4Q21 Results. Voyager reported $109 million of revenue for the fiscal fourth quarter ended June 30th and $175.1 million for the fiscal year. We had projected revenue of $105 million and $171 million, respectively. Adjusted EBITDA was $21.2 million and $62.7 million, respectively. Voyager reported net income of $30.0 million for the fourth quarter and a net loss for the year of $51.5 million, or $0.39 per share.Metrics. AUM of $6 billion and verified users of 2.4 million are both up from the October 6th release on preliminary 1Q22 results, of $5 billion and $2.15 million, illustrating the rapid growth potential of the Company, in our view. Fiscal year-end cash was $193.9 million and adjusted working capital was $207 million.Not All Tweets Are Equal. The Dallas Mavericks announced $100 of free Bitcoin to anyone who downloaded the Voyager app through 10/30. A crush of downloads made Voyager the 29th most downloaded app Friday on the Google Play store, the highest ever ranking and up from 200 earlier in the week. We expect a wave of new verified users, which could significantly boost Voyager's near-term growth metrics.Projections. Voyager noted it will report 1Q22 results around November 15th and we will hold off updating our projections until then. However, as part of its discussion, management did note that the focus on customer growth has resulted in a substantial rise in marketing and other costs, which we expect will continue.Favorable Risk/Reward. VGYVF shares rebounded 69% from Tuesday's close through Friday's close on last week's news. However, we continue to believe VGYVF shares present a favorable risk/reward to investors and, as such, we are maintaining our Outperform rating and $25 price target (U.S. dollars). Read More >>