Wellfield Announces $19 Million Preliminary Unaudited Revenue in Q3 2022 - Launches Global Growth Strategy
- Q3 2022 is the first period that includes full quarter results from Coinmama, which the Wellfield acquired at the end of May 2022. The Company expects gross margin in Q3 to be approximately breakeven, consistent with Q2 2022.
- The Company's early initiatives to grow revenue, users, and engagement have been successful, and are expected to accelerate during Q4 with the launch of its mobile financial app.
- Wellfield is on track to continue growing quarterly recurring revenue in Q4 and through the remainder of 2023 driven by organic and new paid user acquisition, enhanced monetization of its over 3.5 million registered users, the introduction of institutional products and services, and the launch of Wellfield's proprietary blockchain protocols to its consumer and institutional users.
Levy Cohen, CEO of Wellfield commented, "The efforts of our global team and the strength of the Coinmama brand, translated into solid Q3 preliminary unaudited revenue against the backdrop of lower overall revenues across the crypto space. We have been persistently executing since closing this acquisition and fully expect Coinmama and the introduction of Wellfield Capital to drive significant revenue growth and accelerate our path to positive cash flow over the next several quarters."
Mr. Cohen continued, "Coinmama, our consumer brand, is one of the most enduring and trusted brands for global consumers, with one of the highest Trustpilot scores in our industry. Our global growth strategy to drive both short-term success and sustainable recurring revenues on this foundation is straightforward and achievable. The first phase is focused on user growth and retention, which will launch in Q4. The second phase is centred on the introduction of an enhanced feature set that will deliver new opportunities for our users to cut costs, earn more and maintain control of their digital assets. Users will be able to save, earn yield, trade crypto assets, make payments to merchants, transfer funds to each other, lend and borrow, all from one location, without giving up custody of their funds. We expect the next 12 months to be very active for our company and an exciting period of value realization for Wellfield shareholders."
About Wellfield Technologies (TSXV: WFLD) (FSE: K8D)
Wellfield builds advanced technology that uses blockchain to create and bridge to the next generation of financial solutions for institutions and consumers. The Company has strong academic and development expertise in the rapidly growing blockchain sector, building its branded applications and critical infrastructure solutions directly on public blockchains like Bitcoin and Ethereum.
Join Wellfield's digital community on LinkedIn and Twitter, and for more details, visit wellfield.io
For further information contact:
Wellfield Technologies Inc.
Levy Cohen, CEO
Jonathan Ross, Investor Relations
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SOURCE Wellfield Technologies Inc.
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