Wellfield builds advanced technology that uses blockchain to create the next generation of financial solutions for institutions and consumers. The Company has strong academic, business and engineering expertise in the rapidly growing Decentralized Finance (DeFi) sector, building its branded applications and critical infrastructure solutions directly on public blockchains like Bitcoin and Ethereum.
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Revenue of $5.7 million, reflecting one month of the results from the acquisition of New Bit Ventures Ltd., d/b/a Coinmama ("Coinmama"), which closed at the end of May 2022.
The initial operational integration of Coinmama into Wellfield is complete, including the rebranding of the MoneyClip mobile financial application to Coinmama.
Wellfield is in the process of launching Wellfield Capital, a business line that offers enhanced blockchain products and support tailored for institutions and professional investors.
Financial Highlights - Q2 2022
Revenue of $5.7 million, reflecting one month of the results following the acquisition of Coinmama. The acquisition of Coinmama will be reflected for the full quarter in Wellfield's Q3 2022 financial results. The Company generated nil revenue in each of Q2 2021 and Q1 2022.
Net loss of $3.8 million in Q2 2022, compared to $0.1 million in Q2 2021, and $4.7 million in Q1 2022.
Completed the integration of Coinmama with Wellfield's existing consumer business and began an effort to unify all existing consumer products under the Coinmama brand.
Coinmama has recently started new monetization efforts aimed at expanding its registered user base and promoting engagement to increase revenue over the next several quarters. These initiatives include targeted growth campaigns, operational and product improvements, educational content to increase conversion and retention, and support for additional cryptocurrencies. Early indications are positive with the registered user base growing month-over-month, adding to the 3.5 million registered users that existed at the time of Coinmama's acquisition by Wellfield.
Coinmama has made significant progress rebranding Wellfield's mobile financial application from MoneyClip to Coinmama and adding support for Bitcoin and Ether. This is Coinmama's first step towards a transformation into a mobile-first platform that leverages Wellfield's unique decentralized services to give consumers a blockchain powered alternative to centralized financial service providers and cryptocurrency exchanges.
Wellfield is in the process of launching a business focused on institutional and professional investors branded Wellfield Capital. Over the next several quarters Wellfield Capital will be introducing new products and services designed specifically for this community, including unique services that leverage Wellfield's decentralized blockchain technology.
Levy Cohen, CEO of Wellfield, commented, "The disintermediation of key segments of the current global financial structure is both inevitable, and one of the biggest market opportunities the tech space has seen. Fintech solutions built on legacy financial architecture have given customers a taste of what the internet brought to so many other industries - choice, control and enhanced user experience. But since current fintechs are built on top of legacy financial systems, they are incapable of the necessary transformation that customers are beginning to demand. Blockchain is entering a stage of evolution where it will soon be prepared to take the baton. Executed properly, blockchain enables the building of familiar products and services, delivered more efficiently, at lower costs, and with strong growth potential. Some of the largest financial institutions in the world have leaned into fintech, following customer demand and we are already witnessing the move of these same institutions into blockchain and digital assets."
Mr. Cohen continued, "From the beginning, Wellfield has always focused on building self-custody solutions on public blockchains. At the same time, the Company saw the economic value and competitive necessity to develop and own unique blockchain technology. Recent notable events indicate that this places us in the right position as the sector continues to grow. Beginning in Q4 of this year, we will begin integrating our unique blockchain technology into Coinmama and Wellfield Capital. We are all excited about the Company's unique opportunity to share new decentralized solutions with 3.5 million registered users and pursue significant new user growth, which will deliver value for our shareholders."
For further information contact:
Wellfield Technologies Inc.
Levy Cohen, CEO
Jonathan Ross, Investor Relations
Cautionary Notice on Forward-Looking Statements
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this news release include statements regarding the Company's success in launching the protocols and other technologies and utilities discussed herein. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting the Company's business and results of operations; the impact of COVID-19; the decentralized finance industry generally, in Canada and abroad; and general business, economic, competitive, political and social uncertainties. Readers are cautioned that the foregoing list is not exhaustive and readers are encouraged to review the listing application prepared in accordance with the policies of the TSXV and other disclosure documents accessible on the Company's SEDAR profile at www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
The TSXV has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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About Wellfield Technologies (TSXV: WFLD) (FSE: K8D)
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06 February 2023
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