NAGA Group Announces Record Q1 Revenue and New Public Listing Application

NAGA Group has reported its preliminary unaudited results​ of the first quarter 2021, showing a significant jump in revenue as its sales jumped by 69% to USD 13.7 million compared to USD 8.1 million in Q1 2020.

Additionally, the company also announced that it has filed an application with OTC Markets Group for its shares to be cross traded publicly on the OTCQX Venture Market which would make NAGA shares more widely available to North American investors.

In the first quarter of 2021, NAGA saw the number of real-money transactions jumping by 141% to 2.9 million (Q1 2020: 1.2 million). Its traded volume crossed USD 70 billion (Q1 2020: USD 27 billion), representing an increase of 155%. Signups jumped by 480% to 93,000 in Q1 2021 compared to 16,000 account signups in Q1 2020 which resulted in an important milestone for NAGA crossing 1 million registered accounts to date.

Another highlight is the growth in transactions of NAGAs unique auto-copy tool. More than 1.4 million trades were copied trades on the NAGA platform, which is an increase of more than 475% compared to 0.27 million copied trades in Q1 2020.

In terms of the company's new public offering plan, trading on the US OTCQX market would have no impact on existing NAGA's ordinary shares and no new ordinary shares will be issued as part of the cross-trade.

NAGA will continue to rely on the announcements and disclosures it makes to Scale and will have no SEC reporting requirements. Should the application be successful, the cross-trading facility will be provided through OTC Markets Group Inc., located in New York, USA.

OTC Markets operates the world's largest electronic interdealer quotation system for US broker dealers and offers multiple media channels to increase the visibility of OTC-traded companies.

According to NAGA CEO Benjamin Bilski, Cross trading on OTC Markets represents an important development for the company. Given the shift of user demands and the positive feedback the company are receiving about its unique platform, NAGA will announce major exciting product updates in the upcoming quarters to strengthen the company's position as social neo-broker and investing platform.

NAGA is an innovative fintech seamlessly connecting personal finance transactions and investments through its social trading platform. The company's impressive Q1 result is a natural one as it has reported record growth in both January​ and February​ 2021. Furthermore, as Fazzaco​ reported previously, NAGA Group also posted strong financial results in the first half​ and the full year​ of 2020.