1Q22 Results. Voyager reported $81.5 million of revenue for the fiscal first quarter ended September 30th. This is above management's previous $63-$67 million guidance. Coinify results, not included in the guidance, added nearly $16 million of overall revenue. We had projected revenue of $65.5 million. Voyager reported a net loss of $28.9 million for the first quarter, or $0.18 per share.Revenue Drivers. While transaction revenue declined sequentially to $43.5 million from $96.6 million as the entire industry experienced a volume decline, average spread remained at 110 basis points. Two new revenue lines were Staking, which added $7.7 million in a partial quarter, and Merchant Services (Coinify) which contributed nearly $14 million.Operating Metrics. Quarter-end funded accounts exceeded 860,000, verified users topped 2.15 million, and AUM totaled $4.3 billion. Current funded accounts now top one million, verified users top 2.7 million, and AUM is nearly $7 billion, showcasing the ongoing growth.Updated Projections. Management indicated fiscal second quarter is trending at record revenue and has returned to profitability. We are modeling fiscal second quarter revenue at $141 million with net income of $9.8 million, or $0.06 per diluted share. For the full year, we estimate revenue of $555 million and net income of $21.5 million, or $0.12 per diluted share. If Voyager is able to convert some of the 1.7 million of unfunded, but verified, accounts faster, our numbers may prove light.Favorable Risk/Reward. VYGVF shares have shown strength recently, up from the $9.14 close on October 26th. Key cryptocurrency prices have rebounded and volatility remains a friend. As such, we are maintaining our Outperform rating and $25 price target (U.S. dollars). Voyager shares continue to trade at a substantial discount to its peer group. Read More >>