- A diverse portfolio of 25 innovative companies from around the world (our founders come from:
Ireland ,Sri Lanka ,Bulgaria ,Australia ,India ,Brazil , theMiddle East andNorth America ) - Sectors include:
Digital Health , Artificial Intelligence (AI), Machine Learning (ML), Blockchain, Virtual & Augmented Reality (VR/AR), Gaming, Climate Tech - Unaudited Net Asset Value (NAV) of approx.
$79,462,849 as atMay 29, 2023 - Cash & liquid securities approx.
$5,990,918 - Owner-operated (15% Management Ownership)
Victory Square subsidiary, Hydreight, achieved total top-line non-GAAP Adjusted Revenue for Q1 2023 reached$4,167,670 representing a growth rate of 211% over the Company’s Q1 2022 Adjusted Revenue of$1,339,818 Victory Square currently trades at an approx. 77% discount to its unaudited Net Asset Value (NAV)
“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.
We’ve been very fortunate to have such a passionate, supportive and vocal shareholder base.
Company:
We provide investors a liquid way to invest in early-stage technology companies without buying a venture fund that requires accredited investor status or multi-year commitments.
- A diverse portfolio of 25 innovative companies from around the world (our founders come from:
Ireland ,Sri Lanka ,Bulgaria ,Australia ,India ,Brazil , theMiddle East andNorth America ) - Sectors include:
Digital Health , Artificial Intelligence (AI), Machine Learning (ML), Blockchain, Virtual & Augmented Reality (VR/AR), Gaming, Climate Tech - Owner-operated (15% Management Ownership)
VST is a good way to diversify into early-stage venture.
Business Model:
The
- We have unparalleled access to startups through our internal incubator and International network with over 250+ founders, investors, tech accelerators and venture capital firms from more than 60 countries.
- Second, our management team and advisors are actively involved in our investments from incubation through monetization, providing them with financial, operational, and strategic support to scale globally.
- We drive value by monetizing investments and reinvesting the gains in new innovations. The strategy was to build a self-sustaining business.
Financial Highlights for the three months ending
- Revenue for the period ended
March 31, 2023 , was$2,877,325 compared to$1,017,097 for the comparative period. The increase in revenues is primarily related to substantial growth in Hydreight revenues and user base resulting in increasing subscription, pharmacy and net commission revenues. - Cost of goods sold for the three months ended
March 31, 2023 , was$1,370,139 compared to$442,957 for the comparative period. The increase in cost of goods sold is related to the above-described changes in revenues, primarily due to the cost of pharmacy purchases associated with the increased pharmacy sales of Hydreight. - The gross margin for the three months ended
March 31, 2023 , was$1,507,186 compared to$574,140 for the corresponding comparative period. The current period gross margin is driven primarily by the online pharmacy sales of Hydreight. Also, Hydreight revenue includes subscription revenue earned over time, which doesn’t have a corresponding cost of expense as with pharmacy purchases. - Cash & liquid securities approx.
$5,990,918 - Unaudited NAV of approximately
$79,462,849 as atMay 29, 2023 (see Use of Non-GAAP Financial Measures)
“The KPIs that we track more closely for
This update is made based on Victory Square’s established practice of releasing NAV as part of the Company’s ongoing response to shareholder interest in receiving periodic information. NAV is calculated based on the latest audited valuations, third party pricing agency valuations as well as unaudited management review valuations (based on comparables in the market) as at
The Company’s consolidated financial statements for the quarter ending
The company trades at an approx. 77% discount to its current estimated NAV, well below comparable companies.
Notable Portfolio Highlights:
Hydreight - Hydreight is an on-demand home healthcare and wellness platform that makes it possible to book health and wellness services at home. Registered nurses and other licensed providers on the platform can be their own bosses and offer services independently with the oversight of a Hydreight medical director. The platform provides them with access to a digital pharmacy, as well as a full suite of HIPAA-compliant tools to manage their businesses.
Hydreight’s performance for the first quarter of 2023 has seen a significant increase across all revenue streams over the first quarter of 2022:
- Total top-line non-GAAP Adjusted Revenue for Q1 2023 increased 211% over Q1 2022, reaching
C$4,167,670 (see Use of Non-GAAP Financial Measures) - Total revenue for Q1 2023 increased 329% over Q1 2022, reaching
C$2,631,817 - Contract revenue from business partners who provide services via the platform has increased by approximately 386%
- Commission revenue on services booked through the platform has increased by approximately 118%
- Pharmacy sales through the Company’s digital pharmacy have increased by approximately 333%
Hydreight management believes the following Non-GAAP financial measures provide meaningful insight to aid in the understanding of Hydreight’s performance and may assist in the evaluation of the Hydreight’s business relative to that of its peers:
Q1 2023 Key Milestones
Hydreight completed several key improvements from
- The platform attracted 185 new business Partner account sign-ups in the first quarter of 2023, an over 250% increase over the first quarter of 2022
- The app received a significant update to enable service providers to take greater control of their service offering, and also access additional in-app training
- Hydreight commenced operations with its second Pharmacy Whitelabel
- Hydreight achieved record sales across all revenue streams in
March 2023 andApril 2023 - Hydreight entered into a co-marketing agreement with one of the largest Aesthetic manufacturers in
the United States - Hydreight Released a major enterprise level software upgrade to provide additional functionality for the company's expansion across a variety of areas.
- Major partnerships were secured with pharmaceutical partners including Empower, McKesson, Medline, and
Olympia , to ensure consistent supply as well as preferred pricing on products and medications. - *Numbers are approximate and provided by Hydreight Management
A number of factors make virtual-first care a priority right now, including the pandemic, but there are other overarching reasons for why virtual care has become a necessity…ie. The shrinking pool of clinicians – many of whom are burned out or even leaving their profession – won’t be able to scale with the growing demand for patient care. Virtual-first care models allow clinicians to be more efficient with their time by leaning on technology to easily triage patients and their care needs.
The future of healthcare is hybrid, and so the future of the clinician workforce is also hybrid.
The focus for
- Safetest was selected to receive a federal grant in
Brazil for a project using Artificial Intelligence in the diagnosis of neglected diseases, generating quantitative results and data processing to generate epidemiological information in real time. Safetest will receive approximatelyR$1,000,000 in grants for investing in R&D payroll, inventory, software development and equipment for the development of smartphone based rapid tests. - Safetest and Biominas partnered up on a project called Artificial Intelligence in a Point-of-Care Cervical Cancer test, which was selected for a state grant, being the second-best project among hundreds of companies that submitted for this grant. The project will receive approximately
R$1,540,000 for investing in R&D payroll, inventory and lab services for the development of a smartphone based rapid test for the detection of Cervical Cancer. - Safetest was selected for a national open innovation program called IBMP (
Molecular Biology Institute ofParaná ) Hunting. The goal of the program was to find projects that can add innovative solutions to IBMP's in vitro diagnostics and therapeutic biomolecules technological platforms. Safetest and IBMP are signing an NDA to develop aRapid PCR Point -of-Care test, which has the potential to change the Point-of-Care Diagnostics sector. - Safetest signed a contract with one of the largest Vet products companies in
Latin America for the development and production of an unprecedented rapid test that has the potential to be a game changer in the Vet diagnostics sector. - Safetest concluded the development of the HTLV 1 and 2 rapid test and is now going to perform the clinical validation for registering the test at ANVISA. There are currently no tests in the market that differentiate HTLV 1 from 2.
- The development of the Cervical Cancer Rapid Test is moving forward quickly with good results. The next step is to expand the number of samples and the clinical validation.
- Safetest has been granted ANVISA approval for their lab facility, which can produce approx. 2 million tests per month.
Draft Label Technologies - Draft Label subsidiary inks definitive agreement to complete business combination. Draft Label will become a wholly owned subsidiary of AcquisitionCo, which is launching microsites focused on Men’s and Women’s health (ie. Hormone testing, TRT, Perimenopause, PCOS, fertility, weight loss). Draft Label is preparing for a 2023 public listing.
XRI recently announced strategic partnerships with two development studios;
Stardust Solar - We are very bullish on the clean tech space and we feel Stardust Solar is well positioned to take advantage of the solar wave. Revenues have been doubling year over year since inception. They exited 2021 with
Covalent CQT - Covalent announced a partnership with
Next Decentrum - @NextDecentrum, the creative force behind @CryptoPharaohs_, has officially partnered with @flovatar @Piggos_nft @The_Goobz_NFT @Bl0xNFT to bring the best digital collectibles to PopCon ME, the largest pop culture and gaming event in the
FansUnite (TSX:FANS) - Achieved total revenue in the range of
CloudAdvisors - CloudAdvisors listed as 2022 New Innovators in Canadian Business and was named as a 5-Star Insurance Technology Provider in 2022 by
Cassia dba CoPilot - CoPilot exited FY 2022 with
Recent Investor Webinars:
“We have a solid portfolio, a strong team and a robust pipeline of catalysts to continue our growth trajectory. 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
Sign up to VST’s official newsletter at www.VictorySquare.com/newsletter
On behalf of the Board of Directors
“Shafin Diamond Tejani”
Director and Chief Executive Officer
www.victorysquare.com
For further information about
Investor Relations Contact –
Email: ir@victorysquare.com
Telephone: 604 283-9166
Telephone: 604 283-9166
*Use of Non-GAAP Financial Measures:
This release contains references to NAV which is a non-GAAP financial measure. NAV is calculated as the value of total assets. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP financial measure presented in
ABOUT
What we do differently for startups
VST isn’t your ordinary investor. With real skin in the game, we’re committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt. In 24-36 months, you’ll scale and be ready to monetize.
What we do differently for investors
For investors, we offer a liquid way to invest in some of the world’s most innovative early-stage technology companies without buying a venture fund that requires accredited investor status or multi-year commitments. It also can be purchased by non-accredited investors who are restricted from buying venture funds. Our portfolio provides a uniquely liquid, and transparent way for investors to get access to the latest technologies and emerging global trends. It is an excellent way to diversify into early-stage venture.
VST invests primarily in leading edge technology, such as artificial intelligence (AI), machine learning (ML), digital health, blockchain, gaming and climate tech, which provide the potential for high growth and returns
VST is a publicly-traded company headquartered in
For more information, please visit www.victorysquare.com.
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