iWallet Corp. Reports $0 Revenue and Increased Net Loss in Q2 2025

iWallet Corp. has reported its financial results for the second quarter of 2025, revealing a continued lack of revenue generation, with total revenues remaining at $0 for both the three and six months ended June 30, 2025, and 2024. The company incurred a net loss of $176,525 for the three months ended June 30, 2025, a significant increase from the net loss of $17,646 reported in the same period last year. For the six months ended June 30, 2025, the net loss was $195,554, compared to a loss of $65,112 for the same period in 2024. The increase in losses is attributed to higher operating expenses, which rose to $20,153 in the second quarter of 2025 from $7,219 in the prior year, primarily due to increased consulting and supplies related to product development.

The company's balance sheet as of June 30, 2025, shows total current assets of $226, a decrease from $2,437 at the end of 2024. Current liabilities increased to $613,804 from $590,461, resulting in a working capital deficit of $613,578, compared to a deficit of $588,024 at the end of the previous fiscal year. iWallet's accumulated deficit has grown to $5,785,423, raising concerns about its ability to continue as a going concern. The company has relied on bridge loans and advances from related parties for liquidity, with total liabilities now amounting to $613,804.

In terms of strategic developments, iWallet has focused on the design and development of biometric locking wallets, but has yet to achieve significant market penetration or product adoption. The company has issued additional common stock to extinguish debt, including 5,000,000 shares for the conversion of $20,000 in convertible notes. As of June 30, 2025, the total number of common shares outstanding increased to 82,819,419 from 77,819,419 at the end of 2024. The company continues to explore avenues for raising capital, including potential public offerings, but faces uncertainty regarding its ability to secure future financing.

Operationally, iWallet has not reported any customer counts or user statistics, indicating a lack of market engagement. The company’s focus on research and development has led to increased expenses, but without corresponding revenue generation, the financial outlook remains challenging. Management has expressed substantial doubt about the company's ability to continue operations without additional financing and achieving profitable operations. The company’s future is contingent on its ability to raise capital and successfully execute its business plan, which includes the development of its biometric wallet products.