NAGA Group revealed on Friday its financial results for the first quarter of 2022, seeing €18 million of revenue. This was a 63% increase compared to the same period the previous year.
The neo brokerage reported EBITDA of €5 million, up from Q1 2021’s €3 million.
Benjamin Bilski, who is heading NAGA Group as CEO, said:
Benjamin Bilski Source: LinkedIn
We are happy to see a dynamic start into 2022 and NAGA continuing steady towards its targets. The unfortunate escalation in Ukraine has indeed affected client appetite during Q1 but started to recover by the end of March.
The Germany-headquartered broker, focused on social trading posted record numbers for 2021 with total revenue of €55.3 million and record EBITDA that reached €12.8 million.
Reporting on separate business verticals
NAGA announced that it is now planning to report its financial results separately – from its neo brokerage, crypto trading, and payments platform, starting in the second quarter.
All our platforms are by now live and have a clear monetization model in place. Now it’s all about scaling marketing activities and operations in each vertical.
Bilski noted that the move will allow the company to showcase the growth of its ventures, especially NAGAX.
Estonian crypto license
Additionally, NAGA is also focused on expanding geographically, and specifically with its new crypto business. NAGAX, the company’s crypto exchange brand launched last month, has gained a Estonian crypto license in the end of March.
The company noted that two more crypto asset service provider licenses are in the works and expected for Q2 2022. NAGA further revealed that it is exploring strategic acquisitions in Europe and Southeast Asia to accelerate its expansion plans.
There is no doubt that the future lies with fully licensed and compliant companies in our very dynamic and fact paced world. This is expected to be an important growth enabler in all three verticals we operate in. Hence, we see licensing and expanding our regulatory map as a core priority.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.