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VANCOUVER, British Columbia, April 30, 2025 (GLOBE NEWSWIRE) — BIGG Digital Assets Inc. (“BIGG” or the “Company”) (TSXV: BIGG; OTCQX: BBKCF; WKN: A2PS9W), a leading innovator in the digital assets space and owner of Netcoins, Blockchain Intelligence Group, and TerraZero reports its fiscal 2024 financial results. All figures are in Canadian Dollars (CAD) unless otherwise noted.
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2024 Highlights:
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- Gross operating revenue of $12.43M (2023 – $6.5M), comprising $10.56M for Netcoins, $1.67M for Blockchain Intelligence Group and $0.2 for TerraZero
- Netcoins revenues were $10.56M (2023 – $4.99M), up 112% year over year (YoY), and its margin rate was down at 1.26% (2023 – 1.82%) based on gross trading volume of $831M (2023 – $288M)
- Q4 2024 transactional revenues increased by 112% over Q3 2024 and 106% over the comparative Q4 2023 period, marking a positive market shift largely driven by the price appreciation of Bitcoin (BTC)
- Netcoins active users totalled approximately 42,406 (2023 – 32,566), an increase of 30% YoY. In Q4 2024, active users rose by 56% over the prior quarter to 12,514 (Q3 2024 – 8,023), marking an increase of 45% as compared to the number of active users in Q4 2023. This upward trend in the number of active users began in the last quarter of 2024, with an increase in activity and overall improved sentiment in the crypto market at the end of 2024.
- Blockchain Intelligence Group (BIG) revenues were $1.67M (2023 – $1.5M), up by 11% YoY with a margin rate of 69% (2023 – 83%).
- Q4 2024 revenues increased by 24% over Q3 2024 at $508,061 (Q3 2024 – $411,380) and were up 11% YoY at $1.67M in 2024 (2023 – $1.5M)
- However, during 2024 BIG posted a lower margin rate of 69% (2023 – 83%), due to higher costs of sales incurred primarily in Q4 that resulted in an overall net decrease of 14%.
- TerraZero revenues were $0.2M, having placed its dedicated focus on the final stages of development of its Intraverse platform, as opposed to revenue generating activities
- Netcoins revenues were $10.56M (2023 – $4.99M), up 112% year over year (YoY), and its margin rate was down at 1.26% (2023 – 1.82%) based on gross trading volume of $831M (2023 – $288M)
- As of December 31, 2024, BIGG’s cash and crypto holdings were ~$25.1M
- The Company has no debt
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During 2024, the Company reported a net loss of $25,829,671 (2023 – $11,066,979). Prior to the recording of the tax liability provision and goodwill impairment as set out below, the Company’s normalized net loss for the year ended December 31, 2024 was $1,290,655 (2023 – $11,066,979). In 2024, the Company recorded:
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- a tax liability provision in the amount of $8.46M in respect of Netcoins GST/HST reassessment by CRA. The Company is contesting the CRA reassessment and pursuing its appeal rights under Canadian federal tax legislation; however, to reflect the uncertainties of CRA’s appeals process and litigation, the Company has recorded a liability; and,
- a $16M impairment of goodwill arising from the acquisition of TerraZero in late September 2023. A number of factors impacted the review of the recoverable amount and resulted, ultimately, in the decision to write-off the goodwill in its entirety:
- given the nascent nature of the industry in which TerraZero operates, there are no comparable, publicly traded companies to support the revenue estimates, growth-driving partnerships and assumptions used in the 5-year cash flow forecast;
- TerraZero is a young company, founded in 2021, and does not have significant historical information to support the revenue estimates, growth-driving partnerships and assumptions used in the 5-year forecast for Intraverse and associated product development(s);
- TerraZero’s Intraverse platform was in development throughout 2024 and revenue generating activities were virtually non-existent. Intraverse was not completed until the end of March 2025 and, as a result, there is not sufficient, auditable evidence of contract values to support the revenue estimates and assumptions used in the 5-year cash flow forecast; and
- the TerraZero acquisition was completed via a share exchange agreement, when the Company’s shares were issued at a higher price than the prevailing market price.
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With the recent completion and launch of TerraZero’s Intraverse platform in late March 2025, TerraZero is expected to generate revenues in fiscal 2025.
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Further Highlights:
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- BIGG currently owns ~ 68 Bitcoin, valued at $8.9M
- BIGG’s current treasury of fiat and crypto assets is valued at ~$30M, inclusive of Netcoins’ float of ~$11.4M
- Netcoins currently has customer Assets Under Custody of approximately ~$174M.
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Selected financial and operating information should be read in conjunction with BIGG’s audited consolidated financial statements and related Management’s Discussion and Analysis for the year ended December 31, 2024, available at www.sedarplus.ca
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All financial information in this press release is prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.
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