Edmonton, Alberta – TheNewswire - August 13, 2026 – Bitcoin Well Inc. (“Bitcoin Well” or the “Company”) (TSXV: BTCW; OTCQB: BCNWF), the non-custodial bitcoin business on a mission to enable independence, today announced financial and operating results for the second quarter ended June 30, 2026.
Key highlights
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Revenue of $18.5 million for the 3-months ended June 30, 2026 (Q2 2025: $32.1 million, -43%) and $53.4 million for the 6-months ended June 30, 2026 (2025: $63.9 million, -16%).
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Over 77,000 unique users in the Bitcoin Portal as of June 30 2026 (+8% from March 31, 2026 and +58% from June 30, 2025).
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Gross profit of $1.0 million for the 3-months ended June 30, 2026 (Q2 2025: $1.4 million, -24%) and $2.0 million for the 6-months ended June 30, 2026 (2025: $2.4 million, -16%).
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Gross margin increased to 5.6% in Q2 2026 from 4.2% in Q2 2025 due to changes in sales mix and improved margins within both the Online Bitcoin Portal and Bitcoin Well Infinite business lines.
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Year-to date gross margin held steady at 3.8% in 2026, compared to 3.8% in 2025.
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Adjusted EBITDA of negative $0.5 million for the 3-months ended June 30, 2026 (Q2 2025: negative $0.1 million) and negative $1.1 million for the 6-months ended June 30, 2026 (2025: negative $0.5 million).
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Net loss of $38 thousand for the 3-months ended June 30, 2026 (Q2 2025 : net loss of $4.2 million) and net income of $2.3 million for the 6-months ended June 30, 2026 (2025: net loss of $0.9 million). The large net income year-to-date in 2026 and net loss improvement in Q2 2026 were primarily due to non-cash fair value adjustments related to cryptocurrency loans.
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As at August 12, 2026, Bitcoin Well continued to hold a net investment of approximately 69 bitcoin in its Bitcoin Treasury.
Financial overview
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June 30, 2026 |
June 30, 2025 |
June 30, 2026 |
June 30, 2025 |
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Revenue |
$ 18,452,484 |
$ $ 32,100,176 |
$ 53,367,075 |
$ 63,902,188 |
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Gross Profit |
1,041,362 |
1,363,095 |
2,046,148 |
2,447,545 |
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Adjusted EBITDA(1) |
(523,800) |
(113,906) |
(1,117,665) |
(468,599) |
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Net (loss) income |
(38,068) |
(4,164,212) |
2,253,748 |
(870,714) |
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Total comprehensive loss |
(2,390,144) |
(229,121) |
(5,244,970) |
(1,665,559) |
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(1) See Non-IFRS Measures.
Navigating the challenging market environment of the first half of 2026, Bitcoin Well demonstrated meaningful operational resilience. While top-line revenue experienced a contraction—reporting $18.5 million in Q2 2026 and $53.4 million year-to-date, the Company successfully navigated these headwinds by focusing on efficiency and margin optimization. Notably, gross margins expanded significantly to 5.6% in Q2 2026, up from 4.2% in the prior year’s comparative period, reflecting a higher margin revenue mix and improved performance across its core business lines.
June also provided encouraging evidence of the Company’s underlying momentum, showing broad-based growth in new customer registrations, active users, and gross profit. With registered users now exceeding 77,000 and the successful deployment of operational upgrades—such as its autonomous "GhostOps" platform and AI-powered support agents—the Company is actively enhancing both its platform scalability and the customer experience. These internal advancements are complemented by significant strategic milestones, including the Company’s new partnership with Heritage IRA and its designation as the official Bitcoin partner for The Bitcoin Family Office Group.
“We remain confident in our outlook,” said Adam O’Brien, founder and CEO of Bitcoin Well. “By prioritizing operational excellence and deepening our strategic alliances, we have solidified a strong foundation for the future. We anticipate that these foundational advancements will position us to accelerate revenue growth and capture significant market opportunity as the bitcoin market conditions normalize and improve.”
Additional information
This news release should be read in concert with the full disclosure documents. The Bitcoin Well unaudited condensed interim consolidated financial statements and Management Discussion & Analysis for the three and six months ended June 30, 2026 will be available on the Bitcoin Well website (www.bitcoinwell.com), via SEDAR+ (www.sedarplus.ca) or can be requested from the Company.
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
Join our investor community and follow us on Nostr, LinkedIn, Twitter and YouTube to keep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O’Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Adam O’Brien
Tel: 1 888 711 3866
ir@bitcoinwell.com
Non-IFRS measures
The Company uses certain terms in this news release, such as ‘Adjusted EBITDA’, which does not have a standardized or prescribed meaning under International Financial Reporting Standards (IFRS), and accordingly, these measurements may not be comparable with the calculation of similar measurements used by other companies.
Please refer to the "Non-IFRS Financial Measures” section in the Company’s MD&A for applicable definitions, calculations, and rationale for use. Non-IFRS measures are provided as supplementary information by which readers may wish to consider the Company's performance, but should not be relied upon for comparative or investment purposes.
See the table below for a reconciliation of Adjusted EBITDA to net loss:
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