Voyager Digital (VYGVF)(VOYG:CA)
Record 2Q22, But Headwinds Likely To Temper 3Q22
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.
2Q22 Results. Voyager reported $164.8 million of revenue for 2Q22, in-line with the $165 million guidance. Merchant services added nearly $16 million of overall revenue and staking revenue was $20.7 million. We had projected revenue of $141 million. Voyager reported net income of $2.6 million for the quarter, or $0.01 per share, in-line with consensus, but below our $0.06 estimate.
Key Metrics. Total verified users grew to 3.2 million as of December 31st, up from 2.15 million on September 30th, while total funded accounts rose to 1.074 million from 860,000 over the same period. Total funded to total verified fell to .336 from .400. We expect a portion of this reflects the hugely successful Mavericks promotion. Net new deposits in the fiscal second quarter totaled $1.04 …
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.