Voyager Digital trades in red on FQ1 prelim revenue seen lower Q/Q

For 1Q22, Voyager Digital (OTCQX:VYGVF -12.1%) indicated that total funded accounts crosses 860K (+29% Q/Q) while total verified users on the platform stood at 2.15M+ (+23% Q/Q). Prelim revenue for the quarter is seen at $63 – 67M compared to $109M for FQ4 and $2M in year ago quarter. Net new deposits stood at ~$827M, compared to $1,620M for the FQ4. "As we continue to grow our funded accounts, Voyager's transactional volume is contingent on market volume and the overall market volume decreased substantially in July and August. We have begun to diversify our revenue model to generate long term staking rewards providing recurring revenue. As we continue to develop staking capabilities, we expect that rewards and yield revenue will generate between $40 - $50 million of revenue for the December quarter," CEO and co-founder Stephen Ehrlich commented.