Voyager Digital (VYGVF)(VOYG:CA)
Better than Expected Preliminary 3Q 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.
3Q22 Preliminary Total Revenue. Voyager’s management announced that preliminary total revenue for the third quarter will be between $100 to $105 million, a sequential decrease from second quarter’s $164.8 million, as expected due to soft market conditions, but an improvement year-over-year from the previous year’s $60.4 million. We had estimated total revenue at $98 million.
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. We believe that this growth is attributable to Voyager’s commitment to scaling their technology to expand on their products, including their debit card. Total verified users increased by 255,000 to 3.486 million from 3.231 million in the second …
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