Tuesday, May 17, 2022
Voyager Digital (VYGVF)
Announces $60 Million Raise; Reports 3Q22 Results
Voyager Digital Ltd.’s (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) US subsidiary, Voyager Digital, LLC, is a fast-growing cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost-efficiency to the marketplace. Voyager offers a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
3Q22 Results. Voyager reported $102.7 million of revenue for 3Q22, in-line with the $100-$105 million guidance. Trading revenue was off sharply sequentially as trading volume fell, partially offset by merchant services and staking revenue. We had projected revenue of $98 million. Operating loss was $43.2 million compared to our $32.7 million estimate. Voyager reported a net loss of $61.4 million for the quarter, or $0.36 per share, versus our $0.15 estimate.
Key Metrics for the Third Quarter. Total funded accounts reached 1.190 million, a sequential increase of 115,000 from 1.075 million in the second quarter. Total verified users increased by 255,000 to 3.486 million from 3.231 million in the second quarter, while net new deposits decreased by $642 million to $395 million from the previous quarter’s $1.04 billion….
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.