NAGA's Revenue for Q2 2023 Falls 32% QoQ

NAGA, social trading focused FinTech company, has released its financial results for the first six months of 2023 (H1 2023), unveiling that the revenue for the period came in at EUR 19.5 million.

As the firm reported EUR 11.6 million in revenue for the first quarter of 2023​ (Q1 2023), we can know that the revenue for Q2 dropped to EUR 7.9 million, down 32% quarter-to-quarter.

Preliminary EBITDA for H1 2023 reached EUR 2.3 million. The company's cost base has been significantly optimized leading to a positive EBITDA compared to last year, explained CFO Christos Charalambous.

"We are thrilled with our performance and future growth prospects. Our focus on cost reduction and improved core KPIs has positioned us well for continued success in the global market," said Sam Chaney, Chief Commercial Officer of NAGA.

NAGA registered 4.9 million trades for the first six months of 2023, with trading volumes of EUR 69 billion. The Q1 2023 trading volumes stood at EUR 37 billion, meaning that the metric for Q2 dipped to EUR 32 billion.

The number of active traders on the platform for H1 2023 increased 22% on a yearly basis, with assets under custody surging 48%.

Looking ahead, NAGA plans to extend its footprints internationally.

"We have reassessed our strategy and have now shifted our attention to global growth, new acquisitions, and expansion of our license base which will make NAGA a strong brand and give a solid footprint in new markets," said Christos Charalambous.