Victory Square Technologies Inc (CSE:VST, OTCQX:VSQTF) has reported its financial results for the three months ended March 31, including a subsidiary that saw its revenue more than triple year-over-year.
The portfolio company posted an unaudited net asset value (NAV) of roughly $79.4 million as of May 29, along with nearly $6 million in cash and liquid securities. The company noted that it currently trades at about a 77% discount to its NAV.
Shares of Victory Square gained more than 5% Wednesday morning to C$0.19.
“Although uncertainty abounds domestically and globally, opportunity also abounds for investors — the challenges ahead are plain to see and, in many respects, timeless: health and safety, the desire to communicate and play, the need to eat, work and thrive,’ CEO Shafin Diamond Tejani said in a statement. “Victory Square has built a portfolio full of phenomenal companies finding creative new ways to solve these timeless needs.”
Specifically, Victory Square subsidiary Hydreight achieved non-GAAP adjusted revenue of nearly $4.2 million in the first quarter, up 211% year-over-year.
“We have a solid portfolio, a strong team and a robust pipeline of catalysts to continue our growth trajectory,” Tejani said. “We are confident that this momentum will continue in the second half of 2023 and beyond. We’d like to thank our loyal shareholders and look forward to creating long-term value for Victory Square, its network of companies and our shareholders.”
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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