Victory Square Technologies Inc (CSE:VST) (OTCMKTS:VSQTF) (FRA:6F6) has filed its first-quarter results, which saw positive net income for a record fifth consecutive period.
The incubation company recorded an adjusted net income of more than C$5.1 million and diluted earnings of C$0.05 per share. It ended the quarter with cash and equivalents of more than C$10.1 million on hand.
"Q1 2021 was once again an excellent quarter for Victory Square in which we achieved a record fifth consecutive quarter with positive net income and earnings per share, [as well as] demonstrating the power of our diversified portfolio during challenging times,” CEO Shafin Diamond Tejani said in a statement. “In addition to closing the acquisition of Hydreight, we closed oversubscribed financings for Fansunite and GameOn, completed a $6 million sale of our software, and issued a share dividend."
READ: Victory Square Technologies expects 2021 to be a 'harvest' year after reaching a turning point in 2020
Victory Square’s portfolio consists of companies that it says are “powering the fourth industrial revolution.”
“Victory Square focuses on identifying, building and investing in exceptional startups, each led by a strong management team and engaged in global market opportunities,” Tejani said. “With our portfolio companies curated to provide our investors with the best possible exposure to the next generation of technology giants, we are now prioritizing maximal value creation within each venture.”
Looking ahead, the company expects one of its portfolio companies, Fantasy 360 Technology Inc (doing business as Immersive Tech) to publicly list in 2021. Future investments are planned for additional ventures in electric vehicles, renewable energy, digital asset management, mental health and more sectors.
“I am very pleased with our results; we are well-funded, have a solid portfolio, a strong team and a robust pipeline of catalysts to continue this aggressive growth trajectory,” Tejani said. “We are confident that this momentum will continue in the second half of 2021 and beyond. We’d like to thank our loyal shareholders and look forward to the next chapter of this exciting journey.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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