NAGA Reports Profitable Quarter with EUR 11.6 Million Revenue

NAGA Group, an innovative fintech company that has developed a socially enhanced financial system, has released its financials for the first quarter of 2023, revealing a decline in revenue compared to the same period in 2022.

The unaudited preliminary group revenue from the first three months in 2023 stood at EUR 11.6 million with an preliminary EBITDA of EUR 1.7 million. For the same period in the last year, the company registered a revenue of EUR 18 million with an EBITDA of EUR 5 million.

NAGA brought its monthly cost down to an average of EUR 3.3 million which is 40% lower compared to Q1 2022 (average of EUR 5.5 million) and expects a further cost decrease by around 20% during Q2 2023 whilst keeping its growth trajectory.

For the first quarter 2023 NAGA reported 2.9 million trades with a trading volume of EUR 37 billion. The number of active traders as of the end of this quarter is standing at 21,250 which is 30% higher than in the same period of last year (16,300). The assets under custody have grown to EUR 35 million which is 45% more than the last reported HY1 2022 figure (EUR 24 million).

In Q1 2023 NAGA spent EUR 3.5 million in marketing expenses which is 70% less than compared to EUR 11.5 million in Q1 2022 whilst in Q1 2023 around 11% more new users were acquired than in Q1 2022.

“We are satisfied with how we performed over the last months especially looking at growing user activity and well improved user acquisition metrics. The costs are under control and we have a good grip on the business expansion. We are creating a foundation to run this business profitably and the past month's trend proves that. However, given the fact that we incurred significant losses last year and despite the current merger discussions, we are keeping our eyes open for opportunities to strengthen our capital base to ensure we can execute our plans”, commented CEO and founder of The NAGA Group AG, Benjamin Bilski.