This week Voyager digital, which describes itself as one of the fastest-growing publicly traded cryptocurrency platforms in the United States, has released its 2022 third-quarter fiscal earnings and losses. The list contains a breakdown of their assets, liability, and equity as it stands and is vital information for investors and those interested in crypto in general.
Words from the CEO
“We performed strongly amidst the challenging macroeconomic and lower trading volumes seen across our industry,” said Steve Ehrlich, CEO and Co-founder of Voyager. “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 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. Ehrlich continued, “Additionally, in the quarter we successfully launched our extremely popular moon mode and onboarded customers to the beta programs for both our debit card and desktop app. The debit card is on target and expected to be deployed to the remainder of the waitlist throughout the quarter and the desktop app is set to be expanded to a wide group of customers.”
Voyager Digital Third Quarter Financial & Operational Metrics
The Company announces the following for the fiscal 2022 third quarter ended March 31, 2022, Financial and Operational Key Metrics:
- Revenue for the quarter is $102.7 million, up 70% compared to $60.4 million for the quarter ended March 31, 2021.
- Operating loss is $43.0 million for the quarter vs an income of $29.8 million for the quarter ended March 31, 2021. Operating loss/income includes stock-based compensation of $5.4 million for the quarter vs $5.3 million for the quarter ended March 31, 2021, respectively.
- Total verified users on the platform stand at 3.5 million, up 9% from 3.2 million at the quarter ended December 31, 2021.
- Total funded accounts reached 1,190,000 as of March 31, 2022, up 11% from 1,074,000 at the quarter ended December 31, 2021.
- Total Assets on Platform decreased to $5.8 billion from $6.0 billion at December 31, 2021.
- Our headcount increased to 318 as of March 31, 2022, from 250 at December 31, 2021.
All figures are preliminary and unaudited and subject to final adjustment. All amounts are in U.S. dollars unless otherwise indicated.
The company is also pleased to announce Ashwin Prithipaul as Chief Financial Officer. He comes to Voyager with deep financial leadership experience, including as the former CFO of Galaxy Digital. In conjunction with this, Evan Psaropoulos is moving into a new role as Chief Commercial Officer to build out the Company’s revenue diversification as well as partner with the new CFO in creating cost efficiencies.
“In closing, we strongly believe we are in the early stages of global crypto adoption. Voyager remains very well capitalized to strategically grow our business and serve consumers amidst a rapidly evolving crypto landscape,” Ehrlich added.
Voyager Digital 2022 Q3 Fiscal Earnings/Revenue & Losses List
Voyager Digital Ltd.
Interim Condensed Consolidated Statements of Financial Position (Unaudited)
(USD, in thousands)
| March 31, 2022 | June 30, 2021 | ||||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | $ 99,406 | $ 193,933 | |||
| Cash held for customers | 112,413 | 162,852 | |||
| Crypto assets held ($895.7 million and $0.0 million restricted, respectively) | 3,433,142 | 2,286,399 | |||
| Crypto assets loaned | 2,022,444 | 393,561 | |||
| Crypto assets collateral received | 227,339 | – | |||
| Investments | – | 31,359 | |||
| Other current assets | 16,111 | 5,839 | |||
| Total current assets | 5,910,855 | 3,073,943 | |||
| Goodwill and intangible assets | 79,334 | 559 | |||
| Other non-current assets | 8,695 | 2,860 | |||
| Total assets | $ 5,998,884 | $ 3,077,362 | |||
| Liabilities | |||||
| Current liabilities | |||||
| Crypto assets and fiat payable to customers | $ 5,482,009 | $ 2,807,015 | |||
| Crypto assets collateral payable | 227,339 | – | |||
| Crypto assets borrowed | – | 36,832 | |||
| Warrant liability | 6,102 | 23,810 | |||
| Other current liabilities | 16,155 | 22,644 | |||
| Total current liabilities | 5,731,605 | 2,890,301 | |||
| Other non-current liabilities | 9,496 | 739 | |||
| Total liabilities | 5,741,101 | 2,891,040 | |||
| Equity | |||||
| Share capital | 408,353 | 261,908 | |||
| Share-based payments reserve | 30,570 | 15,125 | |||
| Warrant reserve | 1,144 | 3,457 | |||
| Other comprehensive loss | (347) | – | |||
| Accumulated deficit | (181,937) | (94,168) | |||
| Total equity | 257,783 | 186,322 | |||
| Total liabilities and equity | $ 5,998,884 | $ 3,077,362 |
Voyager Digital Ltd.
Interim Condensed Consolidated Statements of Comprehensive Income/ (Loss) (Unaudited)
(USD, in thousands except for shares data)
| Three Months Ended March 31, | Nine Months Ended March 31, | |||||||
| 2022 | 2021 | 2022 | 2021 | |||||
| Revenues | ||||||||
| Transaction revenue | $ 33,386 | $ 53,736 | $ 163,402 | $ 57,418 | ||||
| Fees from crypto assets loaned | 31,025 | 6,702 | 80,892 | 8,590 | ||||
| Merchant services | 18,347 | – | 48,148 | – | ||||
| Staking revenue | 14,359 | – | 42,788 | – | ||||
| Other revenue | 5,626 | – | 13,868 | – | ||||
| Total revenues | 102,743 | 60,438 | 349,098 | 66,008 | ||||
| Operating expenses | ||||||||
| Rewards paid to customers | 59,321 | 7,409 | 182,014 | 8,949 | ||||
| Marketing and sales | 30,367 | 8,935 | 82,082 | 10,288 | ||||
| Cost of merchant services | 17,979 | – | 47,184 | – | ||||
| Share-based payments | 5,386 | 5,271 | 14,506 | 6,650 | ||||
| Compensation and employee benefits | 12,365 | 2,476 | 26,984 | 4,558 | ||||
| Total compensation and employee benefits | 17,751 | 7,747 | 41,490 | 11,208 | ||||
| Trade expenses | 2,984 | 726 | 14,145 | 1,069 | ||||
| Customer onboarding and service | 3,525 | 2,677 | 9,179 | 2,677 | ||||
| Professional and consulting | 6,033 | 1,141 | 20,371 | 2,233 | ||||
| General and administrative | 7,743 | 1,957 | 20,703 | 5,327 | ||||
| Total operating expenses | 145,703 | 30,592 | 417,168 | 41,751 | ||||
| Income/ (loss) before other income/ (loss) | (42,960) | 29,846 | (68,070) | 24,257 | ||||
| Other income/ (loss) | ||||||||
| Change in fair value of crypto assets held | (17,516) | 12,953 | (24,560) | 18,440 | ||||
| Change in fair value of investments | – | 18,977 | 6,114 | 29,570 | ||||
| Change in fair value of crypto assets borrowed | – | (30,030) | (13,584) | (36,282) | ||||
| Change in fair value of warrant liability | 9,981 | (98,990) | 16,825 | (116,092) | ||||
| Fees on crypto assets borrowed | – | (1,319) | (2,532) | (1,428) | ||||
| Total other income/ (loss) | (7,535) | (98,409) | (17,737) | (105,792) | ||||
| Net income/ (loss) before provision/ (benefit) for income tax | (50,495) | (68,563) | (85,807) | (81,535) | ||||
| Provision (benefit) for income tax | 10,945 | – | 1,962 | – | ||||
| Net income/ (loss) | (61,440) | (68,563) | (87,769) | (81,535) | ||||
| Other comprehensive income/ (loss) | ||||||||
| Foreign currency translation adjustment | (148) | (14) | (347) | (14) | ||||
| Total comprehensive income/ (loss) | $ (61,588) | $ (68,577) | $ (88,116) | $ (81,549) | ||||
| Earnings per share | ||||||||
| Basic | $ (0.36) | $ (0.49) | $ (0.53) | $ (0.66) | ||||
| Diluted | $ (0.36) | $ (0.49) | $ (0.53) | $ (0.66) |
The above indicates a relatively normal position for the company as the industry is currently in a downward trend so it’s hard to say what the future will bring for the company at this point. To find out why voyagers stock is dropping recently and decide for yourself if it’s a good time to invest, read more here: //coinvoyagers.com/why-is-voyager-digital-stock-dropping-do-may-2022-prices-indicate-time-to-buy/
