Achieves quarterly revenue of US$188,229 and 96% gross profit margin and 76% gross profit margin including the loss on digital currency inventory and digital assets sold short
The average amount of liquidity supplied in Q2 was US$2,058,735
Average daily revenue was $2,068 in Q2
Subsequent to Q2, Liquid Meta deployed an additional $20 million of liquidity
Subsequent to quarter end, the Company recorded record daily revenue for a 24-hour period, generating $22,500
TORONTO, Jan. 14, 2022 /PRNewswire/ - Liquid Meta Capital Holdings Ltd. ("Liquid Meta" or the "Company"), a decentralized finance infrastructure and technology company, today announced the financial results for the three and six months ended November 30, 2021. All amounts are expressed in U.S. Dollars unless otherwise stated.
"I am pleased to report that during the second quarter of fiscal 2022, Liquid Meta made substantial progress scaling our liquidity mining operations," said Jonathan Wiesblatt, CEO. "During the quarter, Liquid Meta provided liquidity across 7 blockchains and to 20 Dapps (decentralized applications), generating consistent daily revenue and a 96% gross profit margin, despite elevated volatility in the crypto market."
"Our priority for the current fiscal year is to drive the growth of our liquidity mining operation and ensure we are generating consistent revenue while reducing overall exposure to market volatility," added Mr. Wiesblatt. "Although we are early in our journey, our second quarter results demonstrate the power of our model on the capital deployed. Since the beginning of our fiscal second quarter, we successfully raised in excess of US$22.0 million and are now almost fully deployed across a diversified number of layer one blockchains and decentralized applications. The increase in liquidity we have provided subsequent to quarter end is expected to drive significant revenue growth through the balance of the year."
Liquid Meta is focused on the DeFi segment of the digital asset ecosystem through its Liquidity Mining business. Every time a transaction occurs within the liquidity pool, the protocol generates a service fee for the transaction, a portion of which is distributed to liquidity providers in the form of fees for providing a service to the protocol. Additionally, in some cases, liquidity miners can also earn protocol reward tokens by protocols and applications, which are offered as incentives and additional revenue generating opportunities for liquidity miners for interacting and providing liquidity to various protocols.
Second Quarter Financial Highlights (Three months ending November 30, 2021) All amounts are expressed in U.S. Dollars unless otherwise stated
Achieved revenue of $188,229
Achieved gross profit of $180,563
Net loss of $104,930
As at November 30, 2021, the company had total assets of $25 million
On November 30, 2021, the Company announced it had completed a concurrent brokered and non-brokered private placement of subscription receipts for aggregate gross proceeds of US$19,999,880 and US$13,700 respectively
On December 13, 2021, Liquid Meta signed the amended and restated definitive amalgamation agreement in connection with the proposed business combination of 1287413 B.C. Ltd. and Liquid Meta, resulting in the reverse takeover of the company by Liquid Meta (the "RTO')
On December 17, 2021, the Company closed the RTO
Subsequent to quarter end, on December 22, 2021, Liquid Meta began trading on the NEO exchange under the symbol LIQD
Subsequent to quarter end, Liquid Meta announced the addition of 3 new Board members
Subsequent to quarter end, the Company had record revenue of $22,500 for the 24-hour period ending January 6, 2022, despite extreme volatility in the underlying market
Liquid Meta has now deployed over US$20 million dollars across various blockchains, dApps and liquidity pools
Over the next 12-months Liquid Meta will be focused on scaling its liquidity mining operation while advancing the development of tools and software products to onboard other pools of capital looking to monetize the growth of DeFi
Liquid Meta has now deployed greater than $20.0 million of liquidity across DeFi. The additional capital deployed is expected to produce daily revenue that will exceed the run rates produced in the Q2 results
Will focus on developing partnership opportunities to accelerate scaling our liquidity mining operation
Financial Statements and MD&A
Liquid Meta's financial Statements for the quarter ended November 30, 2021 and Management's Discussion and Analysis (the "MD&A") for the three and six-months ended November 30, 2021 are available on SEDAR at www.sedar.com.
About Liquid Meta
Liquid Meta is a decentralized finance infrastructure and technology company that is powering the next generation of open-access protocols and applications. The Company is creating the bridge between traditional and decentralized finance while ushering in a new era of financial infrastructure that benefits anyone, anywhere.
Neo Exchange has not reviewed or approved this press release for the adequacy or accuracy of its contents.
Notice Regarding Forward-Looking Information:
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Liquid Meta to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risks and Uncertainties" in the Company's Filing Statement dated as of December 17, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Liquid Meta disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Liquid Meta's operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.