NAGA Sees 63% Revenue Jump in Q1 2022, Gains Estonia License

It is expecting the crypto business to be a growth enabler.

NAGA Group (XETRA: N4G) on Friday published its Q1 of 2022 financials, reporting revenue of EUR 18 million, which is a 63 percent increase year-over-year. The EBITDA for the period came in at EUR 5 million, which is up from Q1 of 2021‘s EUR 3 million. These figures were generated from the company’s brokerage business.

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“We are happy to see a dynamic start into 2022 and NAGA continuing steady towards its targets,” said Benjamin Bilski, who is heading NAGA Group as its CEO.

“The unfortunate escalation in Ukraine has indeed affected client appetite during Q1 but started to recover by the end of March.”

The headquarters of the German company ended 2021 with record numbers, generating a total revenue of EUR 55.3 million and an EBITDA of EUR 12.8 million.

NAGA made its name as a copy-trading service provider. But now, the company has expanded into other financial services businesses. The company is now planning to separately report the figures from its neo brokerage, crypto trading and payments platform.

“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 added.

New Crypto License

Meanwhile, NAGA is focused on geographical expansion, particularly with its new crypto business. NAGAX, which is the companys crypto exchange brand and was launched last month, gained the Estonian crypto license last month and is expecting to gain two more crypto asset service provider licenses by the second quarter of the year.

Further, the company is exploring strategic acquisitions in Europe and Southeast Asia to accelerate its expansion plan.

“There is no doubt that the future lies with fully licensed and compliant companies in our very dynamic and fast-paced world,” Bilski said.

“[Crypto] 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.”