Bitcoin Well Reports 2025 Q4 And Year End Financial Results, Including Record Yearly Revenue
(TheNewswire)
Edmonton, Alberta – March 5, 2026– TheNewswire – Bitcoin Well Inc.(“Bitcoin Well” or the “Company”) (TSXV: BTCW; OTCQB: BCNWF), the non-custodial bitcoin business on a mission to enableindependence, today announced financial and operating results for thefourth quarter and year ended December 31, 2025.
Revenue of $35.0 million for the 3-months endedDecember 31, 2025 (Q4 2024: $30.1 million, +17%); and $133.0 millionfor the year ended December 31, 2025 (2024: $90.5 million,+47%).
Online Bitcoin Portal revenue of $64.3 million infiscal 2025 (+64%).
Bitcoin Well Infinite revenue of $44.4 million infiscal 2025 (+64%).
Over 64,000 unique users in the Bitcoin Portal as ofDecember 31, 2025 (+100% from December 31, 2024).
Gross profit of $1.2 million for the 3-months endedDecember 31, 2025 (Q4 2024: $1.2 million) and $5.0 million for theyear ended December 31, 2025 (2024: $4.0 million, +25%).
Adjusted EBITDA of negative $0.7 million for the3-months ended December 31, 2025 (Q4 2024: $25 thousand) and negative$1.4 million for the year ended December 31, 2025 (2024: negative $1.7million).
Improvement in adjusted EBITDA in fiscal 2025 due toachieving higher revenue and gross profit.
Decline in Adjusted EBITDA in Q4 2025 primarily due toadditional investments in marketing and advertising initiatives andpersonnel to promote user growth on the Online Bitcoin Portal andBitcoin Well Infinite.
Net income of $4.2 million for the 3-months endedDecember 31, 2025 (Q4 2024: net loss of 9.8 million) and net loss of$0.8 million for the year ended December 31, 2025 (2024: net loss of$17.8 million).
The large swings in net income are primarily due tonon-cash fair value adjustments related to cryptocurrency loans. As aresult, we do not believe these numbers are accurate reflections onthe strength of our business, instead we focus on AdjustedEBITDA.
As at December 31, 2025, Bitcoin Well held a netinvestment of 69bitcoin in its Bitcoin Treasury (fair value of$8.3 million), purchased at an average purchase price of $112,477 USD/ $157,897 CAD.
In Q4 2025, total revenue climbed to $35.0 million,marking a 17% increase from $30.1 million in 2024. The Online BitcoinPortal generated the majority of the year-over-year growth, increasingby 29% to $17.0 million, up from $13.2 million in Q4 2024. BitcoinWell Infinite revenue increased slightly to $11.8 million from $11.7million in Q4 last year, while ATM sales saw a 22% increase, reaching$6.2 million from $5.1 million in Q4 2024.
“The 2025 financial results showcase the strongcustomer base that we have spent the last few years building,” saidAdam O’Brien, founder and CEO of Bitcoin Well. “The bitcoin marketin Q4 2025 was not friendly, and we were still able to showcase growthin total revenue, the bitcoin portal and even Bitcoin Well Infinite;our high-net-worth division. This is a strong signal for the team atBitcoin Well that we are spending our marketing dollars the right way,and we will continue to march in the direction that provides us goodand stable growth.”
Total revenue for the year ended December 31, 2025increased to $133.0 million, a significant 47% increase from the $90.5million reported in 2024, and a record for the Company. This growthwas primarily fueled by higher transaction volumes across both theOnline Bitcoin Portal and Bitcoin Well Infinite.
Both key segments demonstrated robust growth, with theOnline segment's revenue increasing by 64% to $64.3 million infiscal 2025, up from $39.2 million in the prior year. Similarly,Bitcoin Well Infinite also saw a 64% revenue increase, reaching $44.4million compared to $27.0 million. In contrast, ATM sales of $24.2million for the year ended December 31, 2025 remained consistent withthe prior year.
“Our yearly growth for Bitcoin Well Infinite, despitethe bitcoin market slouching in Q4, is tremendous,” continued AdamO’Brien. “Our goal was to design a scalable system that is readyto capture a growing bitcoin market, yet able to withstand a fallingbitcoin market. Our financial results this year show us that we wereable to achieve that.”
Gross profit increased to $5.0 million in fiscal 2025from $4.0 million last year (+25%) due to the higher revenue. Grossmargin declined, however, to 3.7% from 4.4% last year. Changes insales mix, including higher revenue from the Online Bitcoin Portal andBitcoin Well Infinite transactions, combined with flat revenue fromhigher margin ATM sales, caused the decline.
Fourth quarter 2025 gross profit remained stable at$1.2 million, consistent with the comparable quarter in 2024,supported by overall revenue growth, despite the falling bitcoinmarket in Q4 2025.
Adjusted EBITDA for the full fiscal year 2025 improvedby $0.2 million, reaching negative $1.4 million compared to negative$1.7 million in 2024. This improvement was mainly a result of highergross profit, though it was partially offset by increased operatingexpenses. However, in Q4 2025, Adjusted EBITDAwas negative $0.7 million, a decline from the break-even AdjustedEBITDA achieved in Q4 2024. This quarterly decline is primarilyattributed to increased investments in marketing, advertising, andpersonnel to drive user growth for the Online Bitcoin Portal andBitcoin Well Infinite, alongside a fallingbitcoin market in Q4 2025.
In Q4 2025, the Company reported net income of $4.2million, compared to a net loss of $9.8 million in Q4 2024. Thisfigure includes the impact of bitcoin price fluctuations, andtherefore does not accurately reflect the Company's underlyingfinancial performance.
Due to these revaluation adjustments, we also generateda modest net loss of $0.8 million in fiscal 2025, compared to a netloss of $7.1 million last year.
This news release should be readin concert with the full disclosure documents. The Bitcoin Wellaudited consolidated financial statements and Management Discussion& Analysis for the year ended December 31, 2025 will be availableon the Bitcoin Well website (www.bitcoinwell.com), via SEDAR+ (www.sedarplus.ca) or can be requested from the Company.
Shares for Debt Settlement
The Company also announces that is indebted to acertain creditor in the amount of $61,389 ($45,000 USD) as of February28, 2026 (the “SponsorshipAgreement Debt”), pursuant to a sponsorshipagreement (the “SponsorshipAgreement”). The Sponsorship Agreement Debtrepresents payments for monthly services accrued under the SponsorshipAgreement and are not considered investor relations services (asdefined in the policies of the TSXV). The creditor is an arm’slength party to the Company and the issuance of the Shares inconnection with the settlement of the Sponsorship Agreement Debt willnot result in the creation of a new Insider or Control Person.
Bitcoin Well has elected to settle the SponsorshipAgreement Debt by issuing 682,100 Shares at a deemed price of $0.09per Share, as determined in accordance with the policies of the TSXVon the date of the news release. The settlement of the SponsorshipAgreement Debt through the issuance of Shares remains subject to theapproval of the TSXV. All Shares issued pursuant to the SponsorshipAgreement Debt will be subject to a statutory hold period of fourmonths and one day from the date of issuance, in accordance withapplicable securities laws.
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. Wedo this by making bitcoin useful to everyday people to give them theconvenience of modern banking and the benefits of bitcoin. We like tothink of it as future-proofing money. Our existing Bitcoin ATM andOnline Bitcoin Portal business units drive cash flow to help fund thismission.
Join our investor community and follow us onNostr, , and tokeep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEOAdam O’Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, pleasecontact:
Adam O’Brien
Tel: 1 888 711 3866
The Company uses certain terms in this news release,such as ‘Adjusted EBITDA’, which does not have a standardized orprescribed meaning under International Financial Reporting Standards(IFRS), and accordingly, these measurements may not be comparable withthe calculation of similar measurements used by other companies.
Please refer to the "Non-IFRS FinancialMeasures” section in the Company’s MD&A for applicabledefinitions, calculations, and rationale for use. Non-IFRS measuresare provided as supplementary information by which readers may wish toconsider the Company's performance, but should not be relied uponfor comparative or investment purposes.
(1) Non-cash, fair value changeon the revaluation of cryptocurrency loans is largely offset byrevaluation changes in inventory and gains (losses) on digital assets,which are recorded in both income (if realized) and othercomprehensive Income (if unrealized).
(2) Non-recurring start-up costsrelate to professional and consulting fees incurred in establishingthe Company’s bitcoin treasury reserve.
Forward-lookinginformation
Certain statements contained in thisnews release may constitute forward-looking information.Forward-looking information is often, but not always, identified bythe use of words such as "anticipate", "plan","estimate", "expect", "may","will", "intend", "should", or thenegative thereof and similar expressions. All statements herein otherthan statements of historical fact constitute forward-lookinginformation including, but not limited to statements in respect of:revenue growth from the Online Bitcoin Portal and Bitcoin WellInfinite; the Shares for Debt Settlement; and Bitcoin Well’sbusiness plans, strategy and outlook.
Forward-looking information involvesknown and unknown risks, uncertainties and other factors that maycause actual results or events to differ materially from thoseanticipated in such forward-looking information, including, but notlimited to the following: economic and financial conditions,volatility in the capital or credit markets; the level of demand andfinancial performance of the cryptocurrency and digital assetindustry, the occurrence of force majeure events; the extent to whichthe Company is successful in gaining new long-term users or retainingexisting users; developments and changes in laws and regulations,disruptions to the Company’s technology network; inability to obtainfinancing; competitive factors; and such other factors as discussed inthe “Risks and Uncertainties” section of the Company’sMD&A.
Bitcoin Well actual results coulddiffer materially from those anticipated in this forward-lookinginformation as a result of the foregoing risk factors and otherfactors, many of which are beyond the control of Bitcoin Well. BitcoinWell believes that the expectations reflected in the forward-lookinginformation are reasonable, but no assurance can be given that theseexpectations will prove to be correct and suchforward-looking information should not be unduly relied upon.Any forward-looking informationcontained in this news release represents Bitcoin Well expectations asof the date hereof, and is subject to change after such date. BitcoinWell disclaims any intention or obligation to update or revise anyforward-looking information whether as a result of new information,future events or otherwise, except as required by applicablesecurities legislation.
For more information, see the NoteRegarding Forward Looking Statements found in the Bitcoin WellMD&A.
Neither TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of thisrelease.
Copyright (c) 2026 TheNewswire - All rights reserved.
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