Cryptocurrency Roundtable

[JohnCM]

Voyager Digital Reports Record Revenues of US$60 Million with a 50% Operating Margin Generating an Operating Profit of $30 Million for the Fiscal Third Quarter

May 25, 2021 4:05 PM ET
Canada Newswire

Company Continues to Experience Accelerated Growth in April and May

Verified Users Currently Exceed 1.6 Million

NEW YORK, May 25, 2021 /CNW/ - Voyager Digital Ltd. (VYGVF) ("Voyager" or the "Company") (CSE: VYGR) (OTCQB: VYGVF) (FRA: UCD2), today announced financial results for its third quarter of fiscal 2021, which ended March 31, 2021.

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Voyager reported another record quarter, with momentum continuing in the fiscal fourth quarter to date.

Total revenue in the fiscal 2021 third quarter increased to US$60.4 million, up over 16x from US$3.6 million in the fiscal 2021 second quarter.

Operating profit of US$30 million for the fiscal third quarter, with an operating margin of 50% - the Company's first-ever quarter of operating profit.

The Company ended the fiscal 2021 third quarter with adjusted working capital of US$197 million.

US$5 billion of principal volume traded for the fiscal 2021 third quarter, compared to US$350 million of principal value traded in the fiscal second quarter.

May new funded accounts already have well exceeded the entire month of April, exceeding 1.6 million verified accounts as of today.

"Voyager reported another record period with strong third quarter results. This momentum has continued into our fiscal 2021 fourth quarter to date, as we continue to see an acceleration in all of our key metrics," said Steve Ehrlich, Voyager's CEO and Co-founder.

"It is clear that Voyager's strategy to be the most consumer-friendly, transparent, and easy-to-use platform with leading offerings of altcoins and interest-yielding assets has gained significant market share. Our focus on a wide range of coins has contributed to a long-term economic model with fiscal third-quarter operating margins increasing to 50%. Given our success to date, we anticipate that our operating margin should continue to scale in future periods."

During the fiscal 2021 third quarter, Voyager continued to make significant upgrades to its systems infrastructure and staff with a focus on platform security, scalability and customer support. Since calendar year-end, the Company has increased its headcount by approximately 4x in support of these initiatives and Voyager's rapid growth.

Mr. Ehrlich continued, "In the March quarter, we saw exponential adoption of cryptocurrencies as a recognized and investable asset class, which translated into significant growth for Voyager. The U.S. market continues to outperform given our compelling and competitive differentiation. The management team is committed to continuing our strong execution, even as we expand our international market reach. Our team is extremely proud of what we have accomplished to date."

For more detailed information, the Company encourages investors to read its interim financial statements and related Management Discussion & Analysis ("MD&A") for the three and nine months ended March 31, 2021, which will be filed with SEDAR today.

Conference Call

The Company will conduct a conference call today at 5:00 p.m. (Eastern Time) to review the results as well as provide an overview of the Company's recent milestones and growth strategy. A live webcast of the conference call can be accessed here: webcast link.

For more information on Voyager Digital, please visit https://www.investvoyager.com. The Voyager App is available for Android and iPhone.

About Voyager Digital Ltd.

Voyager Digital Ltd. is a publicly traded holding company whose subsidiaries operate a crypto-asset platform that provides retail investors with a seamless solution to trade crypto assets. The Voyager Platform provides its customers with competitive price execution through its smart order router and as well as a custody solution on a wide choice of popular crypto-assets. Voyager was founded by established Wall Street and Silicon Valley entrepreneurs who teamed to bring a better, more transparent, and cost-efficient alternative for trading crypto-assets to the marketplace.

Please visit us at https://www.investvoyager.com for more information.