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VOYAGER DIGITAL REPORTS REVENUE OF US$164.8 MILLION FOR THE QUARTER ENDED DECEMBER 31, 2021

VOYAGER DIGITAL REPORTS REVENUE OF US$164.8 MILLION FOR THE QUARTER ENDED DECEMBER 31, 2021

NEW YORK, Feb. 15, 2022 – Voyager Digital Ltd. (“Voyager” or the “Company”) (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) one of the fastest-growing, publicly traded cryptocurrency platforms in the United States, today announced revenue and user metrics for the Fiscal 2022 Second Quarter ended December 31, 2021.

“I am excited to report our best quarter ever, doubling our revenue from the previous quarter, and highlighting Voyager’s positioning and revenue opportunity in active markets,” said Steve Ehrlich, CEO and Co-founder of Voyager. Ehrlich continued, “More importantly, we delivered significant revenue growth and supported a marked increase in customer activity without any material system issues during the quarter, highlighting the steps we’ve taken to build out the scale and security of the Voyager platform in 2021, as we position Voyager for a series of product roll outs in calendar 2022.

“We are a product delivery organization and are taking the necessary steps to continue our revenue diversification strategy,” continued Mr. Ehrlich. “The launch of our Voyager Debit Card, which allows for payroll direct deposits, is the next step in revenue diversification. We recently added engineering resources to our team which allowed us to add more tokens to the trading platform, and tokens available for staking. By the end of the March quarter, we expect our desktop platform and dark mode will be added to our product offering. We are also building towards adding equities to the platform, expanding the platform to Europe and Canada, and offering an NFT product and wallet. All of these are significant opportunities for the Company; and with our NFT platform we intend to make the viewing, acquiring and custody of NFTs easy for consumers.”

The Company is pleased to announce the following Fiscal 2022 Second Quarter ended December 31, 2021 Financial and Operational Key Metrics:

Revenue for the quarter is $164.8 million with $149.0 million for the historical business and $15.8 million from the Coinify merchant business. The $164.8 million in revenue is up over 4400% compared to $3.5 million for the quarter ended December 31, 2020.
Revenue for the calendar year ended December 31, 2021 is $415.8 million vs $6.6 million for the calendar year ended December 31, 2020.
Adjusted EBITDA is $17.4 million for the quarter vs $2.8 million for the quarter ended December 31, 2020.
Operating Income is $3.2 million for the quarter vs a loss of $2.9 million for the quarter ended December 31, 2020.
Total verified users on the platform stand at more than 3.2 million, up 49% from 2.15 million at the quarter ended September 30, 2021.
Total funded accounts exceed 1,074,000 as of December 31, 2021, up 25% from 860,000 at the quarter ended September 30, 2021.
Total Assets on Platform grew to $5.9 billion from $4.3 billion at September 30, 2021.
Our headcount increased to 250 as of December 31, 2021, from 231 at September 30, 2021.

All figures are preliminary and unaudited and subject to final adjustment. All amounts are in U.S. dollars, unless otherwise indicated.

“I am truly excited about where we are and where we are going. Voyager’s business continues to grow every day and the company is well positioned as a pioneer in the digital asset space,” Ehrlich added.

Conference Call Details
Voyager will discuss its Fiscal 2022 Second Quarter results today, February 15, 2022, via a conference call at 8:00 a.m. Eastern Time. To access the webcast, please register by clicking here. A live webcast and a replay will be available on the Investor Relations section of the Company’s website at https://www.investvoyager.com/investorrelations/overview.

About Voyager Digital Ltd.
Publicly traded Voyager Digital Ltd.’s (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) US subsidiary, Voyager Digital, LLC, is a fast-growing, cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost efficiency to the marketplace. Voyager offers a secure way to trade over 85 different cryptocurrency assets using its easy-to-use mobile application and earn rewards up to 12% annually on more than 35 cryptocurrencies. Through its subsidiary Coinify ApS, Voyager provides cryptocurrency payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.

The TSX has not approved or disapproved of the information contained herein.

Forward Looking Statements

Certain information in this press release, including, but not limited to, statements regarding future growth and performance of the business, momentum in the businesses, future adoption of digital assets, and the Company’s anticipated results may constitute forward looking information (collectively, forward-looking statements), which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” (or the negatives) or other similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Voyager’s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Forward looking statements are subject to the risk that the global economy, industry, or the Company’s businesses and investments do not perform as anticipated, that revenue or expenses estimates may not be met or may be materially less or more than those anticipated, that trading momentum does not continue or the demand for trading solutions declines, customer acquisition does not increase as planned, product and international expansion do not occur as planned, risks of compliance with laws and regulations that currently apply or become applicable to the business or the interpretation or application of laws and regulations by regulatory authorities, and those other risks contained in the Company’s public filings, including in its Management Discussion and Analysis and its Annual Information Form (AIF). Factors that could cause actual results of the Company and its businesses to differ materially from those described in such forward-looking statements include, but are not limited to, a decline in the digital asset market or general economic conditions; changes in laws or approaches to regulation, regulatory investigations, enforcement actions or other regulatory action or sanction, the failure or delay in the adoption of digital assets and the blockchain ecosystem by institutions; changes in the volatility of crypto currency, changes in demand for Bitcoin and Ethereum, changes in the status or classification of cryptocurrency assets, cybersecurity breaches, a delay or failure in developing infrastructure for the trading businesses or achieving mandates and gaining traction; failure to grow assets under management, an adverse development with respect to an issuer or party to the transaction or failure to obtain a required regulatory approval. In connection with the forward-looking statements contained in this press release, the Company has made assumptions that no significant events occur outside of the Company’s normal course of business and that current trends in respect of digital assets continue. Readers are cautioned that the key metrics disclosed in this press release, including, without limitation, Assets Under Management and trading volumes fluctuate and may increase and decrease from time to time and that such fluctuations are beyond the Company’s control. Forward-looking statements, past and present performance and trends are not guarantees of future performance, accordingly, you should not put undue reliance on forward-looking statements, current or past performance, or current or past trends. Information identifying assumptions, risks, and uncertainties relating to the Company are contained in its filings with the Canadian securities regulators available at www.sedar.com. The forward-looking statements in this press release are applicable only as of the date of this release or as of the date specified in the relevant forward-looking statement and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. The Company assumes no obligation to provide operational updates, except as required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law. Readers are cautioned that past performance is not indicative of future performance and current trends in the business and demand for digital assets may not continue and readers should not put undue reliance on past performance and current trends. Refer to definition of certain Non-IFRS terms in Management’s Discussion and Analysis including Assets On Platform, Adjusted EBITDA and Adjusted Working Capital. All figures are in U.S. dollars unless otherwise noted.

Press Contacts

Voyager Digital, Ltd.

Michael Legg
Chief Communications Officer
(212) 547-8807
mlegg@investvoyager.com

Voyager Public Relations Team
pr@investvoyager.com

Voyager Digital Ltd.
Interim Condensed Consolidated Statements of Financial Position (Unaudited)
(USD, in thousands)

	December 31, 2021		June 30, 2021
Assets
Current assets
Cash and cash equivalents	$	143,445	$	193,933
Cash held for customers	80,496		162,852
Crypto assets held ($966.3 million and $0.0 million restricted, respectively)	2,995,759		2,286,399
Crypto assets loaned	2,702,749		393,561
Crypto assets collateral received	181,629		–
Investments	–		31,359
Other current assets	14,943		5,839
Total current assets	6,119,021		3,073,943
Goodwill and intangible assets	80,958		559
Other non-current assets	17,538		2,860
Total assets	$	6,217,517	$	3,077,362
Liabilities
Current liabilities
Crypto assets and fiat payable to customers	$	5,676,023	$	2,807,015
Crypto assets collateral payable	181,629		–
Crypto assets borrowed	–		36,832
Warrant liability	16,083		23,810
Other current liabilities	20,515		22,644
Total current liabilities	5,894,250		2,890,301
Other non-current liabilities	9,507		739
Total liabilities	5,903,757		2,891,040
Equity
Share capital	407,720		261,908
Share-based payments reserve	25,592		15,125
Warrant reserve	1,144		3,457
Other comprehensive loss	(199)		–
Retained deficit	(120,497)		(94,168)
Total equity	313,760		186,322
Total liabilities and equity	$	6,217,517	$	3,077,362

Voyager Digital Ltd.
Interim Condensed Consolidated Statements of Comprehensive Income/ (Loss) (Unaudited)
(USD, in thousands except for shares data)

	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
Revenues
Transaction revenue	$	86,502	$	2,056	$	130,016	$	3,682
Merchant services	15,844		–		29,801		–
Fees from crypto assets loaned	36,239		1,513		49,867		1,888
Staking revenue	20,722		–		28,429		–
Other revenue	5,541		–		8,242		–
Total revenues	164,848		3,569		246,355		5,570
Operating expenses
Rewards paid to customers	73,034		1,540		122,693		1,540
Marketing and sales	35,057		1,021		51,715		1,353
Cost of merchant services	15,497		–		29,205		–
Share-based payments	3,962		354		9,120		1,379
Compensation and employee benefits	8,793		1,058		14,619		2,082
Total compensation and employee benefits	12,755		1,412		23,739		3,461
Trade expenses	7,358		160		11,161		343
Customer onboarding and service	3,065		–		5,654		–
Professional and consulting	7,522		725		14,338		1,092
General and administrative	7,345		1,619		12,960		3,373
Total operating expenses	161,633		6,477		271,465		11,162
Income/ (loss) before other income/ (loss)	3,215		(2,908)		(25,110)		(5,592)
Other income/ (loss)
Change in fair value of crypto assets held	8,596		5,265		(7,044)		5,487
Change in fair value of investments	1,864		10,593		6,114		10,593
Change in fair value of crypto assets borrowed	(4,426)		(6,252)		(13,584)		(6,252)
Change in fair value of warrant liability	(3,627)		(15,589)		6,844		(17,102)
Fees on crypto assets borrowed	(1,390)		(106)		(2,532)		(106)
Total other income/ (loss)	1,017		(6,089)		(10,202)		(7,380)
Net income/ (loss) before provision/ (benefit) for income tax	4,232		(8,997)		(35,312)		(12,972)
Provision (benefit) for income tax	1,644		–		(8,983)		–
Net income/ (loss)	2,588		(8,997)		(26,329)		(12,972)

Other comprehensive income/ (loss)
Foreign currency translation adjustment	(67)		–		(199)		–
Total comprehensive income/ (loss)	$	2,521	$	(8,997)	$	(26,528)	$	(12,972)

Earnings per share
Basic	$	0.02	$	(0.07)	$	(0.16)	$	(0.11)
Diluted	$	0.01	$	(0.07)	$	(0.16)	$	(0.11)

SOURCE Voyager Digital (Canada) Ltd.

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Disclaimer
All transaction are carrying out by SiLLC, a private portfolio management assembly. This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of SiLLC and/or its members. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to SiLLC’s advisory activities relates to SiLLC Assembly International.

Neptune Digital Assets Announces a Record Fiscal First Quarter with $13 Million in Comprehensive Income

Neptune Digital Assets Announces a Record Fiscal First Quarter with $13 Million in Comprehensive Income

Vancouver, British Columbia–(January 31, 2022) – Neptune Digital Assets Corp. (TSXV: NDA) (OTC Pink: NPPTF) (FSE: 1NW) (“Neptune” or the “Company“) is pleased to announce that it has released its November 30, 2021 quarterly consolidated financial statements and management, discussion and analysis for the three months ending November 30, 2021.

Below are a number of financial highlights pertaining to the first quarter ending November 30, 2021 and for the period subsequent to year end up to the date of this news release.

Neptune ended the quarter on November 30, 2021 with $67 million in assets and no debt. This equates to an increase of 23% in asset value over August 31, 2021 year end.
Neptune earned $1,707,046 through Bitcoin mining and other income-generating activities during the three-month period ending November 30, 2021.
Total expenses for the three-month period were $193,308 or $64,436 per month.
Subsequent to November 30, 2021 and up to the date of this release, Neptune earned an additional 35 Bitcoin, bringing the total Bitcoin balance to 160.
530 Bitcoin mining rigs, equating to 53 petahash, are expected to come online in the first calendar quarter of 2022 adding to the existing 22 petahash of capacity.
Neptune’s two largest digital asset holdings as of the date of this release are 160 BTC and 151,000 ATOM. The Company also holds positions in FTM, Tshare, DOT, DASH, Tomb, ETH, BCH, LTC, and a number of other tokens of immaterial values, as well as an investment in the Protocol Crypto Quant Fund valued at $8.2 million at the end of November and a current cash balance of $23.1 million for strategic acquisitions, Bitcoin mining rig purchases and operations.

“Neptune had an amazing first quarter with a $12.6 million increase in assets on our balance sheet and $13 million in comprehensive income,” stated Cale Moodie, Neptune CEO. “We hope to see the general crypto space grow as we move forward into 2022 and our Bitcoin mining, staking, and DeFi earnings to increase accordingly as we grow those arms of the business. We anticipate another 53 petahash of mining capacity to come online in Q2 thus growing our Bitcoin earnings. We are staying true to our diversified model and will continue to manage our risk while maximizing our earnings across the board.”

Certain information provided in this news release is extracted from audited financial statements and ‎management, discussion and analysis for the first quarter ended November 30, 2021 that are filed under the ‎Company’s profile on SEDAR and ‎should be read in conjunction with them. It is only in the context of ‎the information and disclosures ‎contained therein that an investor can properly analyze this ‎‎information.

Operating and Financial Overview
($CAD)
	For the three months ended	November 30, 2021	November 30, 2020

	Mining Revenue	293,794	–
	Other income*	1,413,252	44,862
	Total Earnings	1,707,046	44,862

	Depreciation**	159,818	–
	Stock based compensation**	184,214	10,416
	General expenses (recovery)	(150,724)	105,008

	Realized gain (loss) on settlements and sales	367,633	1,810
	Revaluation of digital currencies***	6,111,989	459,439
	Unrealized gain related to lending activities and short term investments	4,935,551	(143,877)
	Comprehensive income for the period	12,928,911	246,810

Financial Position
($CAD)
	As at	November 30, 2021	August 31, 2021
	Cash and cash loans	27,269,572	154,803
	Total digital assets	22,335,525	48,182,494
	Total other assets	17,687,525	6,338,384
	Total liabilities	272,899	769,083
	Total shareholders equity	67,019,723	53,906,598
	Working capital****	42,938,925	36,141,081

	* All non-Bitcoin mining revenue generating activities
	** Non-cash items
	*** Revaluation is calculated as the change in value (gain or loss) on the coin inventory. When coins are sold, the net difference between the proceeds and the carrying value of the digital currency (including the revaluation), is recorded as a gain (loss) on the sale of digital currencies
	**** Current assets less current liabilities

About Neptune Digital Assets Corp.

Neptune Digital Assets (TSXV: NDA) is one of the first publicly-traded blockchain companies in Canada and is a cryptocurrency and blockchain infrastructure leader with operations across the digital asset ecosystem including Bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (DeFi), and other associated blockchain technologies.

ON BEHALF OF THE BOARD

Cale Moodie, President and CEO
Neptune Digital Assets Corp.
1-800-545-0941
www.neptunedigitalassets.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX ‎Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎

Forward-Looking Statements

This release contains certain “forward-looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, “proposes” or similar terminology. Forward-looking statements and information include, but are not limited to, Company’s operations and sustainable future profitability; potential further improvements to the profitability and efficiency across operations by optimizing cryptocurrency mining output, continuing to lower direct mining operations cost structure, and maximizing existing electrical and infrastructure capacity including with new mining equipment; continued adoption of cryptocurrency. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the inherent risks involved in the cryptocurrency and general securities markets; the Company’s ability to successfully mine digital currency; revenue of the Company may not increase as currently anticipated, or at all; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties. The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

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