Victory Square Technologies Reports Q2 2024 Financial Results
Revenue for the six-months ended June 30, 2024 was $7,993,311, an increase of 45% compared to Q2, 2023.
VANCOUVER, British Columbia, August 29, 2024 (GLOBE NEWSWIRE) — Victory Square Technologies Inc. (“Victory Square” or the “Company”) (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that gives investor access to a portfolio of 25+ innovative companies from around the world in a single stock, announces it has filed its Consolidated Financial Statements for the six-months ended June 30th, 2024 along with its Management Discussion and Analysis (MD&A).
Company:
Victory Square is a Venture Builder that provides investors a liquid way to invest in early-stage technology companies without buying a venture fund that requires accredited investor status or multi-year commitments.
- A diverse portfolio of 25+ innovative companies from around the world (founders come from: Ireland, Sri Lanka, Bulgaria, Australia, India, Brazil, the Middle East and North America)
- Sectors include: Digital Health, Artificial Intelligence (AI), Machine Learning (ML), Blockchain/Web3, Virtual & Augmented Reality (VR/AR), Gaming, Climate Tech
- Owner-operated (approx. 15% Management Ownership)
Business Model:
The Victory Square business model is to buy, build and invest in early stage tech companies. We spend upwards of 48 months with those companies until they’re ready to spin-off or stand on their own. There are a couple of unique elements to our business model…
- We have unparalleled access to startups through our internal incubator and International network with over 250+ founders, investors, tech accelerators and venture capital firms from more than 60 countries.
- Second, our management team and advisors are actively involved in our investments from incubation through monetization, providing them with financial, operational, and strategic support to scale globally.
- We drive value by monetizing investments and reinvesting the gains in new innovations. The strategy was to build a self-sustaining business.
Financial Highlights
The Company’s condensed consolidated interim financial statements comprise the financial statements of the Company and its subsidiaries: Futura Health and Wellness Inc. (“Futura”), Hydreight Technologies Inc. (“HTI”), Victory Square Digital Health Inc. (“VS Digital Health”), Draft Label Technologies Inc. (“Draft Label”), XR Immersive Tech Inc. (“XRI”) and Synthesis VR Inc. (“SVR”), PDL USA Inc. (“PDL USA”), BlockX Capital Corp. (“BlockX Capital”), VS Blockchain Assembly (“VS Blockchain”), Insu Therapeutics Inc. (“Insu”)
Victory Square invests in early-stage technology companies. Increases and decreases in the value of those companies have the greatest impact on the results of operations of the Company from quarter to quarter. It is within the business cycle to see periods of net losses when first investing in a new company, spending up to 48 months incurring expenses and building the business, and then in subsequent periods realizing the gains and revenues from those early investments.
The net loss for the six-months ended June 30, 2024, is primarily due to the fair value write-down on portfolio investments due to the market environment as well as operating losses from consolidated subsidiaries.
Revenue
Revenue for the six-months ended June 30, 2024, was $7,993,311. compared to $5,516,217 for the comparative period.
Cost of Goods Sold
Cost of goods sold for the six-months ended June 30, 2024, was $4,688,343 compared to $2,948,453 for the comparative period.
Gross Margin
The gross margin for the six-months ended June 30, 2024, was $3,304,968 compared to $2,567,764 for the corresponding comparative period.
Cash & liquid securities approx. $3,819,919
The Company’s consolidated financial statements for the six-months ended June 30, 2024 along with its Management Discussion and Analysis (MD&A) are available under the Company’s profile on SEDAR+ (www.sedar.com).
Portfolio Companies
The table below sets out Victory Square Portfolio Companies as at the date June 30, 2024.
| Subsidiary | Vertical |
| VS Digital Health Inc. (“VS Digital Health”) | Digital Health, Online Pharmacy, Diagnostic Testing, Artificial Intelligence (AI), Machine Learning (ML) |
| Hydreight Technologies Inc. (“HTI”) | Digital Health, Online Pharmacy, Diagnostic Testing, Artificial Intelligence (AI) |
| Futura Health & Wellness Inc. (“Futura”) | Digital Health, Online Pharmacy, Diagnostic Testing, Longevity, Biohacking, Artificial Intelligence (AI), Machine Learning (ML) |
| Draft Label Technologies Inc. (“Draft Label”) | Digital Health, Online Pharmacy, Diagnostic Testing, Artificial Intelligence (AI), Machine Learning (ML) |
| PDL USA Inc. (“PDL USA”) | Custom Software Development |
| XR Immersive Tech Inc., (formerly Fantasy 360 Technologies Inc) (“XR Immersive Tech”) | Virtual Reality (“VR”), Augmented Reality (“AR”), Artificial Intelligence (AI), Machine Learning (ML), Web3 |
| Synthesis VR Inc. (“Synthesis”) | Virtual Reality (“VR”), Augmented Reality (“AR”), Artificial Intelligence (AI), Machine Learning (ML), Game Development, Web3 |
| Insu Therapeutics Inc. (“Insu”) | Injectables Medicines, Peptide–Based Medicines, Diabetes Treatment, Non-Invasive Oral Insulin Delivery Technology |
| VS Blockchain Assembly Inc. (“VS Blockchain”) | Blockchain, Web3, Artificial Intelligence (AI), Machine Learning (ML) |
| BlockX Capital Corp. (“BlockX”) | Blockchain, Web3, Artificial Intelligence (AI), Machine Learning (ML) |
| Portfolio Company | Vertical |
| Victory Square Health Inc. (“VS Health”) | Digital Health, Diagnostic Testing, Artificial Intelligence (AI), Machine Learning (ML) |
| Cassia Research Inc., doing business as CoPilot AI (“CoPilot AI”) | Artificial intelligence (AI), Machine Learning (ML), Sales & Marketing Automation |
| Cloud Benefit Solutions Inc., doing business as Cloud Advisors (“Cloud Advisors”) | Insurance Tech, Artificial Intelligence (AI), Machine Learning (ML) |
| MLVX Technologies Inc., doing business as Metaspectral (1) (“Metaspectral”) | Artificial intelligence (AI), Machine Learning (ML), Computer Vision |
| FansUnite Entertainment Inc. (“FansUnite”) | Sports Betting, Gaming, Esports |
| Flo Digital Inc. (1) (“Flo Digital”) | Virtual Reality (“VR”), Augmented Reality (“AR”), Metaverse, Web3 |
| Kyn Biosciences Inc. (1) (“Kyn”) | Plant-based Science |
| Howyl Ventures Inc., doing business as Capaciti (1) (“Capaciti”) | Web3, Future of Work |
| Turnium Technology Group Inc. (formerly Multapplied Networks Inc.) (“Turnium”) | Software Defined Wide Area Network Platforms (SD-WAN) |
| Next Decentrum Technologies Inc. (“Next Decentrum”) | Web3, Blockchain, NFTs, Artificial Intelligence (AI), Machine Learning (ML) |
| PayVida Solutions Inc. (1) (“PayVida”) | Fintech |
| Silota Research and Development Inc. (“Silota”) | Web3, Blockchain, DeFi, Data Infrastructure |
| Anonymous Intelligence Company Inc. (“ANON”) | Web3, EdTech, Artificial Intelligence (AI), Machine Learning (ML) |
| Stardust Solar Technologies Inc. (“Stardust Solar”) | Solar Energy, Renewables, EV Charging |
| Flora Growth Corp. (1) (“Flora Growth Corp.”) | Plant-based Science |
| GameOn Entertainment Technologies Inc. (“GameOn”) | Web3, Blockchain, Gaming, NFTs, Sports, Entertainment |
Sign up to VST’s official newsletter at www.VictorySquare.com/newsletter
On behalf of the Board of Directors
“Shafin Diamond Tejani”
Director and Chief Executive Officer
Victory Square Technologies Inc.
www.victorysquare.com
For further information about Victory Square, please contact:
Investor Relations Contact – Abbey Vogt
Email: ir@victorysquare.com
Telephone: 604 283-9166
Peter Smyrniotis – Director
Telephone: 604 283-9166
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square (VST) builds, acquires and invests in promising startups, then provides the senior leadership and resources needed for fast-track growth. VST’s sweet spot is cutting-edge tech that’s shaping the 4th Industrial Revolution. Our corporate portfolio consists of 25+ global companies using AI, VR/AR, and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming.
What we do differently for startups
VST isn’t your ordinary investor. With real skin in the game, we’re committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt. In 24-36 months, you’ll scale and be ready to monetize.
What we do differently for investors
For investors, we offer a liquid way to invest in some of the world’s most innovative early-stage technology companies without buying a venture fund that requires accredited investor status or multi-year commitments. It also can be purchased by non-accredited investors who are restricted from buying venture funds. Our portfolio provides a uniquely liquid, and transparent way for investors to get access to the latest technologies and emerging global trends. It is an excellent way to diversify into early-stage venture.
VST invests primarily in leading edge technology, such as artificial intelligence (AI), machine learning (ML), digital health, blockchain, gaming and climate tech, which provide the potential for high growth and returns.
Victory Square integrates a strong ESG (environmental, social and corporate governance) component throughout its operations. Our portfolio highlights minority entrepreneurs, often overlooked by traditional investors, including many from developing countries. We are also dedicated to giving back to the communities in which we serve and operate. The Company’s mandate is to assist organizations through its time, talent and treasure. The Company is committed to organizations that provide services in the youth, mental health, special needs, sport, tech, education, marginalized groups, First Nations, and accessibility sectors.
VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSQTF).
For more information, please visit www.victorysquare.com.
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FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square and its portfolio companies, including, without limitation, statements relating to future performance, execution of business strategy, future growth, business prospects and opportunities of Victory Square and its related subsidiaries and portfolio companies, including those items listed under the heading “Net Asset Value (“NAV”) Update”, “Notable Portfolio Highlights” and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “to be”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, “objectives”, “outlook” or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Although Victory Square believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statements has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Victory Square’s control, including, but not limited to, the risk factors discussed in the continuous disclosure materials of the Victory Square which are available under the Victory Square’s profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.