WonderFi Technologies (WNDR) Q2 2024 earnings summary

Executive summary

• Achieved 303% year-over-year revenue growth in Q2 2024, reaching $12.0 million.

• Crypto trading volumes surged 358% compared to Q2 2023, totaling $777 million.

• Client assets under custody rose 337% year-over-year to $1.35 billion.

• Integrated Bitbuy client accounts into CIRO member Coinsquare Capital Markets Ltd.

• Acquired Canadian clients of Bitstamp, adding over 110,000 clients to Bitbuy.

Financial highlights

• Consolidated revenues reached $12.0 million, up from $3.0 million in Q2 2023.

• Adjusted EBITDA was $2.4 million (19.9% of revenues), compared to $(2.6) million in Q2 2023.

• Cash and digital assets increased to $46.7 million from $37.3 million at December 31, 2023.

• Cash-based operating expenses as a percentage of revenues dropped to 89.9% from 195% in Q2 2023.

Outlook and guidance

• Strategic Bitcoin and Ethereum buying program launched to diversify treasury and hedge against fiat inflation.

• WonderFi Labs launched to develop and invest in centralized and decentralized products globally.

• Management expects a favorable macro environment for digital assets through year-end, driven by global politics and ETF expansion.