- Victory Square Technologies (CSE:VST) has reported strong results for the quarter ending March 31, 2020, posting C$3.29 million in net income
- This compares to a net loss of $1.63 million in the same period last year, and a net loss of $5.14 million in the fourth quarter of 2019
- Revenue also increased by 46 per cent, while expenses fell 30 per cent compared to last year’s first quarter
- The increase in revenue was largely attributed to improved performance in the immersive experiences sector, but was partially offset by a drop in film royalties
- Victory Square Technologies (VST) is currently up 33.33 per cent and is trading at 12 cents per share
Victory Square Technologies (CSE:VST) has reported strong results for the quarter ending March 31, 2020, posting C$3.29 million in net income.
Based in Vancouver, the company is focused on building, acquiring and investing in promising start-ups within the cutting-edge technology space, including virtual and augmented reality, esports, digital health, cyber security and cloud computing.
Victory Square then provides these companies with the necessary leadership and resources to fast-track growth.
The realisation of positive net income during the first quarter of 2020 comes after a net loss of $1.63 million in the same period last year, as well as a net loss of $5.14 million in the fourth quarter of 2019.
Revenue also jumped 46 per cent to $394,111 compared to the same period last year.
This was largely attributed to improvements in the company’s immersive experiences revenue, which increased by $188,934. However, any further gains were offset by a drop in film royalty revenue of $65,499.
Victory Square’s expenses also fell 30 per cent during the quarter, from $1.67 million last year to $1.17 million.
The company said the improvements were primarily driven by reductions in professional and consulting fees, sales and marketing costs, share-based payments, and wages.
Shafin Diamond Tejani, CEO of Victory Square Technologies, said that each asset within the company’s portfolio delivered strong results, despite the changing market conditions brought on by COVID-19.
“Each company’s management group has been actively engaged in collaborating with our product and growth experts to position their opportunities to deliver the maximum impact to their respective markets.
“We are now accelerating these companies into scaling through strategic sales and marketing, rapidly acquiring users and customers, which of course ultimately delivers significant returns to Victory Square shareholders,” he said.
Victory Square Technologies (VST) is currently up 33.33 per cent and is trading at 12 cents per share at 3:00pm EDT.