Voyager Digital (TSX: VOYG) evidently had a banner year for 2021, posting significant revenue growth over the twelve month period as crypto assets fell back into favour. Revenues for the year amounted to $175.1 million, however the company still posted a net loss of $51.5 million, largely related to warrant liabilities.
Revenues for the year increased substantially, with transaction revenue climbing to $154.0 million, up from $0.9 million in the prior year, while fees from crypto assets loaned hit $21.0 million, up from $0.3 million a year ago. Overall, revenues climbed from $1.2 million in 2020 to $175.1 million in 2021.
Expenses for the year meanwhile totaled $119.2 million, lead by $47.1 million in rewards paid to customers and $23.6 million in marketing and sales. Share based payments meanwhile totaled out at $12.9 million, while general and administrative expenses hit $7.8 million. The firm recorded income of $55.8 million before other income or losses, which is the term used by the company in place of operating income.
The “other income” section is where things turned sour for the company, with the company posting $96.2 million in other losses. The losses here were lead by changes in fair value, with warrant liabilities account for $89.8 million in losses, while crypto assets borrowed added a further $11.8 million in losses. This was partially offset by investments increasing by $8.3 million.
Overall, the company posted a net loss of $51.5 million for the twelve month period.
Looking to the balance sheet, the company currently has $193.9 million in cash on hand, and a further $162.9 million on its books as cash held for customers. Crypto assets held as of June 30 were pegged at $2,286.4 million. Total current assets overall amount to $3,073.9 million.
On the other side of things, the biggest liability is crypto assets and fiat payable to customers which currently sits at $2,807.0 million. Other current liabilities meanwhile total $22.6 million, while crypto assets borrowed amount to $36.8 million in liabilities. Total current liabilities overall is pegged at $2,890.3 million.
Finally, the company also released further details on the US$75.0 million investment from Alameda Research that was previously announced with no details. The investment is occurring at US$9.71 per share, with a total of 7.7 million common shares to be issued.
Voyager Digital last traded at $17.69 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.
