NAGA Unveils Increase in Revenues in 2022, Despite Huge Loss

NAGA, a social trading focused FinTech company, has experienced a sharp loss in the financial year of 2022, with the figure at EUR37.0 million, rising from EUR10.8 million loss in 2021.

At the beginning of the year, Fazzaco reported that NAGA was in the discussion of a possible merger​ with a global broker.

The total revenues for 2022 grew to EUR57.6 million from the previous year's EUR52.9 million. Whereas, the company incurred considerable expenses in the year, with marketing and advertising expenses of EUR28.3 million, eating up almost half (49%) of revenues. Development expenses reached EUR6.7 million, versus EUR3.5 million in 2021. Besides, personnel expenses and other operating expenses were EUR10.7 million and EUR12.0 million, respectively. In 2021, both were EUR8.0 million.

The annual gross profit came in at EUR48.5 million, up from EUR45.7 million in 2021.

In the third quarter of 2023, the company witnessed its revenue rise to EUR8.9 million from EUR7.9 million in Q2 2023, up 12.66%.