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.
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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.
