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DGAP-News: The NAGA Group AG / Key word(s): Quarter Results/Expansion
The NAGA Group AG: NAGAs Q1 topline grows by 63% YoY, reporting record revenue of EUR 18 million and EBITDA of EUR 5 million (Q1 2021: EUR 3 million)
22.04.2022 / 10:47
The issuer is solely responsible for the content of this announcement.
NAGAs Q1 topline grows by 63% YoY, reporting record revenue of EUR 18 million and EBITDA of EUR 5 million (Q1 2021: EUR 3 million)
Hamburg, 22 April 2022 – NAGA Group AG (XETRA: N4G, ISIN: DE000A161NR7), operator of the neo brokerage NAGA, the Cryptocurrency platform NAGAX and neo-banking app NAGA Pay, released a trading update for the first quarter 2022.
NAGA reports that its brokerage business posted a preliminary Q1 2022 record revenue of around EUR 18 million (Q1 2021: EUR 11.7 million) with a preliminary EBITDA of EUR 5 million (Q1 2021: EUR 3 million), representing a year over year growth of 63% and 66% respectively.
"We are happy to see a dynamic start into 2022 and NAGA continuing steady towards its targets. The unfortunate escalation in Ukraine has indeed affected client appetite during Q1 but started to recover by the end of March. Taking this opportunity, we would like to extend our warmest sympathies to the affected people of Ukraine and note that no people in this world should ever have to go through this horror", says CEO Benjamin Bilski.
NAGA aims to start reporting on its three business verticals
Starting with the current second quarter, NAGA plans to report its three business verticals separately and to report in a correspondingly highly transparent manner: Brokerage, Crypto and Payments delivered via its core products NAGA Trader, NAGAX and NAGA Pay.
"All our platforms are by now live and have a clear monetization model in place. Now it's all about scaling marketing activities and operations in each vertical. It will be exciting to showcase the growth of our ventures, especially NAGAX. We feel confident that NAGAX will show a beautiful growth curve over the next few months as it has a unique offering combining competitive and regulated spot crypto exchange coupled with our soon to be crypto derivatives trading platform and staking tool. We are known to disrupt at NAGA, and once again we utilize our expertise in technology and finance over the years to allow the Group to reach a broader customer base and therefore, increase platform revenues significantly", Bilski continues.
Geographic expansion and global licensing
In addition, the company is focused on expanding its regulatory map across all verticals. The Estonian Crypto license for NAGAX was granted in the last week of March, and two more crypto asset service provider licenses are in flight and expected to be granted in Q2 2022. The Group is also actively looking into strategic acquisitions in Europe and Southeast Asia which underlines ambitious expansion plans.
"There is no doubt that the future lies with fully licensed and compliant companies in our very dynamic and fact paced world. This is expected to be an important growth enabler in all three verticals we operate in. Hence, we see licensing and expanding our regulatory map as a core priority. We have built an amazing ecosystem which is now able to integrate brokerages, crypto products, and payment platforms. Combined with a strong licensing map we believe that this will fundamentally accelerate our growth on top of our organic initiatives", Bilski concludes.
NAGA is an innovative fintech company that seamlessly connects personal finance transactions and investments through its social trading platform. The company's proprietary platform offers a range of products from stock trading, investments and cryptocurrencies to a physical VISA card. Additionally, the platform allows for exchanges with other traders, provides relevant information in the feed, and autocopy features for successful members' trades. NAGA is a synergistic total solution that is easily accessible and inclusive. It provides an improved foundation to trade, invest, network, earn and pay. This applies to both fiat and crypto products.
The NAGA Group AG
22.04.2022 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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