Victory Square Technologies Inc. has unveiled its consolidated financial results for Q3 2024, showcasing an exceptional turnaround and a series of key business achievements. The company’s strategic focus on innovation and diversification has paid off, with impressive results that underscore its commitment to delivering shareholder value.
Q3 2024 Financial Highlights
Victory Square achieved remarkable financial milestones in the third quarter:
- Net Income: $10,661,274, a significant recovery from a net loss of $4,926,854 in Q3 2023.
- Earnings Per Share: Rose to $0.11, a stark contrast to the $0.04 loss per share in the same period last year.
These results reflect Victory Square’s growing profitability and the success of its strategic initiatives.
Business Achievements Driving Growth
1. Hydreight Technologies’ Record Performance
Hydreight Technologies, one of Victory Square’s portfolio companies, posted a record-breaking $6.12 million in revenue for Q3 2024, marking a 54% year-over-year growth. The company also achieved positive adjusted EBITDA and earned a spot on the prestigious 2024 Deloitte Technology Fast 500 in North America and Deloitte Technology Fast 50 in Canada, ranking 56th and 9th, respectively.
2. VSDHOne Launch Success
Victory Square introduced VSDHOne, a groundbreaking telemedicine and e-commerce solution that enables businesses to launch direct-to-consumer healthcare brands across all 50 U.S. states. In its first 90 days, VSDHOne sold over 200 licenses, highlighting the market’s demand for innovative health tech solutions.
3. Strategic Transactions and Partnerships
- Edge Total Intelligence: Victory Square completed a strategic transaction, acquiring 4.25 million shares valued at $4.25 million as of September 30, 2024.
- Stardust Solar Listing: Stardust Solar, a Victory Square portfolio company, began trading on the TSX Venture Exchange under the symbol SUN, enhancing its market visibility and investor access.
CEO’s Vision for the Future
Shafin Diamond Tejani, CEO of Victory Square Technologies, expressed his optimism for the company’s trajectory:
“Victory Square’s Q3 2024 results are a testament to the strength of our strategy and the potential of our diverse portfolio of cutting-edge companies. Achieving a net income of over $10.6 million and earnings per share of $0.11 underscores our ability to create value for shareholders while fostering innovation across emerging technology sectors.”
Tejani highlighted the success of Hydreight Technologies and VSDHOne as pivotal achievements in advancing healthcare and technology innovation. He reaffirmed the company’s commitment to driving growth, increasing profitability, and delivering exceptional returns for investors as 2024 concludes.
Looking Ahead: Investor Engagement
Victory Square invites its investors and stakeholders to participate in an upcoming webinar Q&A session with CEO Shafin Diamond Tejani. The session will offer updates on the company’s progress and an opportunity to address shareholder questions directly.
Date and Time: [Insert Date/Time]
Registration: [Insert Link or Details]
Access Financial Details
Victory Square’s full consolidated financial statements and management discussion for the three months ending September 30, 2024, are available on SEDAR+.
Conclusion
Victory Square Technologies’ Q3 2024 results demonstrate the power of a diversified portfolio and strategic focus on high-growth sectors like healthcare and technology. With record net income, innovative product launches, and strong business partnerships, the company is well-positioned to continue delivering value for its shareholders.
Investors and analysts will be watching closely as Victory Square builds on this momentum into the final quarter of 2024 and beyond.
