Monday, November 01, 2021

Voyager Digital (VYGVF)(VOYG:CA)
Fiscal 2021 4Q and Full Year Results

Voyager Digital Ltd through its subsidiary, operates as a crypto asset broker that provides retail and institutional investors with a turnkey solution to trade crypto assets. The company offers investors execution, data, wallet and custody services through its institutional-grade open architecture platform.

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.

4Q21 Results. Voyager reported $109 million of revenue for the fiscal fourth quarter ended June 30th and $175.1 million for the fiscal year. We had projected revenue of $105 million and $171 million, respectively. Adjusted EBITDA was $21.2 million and $62.7 million, respectively. Voyager reported net income of $30.0 million for the fourth quarter and a net loss for the year of $51.5 million, or $0.39 per share.


Metrics.  AUM of $6 billion and verified users of 2.4 million are both up from the October 6th release on preliminary 1Q22 results, of $5 billion and $2.15 million, illustrating the rapid growth potential of the Company, in our view. Fiscal year-end cash was $193.9 million and adjusted working capital was $207 million …

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.