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CoinSmart Announces Q2 2022 Financial Results

·4-min read

/NOT FOR DISTRIBUTION IN THE US/

TORONTO, Aug. 15, 2022 /CNW/ - CoinSmart Financial Inc. ("CoinSmart" or "CFI") (NEO: SMRT) (FSE: IIR), a leading Canadian headquartered crypto asset trading platform, announces the release of its condensed interim consolidated financial statements for the three months ended June 30, 2022 and related management discussion and analysis. These documents will be posted on CoinSmart's website at www.coinsmart.com/invest and SEDAR at www.sedar.com.

CoinSmart Financial Inc. Logo (CNW Group/CoinSmart)
CoinSmart Financial Inc. Logo (CNW Group/CoinSmart)

CoinSmart's Q2 2022 Highlights1:

  • Q2 2022 Gross Revenue reached $3.24MM decreasing 18% YoY

  • Over the Counter Trading volume reached $77MM Growing 72% YoY

  • Registered Users reached over 260,000 growing 115% YoY

  • Company Treasury reached approximately $11.2MM

  • No Long-Term Debt

Other CoinSmart Q2 2022 Corporate Highlights

  • CoinSmart's Gross Revenue and Net Revenue decreased by only 18% and 8% respectively YoY while spot trading volume across the top 10 exchanges decreased ~56 % and The Global Crypto Market Capitalization decreased by ~40% YoY2.

  • Acquired over 44,700 new registered users during the period.

  • CoinSmart was the first crypto platform to receive an Online Sports Wagering Vendor Permit from the state of Wyoming allowing CoinSmart to process cryptocurrency payments for legalized gaming companies licensed in Wyoming.

  • Partnership with Glenlivet hit shelves at the LCBO province wide.

  • Official go to market of SmartPay - Web, API, SDK

____________________

1 All figures are preliminary, unaudited and subject to final adjustment.

2 Coingecko


CoinSmart CEO Justin Hartzman commented:

"Q2 2022 was a challenging period for the overall cryptocurrency industry, including the decrease of the global market capitalization and the implosion of some of the industries' largest players. I am proud of what the CoinSmart team has accomplished during this turbulent time. We continued to innovate with new product launches and were able to optimize resources towards business lines that are less correlated to market sentiment. In Q3 2022 and beyond, our focus remains on scaling OTC trading and SmartPay – our proprietary crypto payments platform, while we maintain growth on the retail side of the business. We have been quick to adapt in a market that rapidly changes. We took actions to contain costs early in the cycle and now focus on revenue production. I am excited for what the future has in store for CoinSmart as we brave the inclement market conditions and use this time to build and prepare for the next bull run ahead."

About CoinSmart Financial Inc.

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 Canada to be registered as a securities dealer and marketplace with the Ontario Securities Commission. CoinSmart is also one of the first Canadian headquartered trading platforms to have an international presence, accepting customers across 40+ countries at a time when the digital asset industry continues to rapidly expand.

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.

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SOURCE CoinSmart

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