Blockchain Foundry Reports Q3 2020 Financial Results

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TORONTO, Dec. 01, 2020 (GLOBE NEWSWIRE) -- Blockchain Foundry Inc. (“BCF” or the “Company”) (CSE:BCFN), a leading North American blockchain development firm, is pleased to report its financial results for the three and nine months ended September 30, 2020. The Company’s full Financial Statements and Management Discussion & Analysis (“MD&A”) are available at www.sedar.com. All amounts are reported in Canadian dollars unless otherwise stated.

Financial Highlights

The following table summarizes revenue and net income (loss) for the three and nine months ended September 30, 2020 and September 30, 2019.

	Three months ended September 30, 2020	Three months ended September 30, 2019	Change	Percentage Change
Revenue	227,410	214,744	12,666	6%
Net Income	74,334	38,935	35,399	91%
	Nine months ended September 30, 2020	Nine months ended September 30, 2019	Change	Percentage Change
Revenue	1,124,081	526,714	597,367	113%
Net Income (Loss)	141,974	(467,322)	609,296	not meaningful

“In Q3 2020, BCF achieved positive net income and an increase in revenue compared with Q3 2019. This outcome was a direct result of increased client development activity as well as growing market acceptance of blockchain technology. The Company has five active clients in various project stages, and our pipeline is robust. We have also taken the opportunity to capitalize the business over the last few months. We are well positioned to continue expanding our consulting business and begin to explore product opportunities that take advantage of our significant expertise in the blockchain space,” said Dan Wasyluk, CEO of Blockchain Foundry.