Canada's DeFi Technologies Q2 revenue falls amid challenging digital asset market conditions

OverviewCanada digital asset platform's Q2 revenue fell yr/yr to $7.8 mlnOperating loss widened to $2.3 mln from $0.9 mln a year agoCompany maintained strong balance sheet with about $135 mln in cash, digital assets, and venturesOutlookCompany says digital asset market conditions remain challengingDeFi Technologies is actively seeking large-scale acquisition opportunitiesCompany continues to invest in new products and technologies to broaden revenue baseResult DriversWEAK DIGITAL ASSET MARKETS - Co said challenging digital asset market conditions contributed to lower revenue and wider operating lossVALOUR INFLOWS - Valour generated $22.8 mln in net inflows despite weaker digital asset prices, per CEO Johan WattenströmSTILLMAN DIGITAL GROWTH - Stillman Digital trading commissions revenue rose to $2.5 mln, with larger institutional clients onboardedCompany press release:Key DetailsMetricBeat/MissActualConsensus EstimateQ2 Revenue$7.80 mlnQ2 Operating Income-$2.30 mlnAnalyst CoverageThe current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"The average consensus recommendation for the financial technology (fintech) peer group is "buy"Wall Street's median 12-month price target for DeFi Technologies Inc is C$2.25, about 221.4% above its August 12 closing price of C$0.70The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 12 three months agoReuters Recommended ReadsAug 12 - DeFi Development Q2 revenue rises on digital asset treasury growthAug 13 - Forum Markets Q2 revenue falls on digital asset exitAug 12 - Cypherpunk Technologies swings to Q2 profit on Zcash gainsFor questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .