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

Voyager Digital (TSX: VOYG), a crypto trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, 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 Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term, 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.