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Wellfield Reports Financial Results for the Third Quarter Ended September 30, 2022

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  • Wellfield generated Revenue of $19.3 million in Q3 2022.
  • Growth has continued into Q4 2022 – as previously disclosed, for the first half of Q4 2022, the Company generated $15 million in preliminary unaudited revenue1.
  • Wellfield is on track to continue growing revenue through 2023, driven by user acquisition, enhanced monetization of its over 3.5 million registered users, the growth of Wellfield Capital – the Company’s recently introduced institutional platform – and the launch of its proprietary blockchain protocols.

Toronto, Ontario–(Newsfile Corp. – November 29, 2022) – Wellfield Technologies, Inc. (TSXV: WFLD) (FSE: K8D) (the “Company” or “Wellfield“), today reported financial results for the quarter ended September 30, 2022. All currency references used in this news release are in Canadian dollars ($) unless otherwise noted.

Financial Highlights

  • Revenue of $19.3 million in Q3 2022, compared to revenue of $5.7 million in Q2 2022, and nil revenue in each of Q3 2021 and Q1 2022.
  • Net loss of $28.9 million in Q3 2022 (includes a non-cash intangible asset and goodwill impairment of $24.1 million), compared to a net loss of $3.8 million in Q2 2022, $1.0 million in Q3 2021, and $4.7 million in Q1 2022.

Recent Operating Developments

  • Coinmama is making progress on monetization efforts aimed at expanding its registered user base and promoting engagement to increase revenue. 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 continuing to grow month-over-month, adding to the 3.5 million registered users that existed at the time of Coinmama’s acquisition by Wellfield.
  • Introduced the Coinmama financial app, which represents 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.
  • Launched Wellfield Capital, a business focused on institutional and professional investors. 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.

Management Commentary

Levy Cohen, CEO of Wellfield commented, “During Q3, our team’s efforts translated into solid revenue in the context of lower overall revenues across the crypto space. Growth has continued into Q4, with preliminary unaudited revenue of $15 million in the first half of the quarter1, driven by both results at Coinmama and Wellfield Capital. We expect the results of our ongoing marketing efforts along with the launch of enhanced feature sets for both individual and institutional users, to translate into further revenue growth through 2023. In addition, we anticipate that recent market events will catalyze an accelerated shift of meaningful global crypto trading volume from centralized exchanges onto self-custody solutions like Coinmama and decentralized services from Wellfield Capital.”

About Wellfield Technologies (TSXV: WFLD) (FSE: K8D)

Wellfield is an R&D focused Fintech company that operates on public blockchains including Bitcoin and Ethereum. The Company operates a regulated platform that onboards customers globally at scale, leveraging its proprietary decentralized technology to offer highly disruptive on-chain self-custody solutions. Wellfield operates through two subsidiaries: Coinmama, which with a growing base of more than 3.5 million registered users, is one of the most trusted and enduring global brands operating in the crypto space; and Wellfield Capital, which the Company established in late 2022 to meet the needs of institutional users and professional investors.

Join Wellfield’s digital community on LinkedIn and Twitter, and for more details, visit wellfield.io

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For further information contact:

Wellfield Technologies Inc.
Levy Cohen, CEO
[email protected]

Jonathan Ross, Investor Relations
[email protected]
(416) 283-0178

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.

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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.

SOURCE Wellfield Technologies Inc.


1 From October 1st to November 13th.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/146003

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Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

The GAM3 Awards 2024 Winners Announced

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The winners of the GAM3 Awards 2024 have been crowned! The 21 champions were revealed at a live event presented in partnership with Yield Guild Games (YGG) on November 22nd, marking a well-deserved close to the year and celebration of how far the web3 gaming industry has come.

Following an extremely close competition between the top games, creators, and ecosystems in the industry, our GAM3 Awards victors were revealed during the 2-hour in-person event in Manila and across all major live-streaming platforms. Each game, content creator, and ecosystem managed to top their category to stand out amongst their peers based on their tremendous progress made over the past 12 months.

The 2024 Winners

Here is the full list of winners:

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  • Best Fighting Game: Champions Ascension
  • Best Art Direction: Moonfrost
  • Best Browser: Pirate Nation
  • Best Mobile Game: Fableborne
  • Best RPG: Big Time
  • Best Strategy Game: Parallel
  • Best Action Game: Off the Grid
  • Best Casual Game: Pixels
  • Best Sports Game: Sparkball
  • Best Adventure Game: Ravenquest
  • Best Card Game: Parallel
  • Best Shooter Game: Off the Grid
  • Best Content Creator: YellowPanther
  • Best On-Chain Game: Pirate Nation
  • Best Ecosystem: Ronin
  • Games’ Choice: Wildcard
  • Best Esports Game: Parallel
  • Best Multiplayer Game: Off the Grid
  • People’s Choice: Pixels
  • Most Anticipated Game: MapleStory Universe
  • Game of the Year: Off the Grid

Prizes and Partners

Among the exciting updates for our 2024 GAM3 Awards was the increased $5 million prize pool, which consisted of grants, products, services, marketing, and blockchain support from partners such as AWS, XAI, Thirdweb, Aethir, and Community Gaming among others to help finalists and winners grow even further.

This represented a substantial increase from previous years and underscored our event’s commitment to supporting and fostering the next generation of web3 games. In addition to YGG, we also partnered with Arbitrum, Magic Eden, Immutable, Avalanche, and Skale to make this year’s event even bigger and better than previous years.

Jury and Voting

This year’s jury featured over 70 prominent traditional and blockchain gaming figures, with many returning jurors from previous ceremonies. The diverse panel included representatives from powerhouses such as Amazon, Google, Samsung, Ubisoft, Animoca Brands, Immutable, Arbitrum, Blockchain Game Alliance (BGA), Base, Ronin, and Avalanche, as well as content creators and major media outlets such as VentureBeat.

Much like previous years, the voting process saw the jury’s votes represent 90% of the final decision, with the community making up the remaining 10% for most categories except People’s Choice and Best Content Creator, which were both 100% community voting-based, and Games’ Choice, which is based on shortlisted game studios voting for their favorite title game.

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Community voting played a role in deciding the final decisions with over 1 Million votes from over 143k unique voters. Early October marked the GAM3 Awards 2024 announcement. Since then, hundreds of web3 games urged their communities to nominate and vote for them across different categories. Thousands of social posts were spread across partners, games, media outlets, content creators, and community members generating over 60 Million impressions.

Final Thoughts

The GAM3 Awards 2024 ceremony on November 22nd saw a peak viewership of 48k CCV, reaching over 450k views in the first 24 hours alone. Off The Grid by Gunzilla Games took home four awards, including the coveted “Game of the Year” award. This was followed closely by Parallel, who claimed an impressive three awards. Pixels and Pirate Nation took home two awards each!

With over 300+ in-person attendees, viewers got to witness gameplay premiers and exclusive premier trailers from Golden Tides, Unfettered, Elumia, Providence, Shrapnel, Raven Quest, Mighty Bear Games, Revenge, Trail Xtreme, Warped, and more! All of which are a testament to the bright future of web3 gaming as we head into 2025 with the event expected to return next November for its fourth consecutive edition.

The post The GAM3 Awards 2024 Winners Announced appeared first on News, Events, Advertising Options.

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Blockchain

Bybit Launches bbSOL Virtual Card, Bridging Solana Ecosystem with Innovative Features

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Blockchain

Bybit Web3 Leads the Way in Ecosystem Collaboration – Launching Sui Wonderland 2024

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