Victory Square Technologies Inc (CSE:VST, OTCQX:VSQTF) has filed its audited financial statements for 2022 and updated investors on its portfolio of companies.
"Despite the choppy markets and gloomy headlines, 2022 was a year of continued growth and new opportunities for Victory Square," CEO Shafin Diamond Tejani said in a statement.
"Our NAV has remained strong, and we’ve seen significant growth in our portfolio companies so far in 2023. We expect this momentum to continue for the rest of the year. We have a healthy balance sheet, significant assets and have built a pipeline of new opportunities in the digital health space.”
Victory Square’s portfolio is a diverse collection of 25 countries around the world in digital health, artificial intelligence, machine learning, blockchain, virtual and augmented reality, gaming and climate tech.
The company’s consolidated financial statements are made up of the statements of its various subsidiaries. Revenue in 2022 was more than $5.9 million, up significantly from just under $1.5 million the year earlier.
The increase in revenues is primarily related to revenues from its XRI subsidiary SVR and organic growth of another subsidiary Hydreight’s user base resulting in increasing subscription, pharmacy and net commission revenues. Its unaudited NAV was roughly $80 million as of December 31.
“Since 2017, we’ve evaluated over 1000 companies and startup ideas, of which 25 have made the cut. We’ve invested $13M, and the value of the portfolio sits at $80 million,” Tejani said. “It has grown from $4 million in 2017 to approximately $80 million today. And, our goal is to continue to grow our NAV going forward.”
Vancouver-based Victory Square builds, acquires, and invests in promising startups, then provides the senior leadership and resources needed for fast-track growth. Its portfolio consists of over 25 global companies using AI, VR/AR, and blockchain to disrupt sectors as diverse as fintech, insurance, health, and gaming.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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