FF News — The Fintech News Network

Voyager Digital reports $20 million revenue run rate in December and second quarter business update

By FF Newsroom · 5 January 2021

Voyager Digital reports $20 million revenue run rate in December and second quarter business update
Voyager Digital Ltd. ("Voyager" or the "Company"), a publicly-traded (CSE: VYGR), licensed crypto-asset broker that provides investors with a turnkey solution to trade crypto assets, is pleased to provide shareholders with a business and operational update and revenue guidance for its calendar year and fiscal 2021 second quarter ended December 31, 2020. Preliminary revenue (unaudited) for the fiscal quarter ended December 31, 2020, is expected to be approximately USD$3.5 million, representing 75% growth sequentially compared to USD$2.0 million for the previous fiscal quarter. “Voyager delivered strong results in our second fiscal quarter of 2021, including record revenue and Assets Under Management (AUM) growth even with the headwinds of COVID-19,” said Stephen Ehrlich, Co-founder and CEO of Voyager. “We believe this is due to the increasing utilization of digital assets by mainstream investors and the continued adoption of our trusted, state-of-the-art trading platform. More than ever, customers are turning to the Voyager Platform as a one-stop-shop for the superior trading execution, diverse coin offerings, and the security and market-leading interest program that it offers. As a result of these drivers, we have seen our average net deposits grow substantially in early 2021, with our AUM now over USD$265 million. Fiscal 2021 Second Quarter Financial and Operational Milestones
  • Preliminary fiscal 2021 second quarter revenue is expected to increase 75% from the first fiscal quarter of 2021 to USD$3.5 million, an increase of 3,877% from the prior year fiscal quarter ended December 31, 2019.
  • December revenue run rate of over USD$20 million, compared to USD$200,000 in December 2019.
  • Assets Under Management (AUM) were over USD$200 million as of December 31, 2020, an increase from USD$75 million as of September 30, 2020.
  • Average net daily deposits increased to USD$1.0 million in December 2020, increasing from USD$0.4 million in September 2020.
  • Completed a private placement during the fiscal 2021 second quarter, which increases gross proceeds raised during fiscal 2021 to CAD$13.8 million.
  • Completed the acquisition of LGO, SAS, an AMF regulated entity that provides Voyager with a fully licensed European entity to accelerate its European strategy.
Mr. Ehrlich continued, “At Voyager, our focus has and always will be the ever-growing needs of our customers. Our platform was designed to provide excellent trading execution in both up and down markets because we know that’s what our customers want, to take advantage of trading opportunities that arise when the markets move in either direction. Throughout 2020, we worked tirelessly to enhance the Voyager platform and now, our customers can trade 55 digital assets while earning interest on over 20 of those assets. We have made incredible progress and I personally want to thank all of our business partners and employees for contributing to our growth and success this past year.” Mr. Ehrlich added, “As widespread adoption of cryptocurrency grew in the latter part of 2020, we have seen 2021 get off to a quick start and we are well-positioned to continue our extraordinary growth through 2021 and beyond. To meet this increased demand, Voyager remains focused on providing investors an exceptional digital asset trading experience. We intend to keep improving our platform by enhancing user functionality and adding new features such as debit and credit cards, margin products, desktop application, and expanding our industry-leading interest program. By doing so, we are confident we will deliver another successful year and continue to achieve our vision: enabling traditional investors to access this important asset class while providing the premier, one-stop destination for investing securely in digital assets.” For more information on Voyager Digital, please visit https://www.investvoyager.com. The Voyager App is available for Android and iPhone.

More from News