Voyager Digital Sees a 70% Increase in Its Quarterly Revenue for 2022

Tuesday, 17/05/2022 | 01:23 GMT by Felipe Erazo
  • The operating loss was $43.0 million for the quarter.
  • The platform raised $60 million in a private placement offering.
crypto exchange

Voyager Digital (TSX: VOYG), a crypto trading platform , released its revenue and user metrics for the quarter that ended 31 March 2022. According to the figures, revenue for the quarter was $102.7 million, which is up 70% compared to $60.4 million for the mentioned quarter.

The operating loss accounted for $43.0 million for the quarter compared to an income of $29.8 million for the quarter ended 31 March 2021. Also, operating loss and income that includes stock-based compensation was $5.4 million for the quarter, compared to $5.3 million for the quarter ended 31 March 2021.

The total verified users on the platform were at 3.5 million, which is up 9% from 3.2 million at the quarter ended 31 December 2021. The total funded accounts hit 1,190,000 as of 31 March 2022, which is up 11% from 1,074,000 at the quarter ended 31 December 2021. The total assets on the platform decreased to $5.8 billion from $6.0 billion on 31 December 2021. Moreover, Voyager Digital’s headcount increased to 318 as of 31 March 2022, from 250 on 31 December 2021.

Private Placement Offering Took Place

“We performed strongly amidst the challenging macroeconomic and lower trading volumes seen across our industry. Despite market conditions, we continued to deliver customer account and net deposit growth, while continuing to build upon our revenue diversification strategy. With the announcement of the private placement of approximately USD$60 million, the Company has over $225 million of net liquidity , comprised of over $175 million in cash, and approximately $50 million in crypto. With the recent changes to our rewards model and actively addressing our cost structure to ensure an efficient use of capital, we are working toward a goal of returning to positive operating income, after adding back stock-based compensation, in early calendar 2023,” Steve Ehrlich, the CEO and Co-Founder of Voyager, commented.

The report comes after Voyager Digital raised $60 million in a private placement offering at $2.34 per share on Monday.

Voyager Digital (TSX: VOYG), a crypto trading platform , released its revenue and user metrics for the quarter that ended 31 March 2022. According to the figures, revenue for the quarter was $102.7 million, which is up 70% compared to $60.4 million for the mentioned quarter.

The operating loss accounted for $43.0 million for the quarter compared to an income of $29.8 million for the quarter ended 31 March 2021. Also, operating loss and income that includes stock-based compensation was $5.4 million for the quarter, compared to $5.3 million for the quarter ended 31 March 2021.

The total verified users on the platform were at 3.5 million, which is up 9% from 3.2 million at the quarter ended 31 December 2021. The total funded accounts hit 1,190,000 as of 31 March 2022, which is up 11% from 1,074,000 at the quarter ended 31 December 2021. The total assets on the platform decreased to $5.8 billion from $6.0 billion on 31 December 2021. Moreover, Voyager Digital’s headcount increased to 318 as of 31 March 2022, from 250 on 31 December 2021.

Private Placement Offering Took Place

“We performed strongly amidst the challenging macroeconomic and lower trading volumes seen across our industry. Despite market conditions, we continued to deliver customer account and net deposit growth, while continuing to build upon our revenue diversification strategy. With the announcement of the private placement of approximately USD$60 million, the Company has over $225 million of net liquidity , comprised of over $175 million in cash, and approximately $50 million in crypto. With the recent changes to our rewards model and actively addressing our cost structure to ensure an efficient use of capital, we are working toward a goal of returning to positive operating income, after adding back stock-based compensation, in early calendar 2023,” Steve Ehrlich, the CEO and Co-Founder of Voyager, commented.

The report comes after Voyager Digital raised $60 million in a private placement offering at $2.34 per share on Monday.

About the Author: Felipe Erazo
Felipe Erazo
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About the Author: Felipe Erazo
Felipe earned a degree in journalism at the University of Chile with the highest honour in the overall ranking, and he also holds a Bachelor of Arts in Social Communication. In addition, he has been working as a freelance writer and Forex/crypto analyst, with experience gained from several forex broker firms and crypto-related media outlets around the world. He has been involved in the world of online forex trading since 2010 and in the crypto sphere since 2015.
  • 1036 Articles
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