Victory Square Technologies Reports Q2 2024 Financial Results
Victory Square Technologies Inc. (CSE:VST) (OTC:VSQTF) reported its Q2 2024 financial results. Revenue for the six-months ended June 30, 2024, was $7,993,311, a 46% increase compared to Q2 2023. The company's gross margin was $3,304,968, up from $2,541,910 in the comparative period. Victory Square is a Venture Builder with a portfolio of 25+ innovative companies across sectors including Digital Health, AI, Blockchain, and Climate Tech. The company's business model involves buying, building, and investing in early-stage tech companies, typically spending up to 48 months with them before spin-off or independence. Despite revenue growth, the company reported a net loss, primarily due to fair value write-downs on portfolio investments and operating losses from consolidated subsidiaries.
Victory Square Technologies Inc. (CSE:VST) (OTC:VSQTF) ha riportato i risultati finanziari per il secondo trimestre del 2024. Il fatturato per i sei mesi terminati il 30 giugno 2024 è stato di $7.993.311, con un aumento del 46% rispetto al secondo trimestre del 2023. Il margine lordo dell'azienda è stato di $3.304.968, in aumento rispetto ai $2.541.910 del periodo comparativo. Victory Square è un Venture Builder con un portafoglio di oltre 25 aziende innovative in settori che includono Salute Digitale, AI, Blockchain e Tecnologia Climatica. Il modello di business dell'azienda prevede l'acquisto, la costruzione e l'investimento in aziende tecnologiche in fase iniziale, generalmente spendendo fino a 48 mesi con esse prima della separazione o dell'indipendenza. Nonostante la crescita del fatturato, l'azienda ha riportato una perdita netta, principalmente a causa di svalutazioni del valore equo sugli investimenti del portafoglio e perdite operative da sussidiari consolidati.
Victory Square Technologies Inc. (CSE:VST) (OTC:VSQTF) informó sus resultados financieros del segundo trimestre de 2024. Los ingresos para los seis meses que finalizaron el 30 de junio de 2024 fueron de $7,993,311, un aumento del 46% en comparación con el segundo trimestre de 2023. El margen bruto de la compañía fue de $3,304,968, en comparación con $2,541,910 en el período comparativo. Victory Square es un Venture Builder con un portafolio de más de 25 empresas innovadoras en sectores que incluyen Salud Digital, IA, Blockchain y Tecnología Climática. El modelo de negocio de la compañía implica comprar, construir e invertir en empresas tecnológicas en etapa temprana, generalmente gastando hasta 48 meses con ellas antes de su escisión o independencia. A pesar del crecimiento de los ingresos, la compañía reportó una pérdida neta, principalmente debido a disminuciones de valor razonable en inversiones de portafolio y pérdidas operativas de subsidiarias consolidadas.
Victory Square Technologies Inc. (CSE:VST) (OTC:VSQTF)는 2024년 2분기 재무 결과를 발표했습니다. 2024년 6월 30일로 종료된 6개월 동안의 수익은 $7,993,311로, 46% 증가했습니다 2023년 2분기와 비교하여. 회사의 총 이익은 $3,304,968으로, 비교 기간의 $2,541,910에서 증가했습니다. Victory Square는 디지털 헬스, AI, 블록체인 및 기후 기술을 포함한 분야에서 25개 이상의 혁신적인 회사로 구성된 포트폴리오를 가진 벤처 빌더입니다. 회사의 비즈니스 모델은 초기 기술 회사들을 구매하고, 구축하며, 투자하는 것으로, 일반적으로 이들과 최대 48개월 동안 함께한 후 분사 또는 독립을 목표로 합니다. 매출 성장에도 불구하고 회사는 포트폴리오 투자에 대한 공정 가치 감소와 통합 자회사에서의 운영 손실로 인해 순손실을 보고했습니다.
Victory Square Technologies Inc. (CSE:VST) (OTC:VSQTF) a annoncé ses résultats financiers pour le deuxième trimestre de 2024. Le chiffre d'affaires pour les six mois se terminant le 30 juin 2024 s'élevait à 7 993 311 $, soit une augmentation de 46% par rapport au deuxième trimestre de 2023. La marge brute de l'entreprise était de 3 304 968 $, contre 2 541 910 $ pour la période comparative. Victory Square est un Venture Builder avec un portefeuille de plus de 25 entreprises innovantes dans des secteurs tels que la santé numérique, l'IA, la blockchain et la technologie climatique. Le modèle commercial de l'entreprise consiste à acheter, construire et investir dans des entreprises technologiques en phase de démarrage, généralement en passant jusqu'à 48 mois avec elles avant la scission ou l'indépendance. Malgré la croissance des revenus, l'entreprise a enregistré une perte nette, principalement en raison de dépréciations de la juste valeur des investissements du portefeuille et de pertes d'exploitation de filiales consolidées.
Victory Square Technologies Inc. (CSE:VST) (OTC:VSQTF) hat die finanziellen Ergebnisse für das zweite Quartal 2024 bekannt gegeben. Der Umsatz für die sechs Monate bis zum 30. Juni 2024 betrug $7.993.311, was einem Anstieg von 46% im Vergleich zum zweiten Quartal 2023 entspricht. Der Bruttogewinn des Unternehmens betrug $3.304.968, ein Anstieg von $2.541.910 im vergleichbaren Zeitraum. Victory Square ist ein Venture Builder mit einem Portfolio von über 25 innovativen Unternehmen in Sektoren wie digitale Gesundheit, KI, Blockchain und Klimatechnologie. Das Geschäftsmodell des Unternehmens umfasst den Kauf, den Aufbau und das Investieren in technologieorientierte Start-ups, wobei in der Regel bis zu 48 Monate mit ihnen verbracht werden, bevor sie ausgegliedert oder unabhängig werden. Trotz des Umsatzwachstums meldete das Unternehmen einen Nettoverlust, hauptsächlich aufgrund von Wertberichtigungen bei Portfolioanlagen und operativen Verlusten von konsolidierten Tochtergesellschaften.
- Revenue increased by 46% to $7,993,311 for the six-months ended June 30, 2024
- Gross margin improved to $3,304,968 from $2,541,910 in the comparative period
- Diverse portfolio of 25+ innovative companies across various tech sectors
- Cash and liquid securities of approximately $3,800,000
- Net loss reported for the six-months ended June 30, 2024
- Fair value write-down on portfolio investments due to market environment
- Operating losses from consolidated subsidiaries
Revenue for the six-months ended June 30, 2024 was
VANCOUVER, British Columbia, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. (“Victory Square” or the “Company”) (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that gives investor access to a portfolio of 25+ innovative companies from around the world in a single stock, announces it has filed its Consolidated Financial Statements for the six-months ended June 30th, 2024 along with its Management Discussion and Analysis (MD&A).
Company:
Victory Square is a Venture Builder that provides investors a liquid way to invest in early-stage technology companies without buying a venture fund that requires accredited investor status or multi-year commitments.
- A diverse portfolio of 25+ innovative companies from around the world (founders come from: Ireland, Sri Lanka, Bulgaria, Australia, India, Brazil, the Middle East and North America)
- Sectors include: Digital Health, Artificial Intelligence (AI), Machine Learning (ML), Blockchain/Web3, Virtual & Augmented Reality (VR/AR), Gaming, Climate Tech
- Owner-operated (approx.
15% Management Ownership)
Business Model:
The Victory Square business model is to buy, build and invest in early stage tech companies. We spend upwards of 48 months with those companies until they're ready to spin-off or stand on their own. There are a couple of unique elements to our business model…
- We have unparalleled access to startups through our internal incubator and International network with over 250+ founders, investors, tech accelerators and venture capital firms from more than 60 countries.
- Second, our management team and advisors are actively involved in our investments from incubation through monetization, providing them with financial, operational, and strategic support to scale globally.
- We drive value by monetizing investments and reinvesting the gains in new innovations. The strategy was to build a self-sustaining business.
Financial Highlights
The Company’s condensed consolidated interim financial statements comprise the financial statements of the Company and its subsidiaries: Futura Health and Wellness Inc. (“Futura”), Hydreight Technologies Inc. (“HTI”), Victory Square Digital Health Inc. (“VS Digital Health”), Draft Label Technologies Inc. (“Draft Label”), XR Immersive Tech Inc. (“XRI”) and Synthesis VR Inc. (“SVR”), PDL USA Inc. (“PDL USA”), BlockX Capital Corp. (“BlockX Capital”), VS Blockchain Assembly (“VS Blockchain”), Insu Therapeutics Inc. (“Insu”)
Victory Square invests in early-stage technology companies. Increases and decreases in the value of those companies have the greatest impact on the results of operations of the Company from quarter to quarter. It is within the business cycle to see periods of net losses when first investing in a new company, spending up to 48 months incurring expenses and building the business, and then in subsequent periods realizing the gains and revenues from those early investments.
The net loss for the six-months ended June 30, 2024, is primarily due to the fair value write-down on portfolio investments due to the market environment as well as operating losses from consolidated subsidiaries.
Revenue
Revenue for the six-months ended June 30, 2024, was
Cost of Goods Sold
Cost of goods sold for the six-months ended June 30, 2024, was
Gross Margin
The gross margin for the six-months ended June 30, 2024, was
Cash & liquid securities approx.
The Company’s consolidated financial statements for the six-months ended June 30, 2024 along with its Management Discussion and Analysis (MD&A) are available under the Company’s profile on SEDAR+ (www.sedar.com).
Portfolio Companies
The table below sets out Victory Square Portfolio Companies as at the date June 30, 2024.
| Subsidiary | Vertical |
| VS Digital Health Inc. ("VS Digital Health") | Digital Health, Online Pharmacy, Diagnostic Testing, Artificial Intelligence (AI), Machine Learning (ML) |
| Hydreight Technologies Inc. (“HTI”) | Digital Health, Online Pharmacy, Diagnostic Testing, Artificial Intelligence (AI) |
| Futura Health & Wellness Inc. (“Futura”) | Digital Health, Online Pharmacy, Diagnostic Testing, Longevity, Biohacking, Artificial Intelligence (AI), Machine Learning (ML) |
| Draft Label Technologies Inc. ("Draft Label") | Digital Health, Online Pharmacy, Diagnostic Testing, Artificial Intelligence (AI), Machine Learning (ML) |
| PDL USA Inc. ("PDL USA") | Custom Software Development |
| XR Immersive Tech Inc., (formerly Fantasy 360 Technologies Inc) ("XR Immersive Tech") | Virtual Reality (“VR”), Augmented Reality (“AR”), Artificial Intelligence (AI), Machine Learning (ML), Web3 |
| Synthesis VR Inc. (“Synthesis”) | Virtual Reality (“VR”), Augmented Reality (“AR”), Artificial Intelligence (AI), Machine Learning (ML), Game Development, Web3 |
| Insu Therapeutics Inc. ("Insu") | Injectables Medicines, Peptide–Based Medicines, Diabetes Treatment, Non-Invasive Oral Insulin Delivery Technology |
| VS Blockchain Assembly Inc. ("VS Blockchain") | Blockchain, Web3, Artificial Intelligence (AI), Machine Learning (ML) |
| BlockX Capital Corp. (“BlockX”) | Blockchain, Web3, Artificial Intelligence (AI), Machine Learning (ML) |
| Portfolio Company | Vertical |
| Victory Square Health Inc. ("VS Health") | Digital Health, Diagnostic Testing, Artificial Intelligence (AI), Machine Learning (ML) |
| Cassia Research Inc., doing business as CoPilot AI ("CoPilot AI") | Artificial intelligence (AI), Machine Learning (ML), Sales & Marketing Automation |
| Cloud Benefit Solutions Inc., doing business as Cloud Advisors ("Cloud Advisors") | Insurance Tech, Artificial Intelligence (AI), Machine Learning (ML) |
| MLVX Technologies Inc., doing business as Metaspectral (1) ("Metaspectral") | Artificial intelligence (AI), Machine Learning (ML), Computer Vision |
| FansUnite Entertainment Inc. ("FansUnite") | Sports Betting, Gaming, Esports |
| Flo Digital Inc. (1) ("Flo Digital") | Virtual Reality (“VR”), Augmented Reality (“AR”), Metaverse, Web3 |
| Kyn Biosciences Inc. (1) ("Kyn") | Plant-based Science |
| Howyl Ventures Inc., doing business as Capaciti (1) ("Capaciti") | Web3, Future of Work |
| Turnium Technology Group Inc. (formerly Multapplied Networks Inc.) ("Turnium") | Software Defined Wide Area Network Platforms (SD-WAN) |
| Next Decentrum Technologies Inc. ("Next Decentrum") | Web3, Blockchain, NFTs, Artificial Intelligence (AI), Machine Learning (ML) |
| PayVida Solutions Inc. (1) ("PayVida") | Fintech |
| Silota Research and Development Inc. ("Silota") | Web3, Blockchain, DeFi, Data Infrastructure |
| Anonymous Intelligence Company Inc. (“ANON”) | Web3, EdTech, Artificial Intelligence (AI), Machine Learning (ML) |
| Stardust Solar Technologies Inc. (“Stardust Solar”) | Solar Energy, Renewables, EV Charging |
| Flora Growth Corp. (1) (“Flora Growth Corp.”) | Plant-based Science |
| GameOn Entertainment Technologies Inc. ("GameOn") | Web3, Blockchain, Gaming, NFTs, Sports, Entertainment |
Sign up to VST’s official newsletter at www.VictorySquare.com/newsletter
On behalf of the Board of Directors
“Shafin Diamond Tejani”
Director and Chief Executive Officer
Victory Square Technologies Inc.
www.victorysquare.com
For further information about Victory Square, please contact:
Investor Relations Contact – Abbey Vogt
Email: ir@victorysquare.com
Telephone: 604 283-9166
Peter Smyrniotis – Director
Telephone: 604 283-9166
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square (VST) builds, acquires and invests in promising startups, then provides the senior leadership and resources needed for fast-track growth. VST’s sweet spot is cutting-edge tech that’s shaping the 4th Industrial Revolution. Our corporate portfolio consists of 25+ global companies using AI, VR/AR, and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming.
What we do differently for startups
VST isn’t your ordinary investor. With real skin in the game, we’re committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt. In 24-36 months, you’ll scale and be ready to monetize.
What we do differently for investors
For investors, we offer a liquid way to invest in some of the world’s most innovative early-stage technology companies without buying a venture fund that requires accredited investor status or multi-year commitments. It also can be purchased by non-accredited investors who are restricted from buying venture funds. Our portfolio provides a uniquely liquid, and transparent way for investors to get access to the latest technologies and emerging global trends. It is an excellent way to diversify into early-stage venture.
VST invests primarily in leading edge technology, such as artificial intelligence (AI), machine learning (ML), digital health, blockchain, gaming and climate tech, which provide the potential for high growth and returns.
Victory Square integrates a strong ESG (environmental, social and corporate governance) component throughout its operations. Our portfolio highlights minority entrepreneurs, often overlooked by traditional investors, including many from developing countries. We are also dedicated to giving back to the communities in which we serve and operate. The Company’s mandate is to assist organizations through its time, talent and treasure. The Company is committed to organizations that provide services in the youth, mental health, special needs, sport, tech, education, marginalized groups, First Nations, and accessibility sectors.
VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSQTF).
For more information, please visit www.victorysquare.com.
ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)
The Canadian Securities Exchange, or CSE, is operated by CNSX Markets Inc. Recognized as a stock exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets.
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square and its portfolio companies, including, without limitation, statements relating to future performance, execution of business strategy, future growth, business prospects and opportunities of Victory Square and its related subsidiaries and portfolio companies, including those items listed under the heading “Net Asset Value (“NAV”) Update”, “Notable Portfolio Highlights” and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “to be”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, “objectives”, “outlook” or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Although Victory Square believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statements has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Victory Square’s control, including, but not limited to, the risk factors discussed in the continuous disclosure materials of the Victory Square which are available under the Victory Square’s profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
FAQ
What was Victory Square Technologies' (VSQTF) revenue for Q2 2024?
How many companies are in Victory Square Technologies' (VSQTF) portfolio as of Q2 2024?
What was Victory Square Technologies' (VSQTF) gross margin for Q2 2024?
What is Victory Square Technologies' (VSQTF) business model?
