NAGA Reports 63% YoY Growth in Q1 2022 Revenue

NAGA Group, provider of the social network for trading, cryptocurrencies and payments NAGA.com, has released its financials for brokerage business for the first quarter of 2022, revealing a jump in revenue compared to the same period in 2021.

More specifically, the company registered a revenue of EUR 18 million, up 63 percent on a YoY basis. The EBITDA for Q1 stood at EUR 5 million, compared to the prior year's EUR 3 million.

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"We are happy to see a dynamic start into 2022 and NAGA continuing steady towards its targets," said Benjamin Bilski, Founder and CEO of NAGA. "The unfortunate escalation in Ukraine has indeed affected client appetite during Q1 but started to recover by the end of March."

As Fazzaco reported earlier, NAGA has launched its brand-new social trading platform NAGAX​ focused on cryptocurrencies on March 7, 2022. NAGAX will launch with a crypto wallet as well as a crypto exchange with more than 50 assets.