Voyager Digital Ltd. (TSX: VOYG) announced today its financial results for the fiscal first quarter of 2022, ended September 30, 2021. The results highlighted a quarterly revenue of US$81.5 million, an increase from Q1 2021’s revenue of US$2.0 million.
Breaking down the topline revenue figure, transaction revenue contributed US$43.5 million, merchant services contributed US$14.0 million, cypto asset lending fees contributed US$13.6 million, staking revenue contributed US$7.7 million, and the remaining US$2.7 million came from other revenue sources.
“Although the global crypto industry saw reduced volumes in the September quarter, our strategic decision to invest in customer acquisition and retention during that period has paid off as it resulted in a significant increase in downloads and a rise in the app rankings,” said Voyager CEO Steve Ehrlich.
However, with total operating expenses amounting to US$109.8 million–mainly driven by US$49.7 million expenses related to rewards paid to customers and US$16.7 million marketing and sales expenses–the firm ended with an operating loss of US$28.3 million for the quarter compared to the operating loss of US$2.7 million last year.
Corollary, the crypto platform ended the quarter with a net loss of US$28.9 million, down from last year’s US$4.0 million net loss. This translates to US$0.18 loss per share.
The firm also ended the quarter with a cash and cash equivalents balance of US$104.0 million compared to last quarter’s ending balance of US$193.9 million. Total assets under management increased to US$4.3 billion from last quarter’s US$2.6 billion. All these put the balance of the current assets at US$4.6 billion while current liabilities ended at US$4.4 billion.
The company also closed the acquisition of the crypto payment platform Coinify, which contributed US$15.9 million to the topline revenue for the quarter.
The firm recently ended its fiscal year 2021 with annual revenue of US$175.1 million and a net loss of US$51.5 million.
Voyager Digital Ltd. last traded at $22.84 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.