbuy-coinsquare-platforms-exceed-140300329.html
$WONDF @WonderFi Partners with The Tie to Integrate Real-Time News Feature into @Coinsquare #MarketScreener Partnership will Bring Immersive News to one of Canada's Largest Crypto Investor Communities $BTC #Coinsquare #Ethererum #Solana
https://www.marketscreener.com/quote/stock/WONDERFI-TECHNOLOGIES-INC-126415781/news/WonderFi-Partners-with-The-Tie-to-Integrate-Real-Time-News-Feature-into-Coinsquare-45939963/?utm_source=twitter&utm_medium=social&utm_campaign=share
$WONDF .2017 +1.82% The Future of DeFi Mini Summit 2024:
Coinsquare's Head of Institutional Sales and Trading Rob De Jaray will be moderating the Taxation of Digital Assets panel hosted by
@Blockchain_CBC
, focusing on the issues facing Canadian exchanges, ETFs and more within the blockchain space.
The Future of DeFi Mini Summit 2024:
— Coinsquare (@Coinsquare) March 8, 2024
Coinsquare's Head of Institutional Sales and Trading Rob De Jaray will be moderating the Taxation of Digital Assets panel hosted by @Blockchain_CBC, focusing on the issues facing Canadian exchanges, ETFs and more within the blockchain space. pic.twitter.com/Qx1ygKll8n
$WONDF @WonderFi - Total client assets on its combined platforms @Bitbuy and @Coinsquare surpassed $1.5B experiencing higher average trading volumes in 2024 and it's not stopping there with Bitcoin reaching a new all-time high. #BTC #ETH #Solana #COIN https://finance.yahoo.com/news/wonderfis-bitbuy-coinsquare-platforms-exceed-140300329.html
$WONDF @WonderFi remains committed to providing Canadians with industry leading #crypto products and services they need, all within a regulatory environment prioritizing consumer protection. #BTC #ETH @bitstar
Coinsquare now provides staking for $ETH $SOL $ADA and 4 other leading proof-of-stake cryptocurrencies and follows the successful launch in 2022 of staking on WonderFi's other registered crypto trading platform @Bitbuy
— WonderFi (@WonderFi) February 26, 2024
$WONDF The value created at @WonderFi through the consolidation of 5 regulated crypto trading platforms in Canada is becoming more clear as we continue to demonstrate operational strength and scale.
The value created at @WonderFi through the consolidation of 5 regulated crypto trading platforms in Canada is becoming more clear as we continue to demonstrate operational strength and scale https://t.co/MHiLwqZnMC
— Dean (@wonderfi_dean) March 7, 2024
$WONDF nice bounce back yesterday to close at HOD .20. Looks like #crypto markets are green again today let by #BTC and $COIN. Re-break of .20 will be big for $WONDF.
$WONDF NEW COIN ALERT:
$HBAR is now available for trading on Bitbuy! 🚀
#COIN $COIN #BTC $BTC $ETH #ETH
NEW COIN ALERT:$HBAR is now available for trading on Bitbuy! 🚀
— Bitbuy (@bitbuy) March 6, 2024
Trade only, withdrawals and deposits coming soon.
Which coin do you want to see next? 💬👇 pic.twitter.com/TE6HqUOkhG
$WONDF huge accumulation today. Looking forward to the run back up! Crytpo sector is hot.
$WONDR We are Long #BTC and #ETH AND.. we own shares of a #penny #stock which is a back door play on both #Cryptos and is backed by Kevin "Mr. Wonderful" O'Leary of #Sharktank fame! $WNDR.tsx - $WONDR on OTC #WONDERFI #TECH #Crypto #Stocks #PennyStocks https://www.wonder.fi/
$WONDF We’re observing really great momentum across our platforms spilling into the week, with over $50M traded across @Bitbuy @Coinsquare and our OTC Desk yesterday.... we continue to play a large role in the adoption of crypto in Canada 🇨🇦📈 CEO
We’re observing really great momentum across our platforms spilling into the week, with over $50M traded across @Bitbuy, @Coinsquare , and our OTC Desk yesterday.... we continue to play a large role in the adoption of crypto in Canada 🇨🇦📈
— Dean (@wonderfi_dean) March 5, 2024
$WONDF #OTCQB: WonderFi's other crypto trading platform subsidiary @bitbuy , this weekend saw:
1,953% increase in $PEPE volume
3,672% increase in $SHIB volume
940% increase in $DOGE volume
780% increase in $BONK volume
vs. YTD averages
As for WonderFi's other crypto trading platform subsidiary @bitbuy, this weekend saw:
— WonderFi (@WonderFi) March 4, 2024
1,953% increase in $PEPE volume
3,672% increase in $SHIB volume
940% increase in $DOGE volume
780% increase in $BONK volume
vs. YTD averages
TSX: $WNDR.T OTCQB: $WONDF
$WONDF Everything Crypto Moving higher! #Coinsquare #Solana
$WONDF Great Review of this weeks PRESS RELEASE: WonderFi Generates $8.8M of Solana from Investment, While Coinsquare Launches Long Anticipated Crypto Staking
TSX : $WNDR Full release:
https://ca.finance.yahoo.com/news/wonderfi-generates-8-8m-solana-130000934.html
$WONDF -TIME TO BUY IS NOW! As $BTC hit it's all time high in Canadian dollars 🇨🇦, WonderFi's trading platforms saw increased volumes.
@Coinsquare saw a 328% increase in trading volumes vs. it's 30-day average, while @Bitbuy saw a 360% increase in trading volumes vs. it's 30-day average.
Yesterday as $BTC hit it's all time high in Canadian dollars 🇨🇦, WonderFi's trading platforms saw increased volumes.@Coinsquare saw a 328% increase in trading volumes vs. it's 30-day average, while @Bitbuy saw a 360% increase in trading volumes vs. it's 30-day average.
— WonderFi (@WonderFi) February 29, 2024
$WONDF WonderFi - President Of One Of Canada's Premiere Cryptocurrency Exchanges Talks About The Macro Picture And Staking $WONDF $TSX: WNDR https://www.benzinga.com/markets/cryptocurrency/24/02/37156891/president-of-one-of-canadas-premiere-cryptocurrency-exchanges-talks-about-the-macro-pictur via @Benzinga
$BTC #Solana #ethereum #Cryptocom
Strong buying volume hitting now!
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WonderFi Technologies Inc. (NEO: WNDR)(OTC:WONDF) is a leading technology company with the mission of creating better access to DeFi through the core principles of simplicity and education. WonderFi has a multi-pronged business strategy which includes a high-growth consumer finance app which will serve as a trusted gateway to the new financial system, and a digital asset portfolio which consists of leading crypto and DeFi assets. WonderFi’s executive team and Board of Directors have an established track record in finance and crypto, with previous experience at Amazon, Shopify, PayPal, Galaxy Digital, Hut 8 and BIGG Digital. WonderFi’s core team of engineers and technologists believe that everyone should have equal access to finance, and are aligned in the mission to empower people around the world to access DeFi in a simple, smart and secure way. For more information, visit www.wonder.fi.
