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Victory Square Technologies reported its Q1 2024 financial results with topline revenue of $5,052,069. Cash and liquid securities amounted to $4,410,203. The net loss for the quarter was attributed to fair value write-downs on portfolio investments and operating losses from subsidiaries. GAAP revenue for the quarter was $3,559,675, up from $2,851,471 in the previous period. Cost of goods sold increased to $2,146,272 from $1,370,139, resulting in a gross margin of $1,413,403 compared to $1,481,332 in the previous period.
Notable portfolio highlights include Hydreight's record revenue growth of 102% in 2023, GameOn's upcoming $GAME Token launch, and Covalent's 28% QoQ market cap rise. Other highlights are FansUnite's revenue and EBITDA growth, Turnium's financial performance, and CoPilot AI's expansion into Asia. The company also discussed advancements in digital health, AI, and climate tech sectors.
Victory Square Technologies announced that its portfolio company, GameOn, will launch the $GAME token on June 3. The $GAME token aims to enhance fan engagement and revenue for developers and sports leagues via fantasy sports platforms. The launch will be promoted by major sports leagues like LALIGA and PFL and influencers. GameOn receives support from web3 partners like Arbitrum and OpenSea. A series of events, including AMAs and live streams, will occur during '$GAME Week' to celebrate the launch. GameOn has received 59 million $GAME tokens and plans to utilize them for unified experiences across its ecosystem.
Victory Square Technologies announced that its portfolio company, Hydreight Technologies, has added Tirzepatide to its weight loss portfolio. Tirzepatide, an FDA-approved medication for type 2 diabetes, is also effective for weight loss and will be available through Hydreight's platform across 700 cities in the US. This addition complements their existing GLP-1 injections, including Semaglutide, which saw a 250% increase in orders between January and February 2024. Hydreight's growing network includes over 3,000 nurses and 107 white-label locations. In 2023, Hydreight reported a 102% revenue increase, reaching $17.05 million. This expansion aligns with the projected growth in the anti-obesity market, which could reach $100 billion by 2030.
Victory Square Technologies reported revenue growth from $5.9M in 2022 to $12M in 2023, with a gross margin increase to $5.49M. Cash and liquid securities stand at $4.9M. Key portfolio updates include Hydreight’s 102% revenue growth, GameOn’s $9.3M deal with Sportsology, and XR Immersive’s expansion with over 500 VR operators. Covalent’s market cap rose 28% QoQ, while FansUnite generated $23.72M in revenue for 2023. Notable transactions include Turnium’s LOI to acquire Claratti and Stardust Solar’s acquisition proposal by BOLD TSX.V valued at $15.4M. Victory Square will host an investor webinar on May 23, 2024.
Victory Square Technologies reported its 2023 financial results, showcasing a diverse portfolio of 25+ innovative companies in sectors like Digital Health, AI, ML, Blockchain, VR/AR, Gaming, and Climate Tech. With revenue reaching $12,055,070, a significant increase from the previous year, the company also holds cash & liquid securities of approximately $4,903,363. Victory Square's business model focuses on buying, building, and investing in early-stage tech companies, with substantial involvement from its management team and advisors. The company aims to drive value by monetizing investments and reinvesting gains in new innovations. Despite a net loss primarily due to fair value write-downs on portfolio investments and operating losses, Victory Square remains optimistic about its continued growth in 2024.
