Bullet Blockchain Announces Preliminary Fourth Quarter Revenue Results and Comments on 2024 Outlook

Bullet Blockchain’s subsidiary, First Bitcoin Capital LLC, continues to pursue unlicensed violators of Bullet Blockchain’s Intellectual Property

RENO, NV, Dec. 28, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - Bullet Blockchain, Inc. (“BULT” or the “Company”) (OTC: BULT), a pioneering software development and SaaS company at the forefront of blockchain and Bitcoin ATM technologies, proudly announces a significant milestone: preliminary 2023 fourth quarter gross revenue will likely exceed $740,000.

“We delivered a solid fourth quarter which is reflective of our acquisition strategy and improved Bitcoin pricing. While the upcoming Bitcoin halving and anticipated trading of a Bitcoin ETF is lifting the market in the short term, we are seeing the cryptocurrency environment continue to improve and anticipated demand for our products and services growing exponentially in 2024. We are also pleased to provide our financial outlook for 2024, reflecting continued growth as we execute our strategic expansion plan. As we look ahead to 2024, we see significant opportunities in our industry to innovate and solve some significant industry challenges relating to our Bitcoin ATM patent strategy,” stated Simon Rubin, Chief Executive Officer of BULT.

As previously announced, BULT recently completed a strategic transaction to acquire a portfolio of Bitcoin ATMs and completed the successful deployment of 10 licensed Bitcoin ATMs across the state of Georgia as the first stage of its planned deployment and branding of 30 Bitcoin ATM kiosks. Simon Rubin continued, “We have come a long way however, with the partnerships that we have created in a very short period of time, we believe that 2024 will likely be the most significant year for Bullet Blockchain in its history and the monetization of Bullet’s Bitcoin ATM patents could be a game changer in the short and long term.”

The Company is providing an estimated revenue guidance of $4 - 4.25 million for the fiscal year 2024.

The Company will not provide guidance on EBITDA or net profits at this time as the Company continues to invest heavily in its operations and infrastructure.

The Company anticipates the royalty revenues to steadily increase throughout 2024 from the licensing of its Bitcoin ATM patents.

BULT continues to pursue licensing programs for operators and manufacturers, which include a per-transaction licensing fee, revenue share, or partner programs involving BULT’s intellectual property. As previously announced, BULT acquired First Bitcoin Capital LLC, which owned an intellectual property portfolio consisting of the rights to two Bitcoin ATM patents, becoming the owner and licensor of these valuable assets.  By virtue of its subsidiary First Bitcoin Capital LLC, BULT’s intellectual property includes the ownership and the exclusive rights to US Patent Nos. US9135787B1 “Bitcoin kiosk/ATM device and system integrating enrollment protocol and method of using the same” (US9135787B1) and US10332205B1 “Bitcoin kiosk/ATM device and system and method of using the same” (US10332205B1), respectively. The combined patents acquired by BULT are critical for Bitcoin ATM networks to operate. As previously announced, BULT has retained counsel to target unlicensed Bitcoin ATM operators and manufacturers. The Company will continue to pursue unlicensed Bitcoin ATM operators and manufacturers violating BULT’s intellectual property portfolio.