CoinSmart's Q1 2023 Highlights1:
- Q1 2023 Gross Revenue reached
$3 .35MM decreasing approximately 20% YoY. - Net income for the three months ended
March 31, 2023 , increased by$2.1 million to$328,000 or$0.01 per share compared to a net loss of -$1.73 million or ($0.03 ) per share in 2022. - Company
Treasury reached approximately~$10 .5MM from$10 .2MM atDecember 31, 2022 . - No Long-term debt.
Other CoinSmart Q1 2023 Corporate Highlights
- Acquired approximately 19,000 new registered users during the period for a total of approximately 300,000.
- During the quarter, SmartPay divisional revenue increased 517% YoY.
- The company submitted an application to the
Ontario Securities Commission to begin offering staking services for assets such as Ethereum and Solana.
CoinSmart CEO
"In Q1 crypto market fundamentals improved against a challenging backdrop of macro headwinds and turmoil with US banks. Our team continues to focus on building world class products and growing our payments vertical while we obtain the necessary approvals to complete the previously announced business combination with Coinsquare and WonderFi . We are excited about what the future has in store as we offer Canadians additional products that bring utility and continue to make cryptocurrency accessible."
Hartzman continues:
"On
______________________ |
1 All figures are preliminary, unaudited and subject to final adjustments. |
Corporate Update
About
CoinSmart is a leading Canadian-headquartered crypto asset trading platform dedicated to providing customers with an intuitive way for buying and selling digital assets, like Bitcoin and Ethereum. CoinSmart is one of the few crypto asset trading platforms in
CoinSmart further builds on its mission to make cryptocurrency accessible by providing educational resources tailored to every level of cryptocurrency knowledge and unparalleled 24/7 omni-channel customer support. Offering instant verification, industry leading cold wallet storage, advanced charting with order book functionality and over-the-counter premium services, CoinSmart ensures every client's needs are met with the highest level of quality and care. For more information please visit https://www.coinsmart.com/.
Cautionary Note Regarding Forward-Looking Information and Other Disclosures
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", "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this news release, CoinSmart has made certain assumptions. Although CoinSmart 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 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: regulatory approvals. Accordingly, readers should not place undue reliance on the forward-looking information contained in this news release. Except as required by law, CoinSmart 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.
Connect with CoinSmart: Website | LinkedIn | Twitter | Instagram | Facebook
SOURCE CoinSmart
© Canada Newswire, source