WonderFi Technologies Inc.

WonderFi reported Q3 revenue of $2.9 million and maintained approximately CAD19 million in cash and crypto reserves. Management said this was the first full quarter of Bitbuy results, but Coinberry was not included because that deal closed on July 4, so the next quarter should include both acquisitions in consolidated results. The company did not provide EPS or gross margin figures in the transcript. Forward-looking commentary focused on continuing integration, realizing about 35% run-rate cost reductions for Bitbuy, expanding the Bitbuy brand into the U.S., the U.K. and Australia, and adding regulated products such as staking; management also said the DeFi mobile app launch has been postponed while the desktop app remains live in 174 countries.

Ben Samaroo emphasized that the crypto downturn reinforces WonderFi’s thesis around compliant, regulated access to crypto and said the company is better positioned than ever as weaker, unregulated platforms are being weeded out. He highlighted successful Bitbuy integration, synergies from Coinberry, and plans to use the combined product and engineering talent to improve user experience and expand both organically and through M&A. His tone was defensive but optimistic, with repeated emphasis on resilience, safety, and long-term value over quick product launches.

John Rim focused on quarter mechanics and cost discipline, noting revenue of $2.9 million, cash and crypto reserves of about CAD19 million, and that Coinberry was not included in Q3 because it closed after quarter-end. He said the integration of Bitbuy and Coinberry is going well, with expected run-rate cost reductions of about 35% for Bitbuy and additional savings from vendor consolidation and organizational right-sizing. He also said registered users are above 620,000 and that the company will keep its cost structure aligned with the market, using levers to preserve a healthy cash reserve if conditions deteriorate further.

In Q&A, analysts asked how the crypto winter is affecting the business, when a turnaround might occur, and what M&A and international expansion could look like. Management said trading is down versus 2021, but adoption is still up sharply versus 2018, and they believe a recovery in equities and macro conditions should eventually lift crypto participation again. On M&A, they said the pipeline is active and that WonderFi is seeing many opportunities as smaller players come under pressure; on international expansion, they said it remains part of the long-term strategy, but near-term priority is integrating Bitbuy and Coinberry successfully while leveraging Canada’s regulatory playbook abroad.