WonderFi Announces 2022 Financial Results
This news release constitutes "a designated news release" for the purposes of the Company's prospectus supplement dated December 23, 2022 to its short form base shelf prospectus dated September 7, 2022.
Vancouver, British Columbia--(Newsfile Corp. - March 31, 2023) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (the "Company" or "WonderFi") today announced its audited financial results for the three and fifteen months ended December 31, 2022.
"2022 was a pivotal year for WonderFi. We continued to execute on our mission of creating a true modern wealth generation company through our acquisition of two of Canada's leading regulated crypto asset trading platforms in Bitbuy and Coinberry, as well as launching Bitbuy Staking. We look forward to continuing to execute on our mission in 2023 and strengthening our positioning in the digital asset market," commented Dean Skurka, Interim-Chief Executive Officer of WonderFi Technologies Inc.
Business Highlights for 2022:
Acquired and integrated registered crypto asset trading platforms Bitbuy Technologies Inc. ("Bitbuy") and Coinberry Limited ("Coinberry"), and acquired and integrated Blockchain Foundry Inc. ("BCF") (together, the "Acquisitions").
Bitbuy and Coinberry together achieved approximately $2.3 billion in total trading volume for the fifteen-month period ended December 31, 2022.
Registered users on the Bitbuy and Coinberry platforms surpassed 400,000 and 200,000 users, respectively, as of December 31, 2022.
Launched Bitbuy Staking in November 2022, allowing Bitbuy users to leverage their crypto balances to earn crypto rewards through on-chain staking.
Established an at-the-market equity distribution program to issue and sell up to $10,000,000 of common shares of the Company to the public from time to time at the Company's discretion of which $0 has been utilized.
Financial Highlights for 2022:
Commenced revenue generation in 2022 through the Acquisitions. Revenues were $2.6 million and $9.1 million for the three and fifteen months ended December 31, 2022, which takes into effect the closing of the Bitbuy Acquisition on March 25, 2022, the closing of the Coinberry Acquisition on July 4, 2022, and the closing of the BCF Acquisition on November 7, 2022.
Raised $71.4 million gross proceeds through two bought deal financing offerings.
Approximately $200 million in total client assets held on the Bitbuy and Coinberry platforms as of December 31, 2022.
During the quarter ended December 31, 2022, the Company recorded a non-cash goodwill and other intangible assets impairment charge on certain cash generating units. The Company does not expect the impairment charge to have a significant impact on future operations, or to affect its liquidity or cash flows from operating activities.
Access to Financial Statements and Management Discussion and Analysis
All financial references are in Canadian dollars unless otherwise noted. 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.SEDAR.com.
For additional information, please contact:
WonderFi Technologies Inc.
Dean Skurka, President and Interim Chief Executive Officer
Investor Relations Contact: email@example.com
Binu Koshy, Communications Director
WonderFi is a leading technology company with the mission of creating better, unified access to digital assets through centralized and decentralized platforms. WonderFi's executive team and Board of Directors have an established track record in finance and crypto. 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 finance in a simple, smart and secure way. For more information, visit www.wonder.fi.
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. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "may", "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, many of which are beyond the control of the Company. 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. A more fulsome description of risk factors that may impact our business, financial condition and results of operation is set out in our management's discussion and analysis and financial statements for the for the period ended December 31, 2022, as well as our annual information form, available on SEDAR.
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.
The Toronto Stock Exchange has not approved or disapproved of the information contained in this release.
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