Revenue of $5.7 million, reflecting one month of the results from the acquisition of New Bit Ventures Ltd., d/b/a Coinmama ("Coinmama"), which closed at the end of May 2022.
The initial operational integration of Coinmama into Wellfield is complete, including the rebranding of the MoneyClip mobile financial application to Coinmama.
Wellfield is in the process of launching Wellfield Capital, a business line that offers enhanced blockchain products and support tailored for institutions and professional investors.
Financial Highlights - Q2 2022
Revenue of $5.7 million, reflecting one month of the results following the acquisition of Coinmama. The acquisition of Coinmama will be reflected for the full quarter in Wellfield's Q3 2022 financial results. The Company generated nil revenue in each of Q2 2021 and Q1 2022.
Net loss of $3.8 million in Q2 2022, compared to $0.1 million in Q2 2021, and $4.7 million in Q1 2022.
Recent Operating Developments
Completed the integration of Coinmama with Wellfield's existing consumer business and began an effort to unify all existing consumer products under the Coinmama brand.
Coinmama has recently started new monetization efforts aimed at expanding its registered user base and promoting engagement to increase revenue over the next several quarters. These initiatives include targeted growth campaigns, operational and product improvements, educational content to increase conversion and retention, and support for additional cryptocurrencies....
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