TORONTO, May 15, 2023 /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 March 31,2023 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's Q1 2023 Highlights1:

  • Q1 2023 Gross Revenue reached $3.35MM decreasing approximately 20% YoY.
  • Net income for the three months ended March 31, 2023, increased by $2.1 million to $328,000 or $0.01 per share compared to a net loss of -$1.73 million or ($0.03) per share in 2022.
  • Company Treasury reached approximately ~$10.5MM from $10.2MM at December 31, 2022.
  • No Long-term debt.

Other CoinSmart Q1 2023 Corporate Highlights

  • Acquired approximately 19,000 new registered users during the period for a total of approximately 300,000.
  • During the quarter, SmartPay divisional revenue increased 517% YoY.
  • The company submitted an application to the Ontario Securities Commission to begin offering staking services for assets such as Ethereum and Solana.

CoinSmart CEO Justin Hartzman commented:

"In Q1 crypto market fundamentals improved against a challenging backdrop of macro headwinds and turmoil with US banks. Our team continues to focus on building world class products and growing our payments vertical while we obtain the necessary approvals to complete the previously announced business combination with Coinsquare and WonderFi . We are excited about what the future has in store as we offer Canadians additional products that bring utility and continue to make cryptocurrency accessible."

Hartzman continues:

"On April 2, 2023, CoinSmart entered into a business combination agreement with WonderFi Technologies Inc. and Coinsquare Ltd. which upon closing, will make one of the largest regulated crypto asset trading platforms in the world. Together we will provide Canadians with a diversified set of products and services including both retail and institutional crypto trading, staking, B2B crypto payment processing and will also soon include sports betting and gaming amongst others. This is going to be revolutionary for the Canadian crypto landscape."

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

Corporate Update

Sheereen Khan resigned from her position as Chief Compliance Officer of the firm to pursue other opportunities but has agreed to assist the CoinSmart compliance function as a senior compliance advisor. Jeremy Koven has been appointed as interim CCO until a suitable replacement is found.

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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