Voyager Digital (TSE: VOYG) announced Wednesday preliminary revenue and user figures for the second quarter of Fiscal Year 2022 ended December 31, 2021. It also commented on the company’s growth plans for 2022.
Key Financial and Operational Indicators for Q2 2022
Preliminary total revenue for Q2 2022 is estimated at $165 million, compared to $81.5 million for Q2 2021.
Preliminary total revenues for calendar year 2021 are estimated to be over $415 million, compared to $6.6 million for calendar year 2020. This includes preliminary estimated revenues from merchant services of $29 million.
The total number of verified users increased to 3.2 million as of December 31, 2021, up from 159,000 as of December 31, 2020.
Total funded accounts increased to 1.075 million as of December 31, 2021, compared to 43,000 as of December 31, 2020.
Voyager CEO and co-founder Steve Ehrlich said, “We remain focused on positioning our platform as one of the leading players in digital assets for consumers and expect continued customer growth in 2022. In 2021, we scaled our technology to accommodate rapid growth as mainstream crypto adoption accelerated. Now, with our platform and technological capabilities enhanced, 2022 marks the next phase of Voyager’s growth through product and geographic expansion, alongside marketing efforts to reach new customers.”
Voyager will report results for its fiscal 2022 second quarter on or around February 14. Voyager will also participate in the Eight Capital’s innoVIII: Riding the Digital Rails virtual conference on January 26.
Wall Street’s Take
On December 21, BTIG analyst Mark Palmer maintained a Buy rating on VOYG with a C$31 price target. This implies 107.5% upside potential.
The rest of the Street is bullish on Voyager with a Strong Buy rating based on four Buys. The average Voyager Digital price target of C$30.50 implies 104.2% upside potential to current levels.
Download the TipRanks mobile app now