3Q22 Results. Voyager reported $102.7 million of revenue for 3Q22, in-line with the $100-$105 million guidance. Trading revenue was off sharply sequentially as trading volume fell, partially offset by merchant services and staking revenue. We had projected revenue of $98 million. Operating loss was $43.2 million compared to our $32.7 million estimate. Voyager reported a net loss of $61.4 million for the quarter, or $0.36 per share, versus our $0.15 estimate.Key Metrics for the Third Quarter. Total funded accounts reached 1.190 million, a sequential increase of 115,000 from 1.075 million in the second quarter. Total verified users increased by 255,000 to 3.486 million from 3.231 million in the second quarter, while net new deposits decreased by $642 million to $395 million from the previous quarter's $1.04 billion. Read More >>