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Voyager Digital (VYGVF)(VOYG:CA) – Charting a Course for Improving Results

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Thursday, November 18, 2021

Voyager Digital (VYGVF)(VOYG:CA)
Charting a Course for Improving 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.

    1Q22 Results. Voyager reported $81.5 million of revenue for the fiscal first quarter ended September 30th. This is above management’s previous $63-$67 million guidance. Coinify results, not included in the guidance, added nearly $16 million of overall revenue. We had projected revenue of $65.5 million. Voyager reported a net loss of $28.9 million for the first quarter, or $0.18 per share.

    Revenue Drivers.  While transaction revenue declined sequentially to $43.5 million from $96.6 million as the entire industry experienced a volume decline, average spread remained at 110 basis points. Two new revenue lines were Staking, which added $7.7 million in a partial quarter, and Merchant Services (Coinify) which contributed nearly $14 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. 

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