Bitcoin Well Reports 2025 Q3 Financial Results
Executive Summary
- Bitcoin Well reported Q3 2025 revenue of $34.0 M (up 62% YoY) and nine‑month revenue of $97.9 M (up 62% YoY).
- Adjusted EBITDA improved to a loss of $0.3 M for the quarter (vs. –$0.6 M in Q3 2024), reflecting higher gross profit despite continued net losses.
- The company settled C$212,599 of convertible debenture interest by issuing 1,662,427 common shares and announced a further settlement of a US$76,000 vendor debt via issuance of 926,406 shares (subject to TSXV approval).
Key Details
- Revenue Highlights
- Q3 2025 total revenue: $34.0 M (+62% YoY).
- Nine‑month revenue (ended Sep 30 2025): $97.9 M (+62% YoY).
- Online Bitcoin Portal revenue: $17.5 M (+85%).
- Bitcoin Well Infinite revenue: $9.4 M (+67%).
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ATM sales revenue: $7.2 M (+21%).
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Profitability
- Gross profit Q3 2025: $1.3 M (+46% YoY).
- Gross profit nine‑months: $3.8 M (+37% YoY).
- Adjusted EBITDA Q3 2025: –$0.3 M (improved from –$0.6 M YoY).
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Adjusted EBITDA nine‑months: –$0.7 M (improved from –$1.7 M YoY).
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Net Loss
- Net loss Q3 2025: $4.1 M (vs. $5.0 M nine‑months).
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Increase in net loss driven by unfavorable fair‑value changes on cryptocurrency loans.
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Bitcoin Treasury
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Held 42.36 BTC as of Sep 30 2025; purchased additional 26.63 BTC at avg. price $112,477 USD / $157,897 CAD, bringing total to 69.00 BTC (as of Nov 5 2025).
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Debt Settlement – Convertible Debentures
- Approved issuance of 1,662,427 common shares to settle C$212,599 interest on convertible debentures.
- Issued 681,290 shares at C$0.145 per share for C$98,787 debt; issued 981,137 shares at C$0.116 per share for C$113,812 debt.
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Shares subject to statutory hold period of four months and one day.
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Related Party – Director Terry Rhode
- Acquired 213,201 shares at C$0.145 per share as part of the settlement of $30,914 debt.
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Updated early‑warning disclosures reflect his indirect control over ~13.36% of outstanding shares post‑settlement.
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Vendor Debt Settlement
- Indebted to a vendor for US$76,000 (CAD 106,536.80) under a sponsorship/advertising agreement.
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Proposed settlement: issuance of 926,406 shares at $0.115 per share, pending TSXV approval; subject to same hold period.
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Regulatory & Disclosure
- Early‑warning report filed pursuant to NI 62‑103.
- Related‑party transaction reliance on MI 61‑101 exemptions (transaction <25% market cap).
Notable Quotes
(No direct CEO quotes were included in the release.)