3Q22 Preliminary Total Revenue. Voyager's management announced that preliminary total revenue for the third quarter will be between $100 to $105 million, a sequential decrease from second quarter's $164.8 million, as expected due to soft market conditions, but an improvement year-over-year from the previous year's $60.4 million. We had estimated total revenue at $98 million.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. We believe that this growth is attributable to Voyager's commitment to scaling their technology to expand on their products, including their debit card. 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.State Orders. The Company also announced it is continuing conversations with state regulators to better understand the Orders' terms and statements, as the Company believes some statements are incorrect. We would point out again the only product currently impacted is the Voyager Earn Program. We believe that this communication with the state regulators will help shape the industry regulation.Results Announcement. Voyager's management will be announcing the results for the third quarter ending March 31st on May 16th. We will be updating our models following the announcement.Maintaining Outperform and $15 PT. We believe the states' cease and desist orders are an unfortunate speed bump, but it does not alter the long-term fundamentals for the Company. As such, we are maintaining our Outperform rating and our $15 12-month price target. We continue to believe Voyager is a leader in the emerging Crypto space. Read More >>