{"id":508534,"date":"2021-06-30T16:49:48","date_gmt":"2021-06-30T20:49:48","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/eqonex-announces-fiscal-year-2021-financial-results\/"},"modified":"2021-06-30T16:49:48","modified_gmt":"2021-06-30T20:49:48","slug":"eqonex-announces-fiscal-year-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/eqonex-announces-fiscal-year-2021-financial-results\/","title":{"rendered":"EQONEX Announces Fiscal Year 2021 Financial Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <b>Management Call to Discuss Fiscal Year 2021 Financial Results and Business Updates for the First Quarter of Fiscal Year 2022 on <span class=\"xn-chron\">July 14, 2021<\/span><\/b>\n      <\/p>\n<p>\n        <span class=\"xn-location\">SINGAPORE<\/span>, <span class=\"xn-chron\">June 30, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0Diginex Limited (Nasdaq: EQOS), recently rebranded as EQONEX Group (&#8220;EQONEX&#8221; or the &#8220;Company&#8221;), a digital assets financial services company, today announced its financial results for the fiscal year ended <span class=\"xn-chron\">March 31, 2021<\/span>. Please refer to the Company&#8217;s annual report on Form 20-F for fiscal year 2021 detailed financial disclosure. <\/p>\n<p>\n        <b><br \/>\n          <u>Fiscal Year 2021 Key Financial &amp; Strategic Highlights<\/u><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>In <span class=\"xn-chron\">October 2020<\/span>, EQONEX became the first company with a cryptocurrency exchange to be listed on Nasdaq <\/li>\n<li>Robust balance sheet: Cash and cash equivalents of <span class=\"xn-money\">US$52.1 million<\/span> and no interest-bearing debt as of <span class=\"xn-chron\">March 31, 2021<\/span><\/li>\n<li>Revenue generation accelerated during the fourth quarter of 2021, providing a springboard for revenue growth in fiscal year 2022 <\/li>\n<li>Adjusted EBITDA for the year ended <span class=\"xn-chron\">March 31, 2021<\/span><span id=\"spanHghlt7ade\">\u00a0<\/span>was a loss of <span class=\"xn-money\">US$33.5 million<\/span> after adjusting for non-recurring business combination expenses plus fair value adjustments; compared with a loss of <span class=\"xn-money\">US$32.5 million<\/span> for the prior fiscal year <\/li>\n<li>EQONEX Exchange launched publicly in <span class=\"xn-chron\">July 2020<\/span> and has seen average daily volumes grow to <span class=\"xn-money\">US$15.9 million<\/span> by <span class=\"xn-chron\">March 2021<\/span>, providing a base for significant volume growth into fiscal year 2022 with <span class=\"xn-chron\">June 2021<\/span> average daily volumes in excess of <span class=\"xn-money\">$180 million<\/span><\/li>\n<li>Launch of the special issuance period for our native exchange token EQO in <span class=\"xn-chron\">March 2021<\/span> has driven a rapid increase in fee paying volume in the first quarter of fiscal year 2022<\/li>\n<\/ul>\n<p>\n        <span class=\"xn-person\">Richard Byworth<\/span>, Chief Executive Officer at EQONEX Group, said: &#8220;This was a watershed year in which we launched our core business line, the EQONEX cryptocurrency exchange, and became the first company with a cryptocurrency exchange to list on Nasdaq. We devoted substantial time and resources towards bootstrapping volumes on EQONEX Exchange to a level where we could begin generating revenue at the very tail end of fiscal year 2021. While daily trading volumes grew to <span class=\"xn-money\">US$15.9 million<\/span> by <span class=\"xn-chron\">March 2021<\/span>, we have seen this significant growth trend continue with daily volumes reaching in excess of <span class=\"xn-money\">US$180 million<\/span> in <span class=\"xn-chron\">June 2021<\/span> month-to-date, a significant portion of which are fee paying volumes.&#8221;<\/p>\n<p>&#8220;Our focus is squarely on delivering a compliant and trusted platform that is necessary for greater widespread adoption of cryptocurrencies.\u00a0During the past two years, we have been investing in the development and roll-out of our complete digital asset ecosystem which includes EQONEX Exchange; Digivault, the sole standalone FCA registered digital asset custodian; Bletchley Park, our asset manager; and our Trading businesses. All of these businesses are fully operational and have begun generating revenue. Additionally, we have been investing in two highly complementary businesses \u2013borrowing &amp; lending and investment products \u2013 both of which we expect to launch in the first half of fiscal year 2022. Our ecosystem was specifically designed to deliver complementary, yet diversified revenue streams with many more products and services still in the pipeline.&#8221;<\/p>\n<p>&#8220;This investment in building our ecosystem has only just begun to generate revenue. It has positioned us to deliver on our goals of becoming a leading regulatory-focused digital asset financial services company, with a comprehensive offering which we believe will deliver long term value for shareholders.&#8221;<\/p>\n<p>\n        <b><br \/>\n          <u>Conference Call to Discuss Fiscal Year 2021 Results and Business Updates for the First Quarter of 2022<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>EQONEX&#8217;s management will hold an earnings conference call at <span class=\"xn-chron\">8:00 AM<\/span> U.S. Eastern Time on <span id=\"spanHghlt3b1d\">Wednesday<\/span>, <span class=\"xn-chron\">July 14, 2021<\/span> (<span class=\"xn-chron\">8:00 PM<\/span> Singapore\/Hong Kong Time on the same day) to discuss its fiscal year 2021 results and provide financial and operational updates for the first quarter of fiscal year 2022.<\/p>\n<p>All participants must register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode and unique registrant ID, which can be used to join the conference call.\u00a0 <\/p>\n<p>Registration link: <a target=\"_blank\" href=\"http:\/\/apac.directeventreg.com\/registration\/event\/4338009\" rel=\"nofollow noopener\">http:\/\/apac.directeventreg.com\/registration\/event\/4338009<\/a>\u00a0<\/p>\n<p>Please dial in 15 minutes before the call is scheduled to begin and provide the Direct Event passcode and unique Registration ID you have received upon registering to join the call.<\/p>\n<p>A live and archived webcast of the conference call will be available at the following link: <a target=\"_blank\" href=\"https:\/\/group.eqonex.com\/investor-relations\/webcasts-corporate-presentations\" rel=\"nofollow noopener\">https:\/\/group.eqonex.com\/investor-relations\/webcasts-corporate-presentations<\/a>.<\/p>\n<p>A telephone replay of the call will be available after the conclusion of the conference call until <span class=\"xn-chron\">July 22, 2021<\/span>, <span class=\"xn-chron\">9:59 AM<\/span> US ET:<\/p>\n<div>\n<table id=\"convertedTablef34d\" cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">United States: <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">+1 646 254 3697<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">International: \u00a0 <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">+61 2 8199 0299<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Passcode: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4338009<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b><br \/>\n          <u>Fiscal Year 2021 Financial Results<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>For a full breakdown of the Company&#8217;s financial statements, please refer to the Company&#8217;s annual report on Form 20-F filed on <span class=\"xn-chron\">June 30, 2021<\/span>. The annual report can be accessed on the Company&#8217;s investor relations website at <a href=\"https:\/\/group.eqonex.com\/\" rel=\"nofollow\">https:\/\/group.eqonex.com\/<\/a> as well as the SEC&#8217;s website at <a href=\"http:\/\/www.sec.gov\" rel=\"nofollow\">http:\/\/www.sec.gov<\/a>.\u00a0<\/p>\n<p>\n        <b>Revenues<\/b>\n      <\/p>\n<p>Revenue for fiscal year 2021 was <span class=\"xn-money\">US$0.3 million<\/span>, a decrease from <span class=\"xn-money\">US$0.5 million<\/span> last fiscal year, due primarily to a change in focus of the Capital Markets Business from ICOs to digital security focused transactions, which are anticipated to have greater future revenue opportunities. Revenue was primarily generated during the last quarter of fiscal year 2021 as a result of a significant increase in revenue-generating trading volume on EQONEX exchange.<\/p>\n<p>Exchange revenue for fiscal year 2021 was <span class=\"xn-money\">US$0.2 million<\/span>. Following the public launch of EQONEX in <span class=\"xn-chron\">July 2020<\/span>, the exchange initially focused on attracting customers to the platform and growing trading volumes. In order to achieve this, EQONEX offered fee, and other, incentives to both retail and institutional participants. The result of these initiatives saw volumes rise to an average daily trading for <span class=\"xn-chron\">March 2021<\/span> of <span class=\"xn-money\">US$15.9 million<\/span>.\u00a0 <\/p>\n<p>Trading business revenues for fiscal year 2021 were <span class=\"xn-money\">US$0.1 million<\/span>, composed primarily from OTC trades. <\/p>\n<p>During fiscal year 2021, EQONEX also focused on developing its other business lines to drive future revenue growth.<\/p>\n<p>Digivault, the Custody Business, was integrated with EQONEX towards the end of the fiscal year 2021. While serving another Group business does not generate revenues on a consolidated basis, it does save costs from engaging with alternative third-party solutions.<\/p>\n<p>Bletchley Park Asset Management, for the majority of fiscal year 2021 offered a zero-fee structure to the seed investors. Since <span class=\"xn-chron\">January 2021<\/span>, the business has been raising additional capital which generates both management and performance fees. The revenues associated with the Asset Management business in prior years related to those generated from Bletchley Park Asset Management Jersey (BPAMJ). The funds associated with BPAMJ were liquidated during fiscal year 2021 which resulted in a reduction in revenue.<\/p>\n<p>\n        <b>Operating Loss<\/b>\n      <\/p>\n<p>Operating loss for fiscal year 2021 was <span class=\"xn-money\">US$64.6 million<\/span>, an increase from <span class=\"xn-money\">US$42.5 million<\/span> during the prior fiscal year. The operating loss for fiscal year 2021 includes a <span class=\"xn-money\">US$28.2 million<\/span> non-cash fair value charge for the employee share option plan that was established in 2017 and vests in <span class=\"xn-chron\">December 2021<\/span>, compared to a non-cash fair value charge for the share option plan of <span class=\"xn-money\">US$9.7 million<\/span> in the prior fiscal year.<\/p>\n<p>Salaries and associated expenses increased marginally to <span class=\"xn-money\">US$14.9 million<\/span> from <span class=\"xn-money\">US$14.4 million<\/span> in the prior fiscal year. Headcount as of <span class=\"xn-chron\">March 31, 2021<\/span>, was 157, compared to 137 as of <span class=\"xn-chron\">March 31, 2020<\/span>. In addition, other costs incurred relate to, amongst others, legal and professional fees associated with the Nasdaq listing and new product launches, marketing costs, technology and software development costs, and office rent. <\/p>\n<p>\n        <b>Adjusted EBITDA<\/b>\n      <\/p>\n<p>Adjusted EBITDA from continuing operations for fiscal year 2021 was a loss of <span class=\"xn-money\">US$33.5 million<\/span>, compared to a loss of <span class=\"xn-money\">US$32.5 million<\/span> during the prior fiscal year. Adjusted EBITDA from continuing operations is derived to reflect the result of the core performance of the business. The adjustments relate to one off, non-cash costs associated with the business combination with 8i Enterprises which resulted in the Nasdaq listing, the fair value recognition of financial instruments and the fair value of the share option plan as noted above. <\/p>\n<p>\n        <b>Net Loss<\/b>\n      <\/p>\n<p>Net loss for fiscal year 2021 was <span class=\"xn-money\">US$125.9 million<\/span>, compared to <span class=\"xn-money\">US$58.1 million<\/span> for prior fiscal year. The loss for fiscal year 2021 includes one-off, non-cash expenses relating to the business combination with 8i Enterprises of <span class=\"xn-money\">US$76.1 million<\/span>. The loss for the year was also inflated by the non-cash fair value charge for the employee share option plan of <span class=\"xn-money\">US$28.2 million<\/span>. The net loss was partially offset by a non-cash reduction in the warrant liability of <span class=\"xn-money\">US$11.4 million<\/span><\/p>\n<p>\n        <b>Balance Sheet<\/b>\n      <\/p>\n<p>As of <span class=\"xn-chron\">March 31, 2021<\/span>, the Company had <span class=\"xn-money\">US$52.1 million<\/span> in cash and cash equivalents, an increase of <span class=\"xn-money\">US$51.1 million<\/span> from <span class=\"xn-chron\">March 31, 2020<\/span>. <\/p>\n<p>\n        <b>About EQONEX<\/b>\n      <\/p>\n<p>EQONEX is a digital assets financial services company focused on fairness, governance, and innovation. The group encompasses cryptocurrency exchange EQONEX as well as an over-the-counter trading platform. It also offers a front-to-back integrated trading platform, Access Trading, a securitization advisory service, EQONEX Capital, market leading hot and cold custodian Digivault and asset manager Bletchley Park.<\/p>\n<p>For more information visit: <a target=\"_blank\" href=\"https:\/\/group.eqonex.com\/\" rel=\"nofollow noopener\">https:\/\/group.eqonex.com<\/a><\/p>\n<p>Follow EQONEX on social media on Twitter @eqonex, on Facebook @eqonex, and on LinkedIn.<\/p>\n<p>This press release is provided by Diginex Limited (&#8220;EQONEX&#8221;) for information purposes only, is a summary only of certain key facts and plans of EQONEX and includes forward looking statements that involve risks and uncertainties. Without limitation, the press release does not constitute an offer or solicitation in relation to any securities or other regulated products or services or to make use of any services provided by EQONEX, and neither this press release nor anything contained in it will form the basis of any contract or commitment whatsoever. The contents of this press release have not been reviewed by any regulatory authority in any jurisdictions. <\/p>\n<p>\n        <b>Forward-Looking Information<\/b>\n      <\/p>\n<p>This press release includes statements that express Eqonex&#8217;s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;anticipates,&#8221; &#8220;expects,&#8221; &#8220;seeks,&#8221; &#8220;projects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;may,&#8221; &#8220;will&#8221; or &#8220;should&#8221; or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this report and include statements regarding our intentions, beliefs or current expectations concerning, among other things, the Business Combination, the benefits and synergies of the Business Combination, including anticipated cost savings, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which the Company operates. Such forward-looking statements are based on available current market material and management&#8217;s expectations, beliefs and forecasts concerning future events impacting Eqonex. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, as well as assumptions, which, if they were to ever materialize or prove incorrect, could cause the results of Eqonex to differ materially from those expressed or implied by such forward-looking statements. Potential risks and uncertainties include without limitation:<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">expectations regarding our strategies and future financial performance, <br \/>including our future business plans or objectives, prospective<br \/>performance and opportunities, and competitors, revenues, customer <br \/>acquisition and retention, products and services, pricing, marketing <br \/>plans, operating expenses, market trends, liquidity, cash flows and uses<br \/>of cash, capital expenditures, and our ability to maintain access to content <br \/>and manage license relationships, and to invest in growth initiatives and <br \/>pursue acquisition opportunities;<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">adverse effects to our financial condition and results of operations due to <br \/>public health issues, including epidemics or pandemics such as COVID-19;<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">our future financial performance, including our expectations regarding our <br \/>net revenue, operating expenses, and our ability to achieve and maintain<br \/>future profitability;<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">our business lines and our ability to effectively manage our growth;<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">anticipated trends, growth rates, and challenges in our business, the <br \/>Digital Assets economy, and in the markets in which we operate;<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">market acceptance of our products and services;<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">beliefs and objectives for future operations;<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">our ability to maintain, expand, and further penetrate our existing customer<br \/>base;<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">our ability to develop new products and services and grow our business<br \/>in response to changing technologies, customer demand, and competitive<br \/>pressures;<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">our expectations concerning relationships with third parties;<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">our ability to maintain, protect, and enhance our intellectual property;<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">our ability to continue to expand internationally;<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">our ability to operate each of our business lines effectively;<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">the effects of increased competition in our markets and our ability to compete<br \/>effectively;<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">future acquisitions of or investments in complementary companies, products, <br \/>services, or technologies and our ability to successfully integrate such companies <br \/>or assets;<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">our ability to stay in compliance with laws and regulations that currently apply <br \/>or become applicable to our business both in the United States and internationally, <br \/>including environmental regulations on cryptocurrency mining; <\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">economic and industry trends, projected growth, or trend analysis;<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">trends in revenue, cost of revenue, and gross margin;<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">trends in operating expenses, including technology and development expenses,<br \/>sales and marketing expenses, and general and administrative expenses, and <br \/>expectations regarding these expenses as a percentage of revenue; and<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<ul type=\"disc\">\n<li class=\"prnews_li\">\n                  <span class=\"prnews_span\">increased requirements and expenses associated with being a public company.<\/span>\n                <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p \/>\n<p>The forward-looking statements made in this press release speak only as of the date hereof and we disclaim any obligation, except as required by law, to provide updates, revisions or amendments to any forward-looking statements to reflect changes in our expectations or future events. For additional discussion, see Item 3 &#8220;Key information\u2014D. Risk Factors&#8221; in our Annual Report on Form 20-F for the fiscal year ended <span class=\"xn-chron\">March 31, 2021<\/span>, as updated by our subsequent filings with the Securities and Exchange Commission.<\/p>\n<p>Other than those of EQONEX, all names, trademarks and logos in this press release and used in the materials herein belong to their respective owners. Nothing contained on this press release should be construed as granting, by implication, estoppel, or otherwise, any right or license to use any third-party names, trademarks, or logos displayed on the press release without the written permission of such third parties.<\/p>\n<p>\n        <b>Adjusted EBITDA <\/b>\n      <\/p>\n<p>EBITDA is earnings before interest, taxes, depreciation and amortization (&#8220;EBITDA&#8221;) and EBITDA adjusted for specific items (&#8220;Adjusted EBITDA&#8221;), which are non-IFRS measures, to supplement our consolidated financial statements presented in accordance with IFRS. For an explanation and reconciliation of Adjusted EBITDA to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the Company&#8217;s Form 20-F filed on <span class=\"xn-chron\">June 30, 2021<\/span>. The Company believes that EBITDA and Adjusted EBITDA are useful to investors, enabling them to better access changes in our results of operations across different periods on a consistent basis, independent of certain items as noted above. <\/p>\n<p>The Company calculates Adjusted EBITDA as net loss and comprehensive loss excluding share options, transaction fees, earn-out costs, impairment\/fair value\/revaluation gains and losses, share of loss of an associate, and finance charges. <\/p>\n<p>For a full breakdown of the Company&#8217;s financial statements, please refer to the Company&#8217;s annual report on Form 20-F filed on <span class=\"xn-chron\">June 30, 2021<\/span>. The annual report can be accessed on the Company&#8217;s investor relations website at <a href=\"https:\/\/group.eqonex.com\/\" rel=\"nofollow\">https:\/\/group.eqonex.com\/<\/a> as well as the SEC&#8217;s website at <a target=\"_blank\" href=\"http:\/\/www.sec.gov\/\" rel=\"nofollow noopener\">http:\/\/www.sec.gov<\/a>. \u00a0<\/p>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN29679&amp;sd=2021-06-30\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/eqonex-announces-fiscal-year-2021-financial-results-301323683.html\">https:\/\/www.prnewswire.com\/news-releases\/eqonex-announces-fiscal-year-2021-financial-results-301323683.html<\/a><\/p>\n<p>SOURCE  Diginex Limited<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CN29679&amp;Transmission_Id=202106301646PR_NEWS_USPR_____CN29679&amp;DateId=20210630\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire Management Call to Discuss Fiscal Year 2021 Financial Results and Business Updates for the First Quarter of Fiscal Year 2022 on July 14, 2021 SINGAPORE, June 30, 2021 \/PRNewswire\/ &#8212;\u00a0Diginex Limited (Nasdaq: EQOS), recently rebranded as EQONEX Group (&#8220;EQONEX&#8221; or the &#8220;Company&#8221;), a digital assets financial services company, today announced its financial results for the fiscal year ended March 31, 2021. Please refer to the Company&#8217;s annual report on Form 20-F for fiscal year 2021 detailed financial disclosure. Fiscal Year 2021 Key Financial &amp; Strategic Highlights In October 2020, EQONEX became the first company with a cryptocurrency exchange to be listed on Nasdaq Robust balance sheet: Cash and cash equivalents of US$52.1 million and no interest-bearing debt as &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/eqonex-announces-fiscal-year-2021-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;EQONEX Announces Fiscal Year 2021 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-508534","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EQONEX Announces Fiscal Year 2021 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/eqonex-announces-fiscal-year-2021-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EQONEX Announces Fiscal Year 2021 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire Management Call to Discuss Fiscal Year 2021 Financial Results and Business Updates for the First Quarter of Fiscal Year 2022 on July 14, 2021 SINGAPORE, June 30, 2021 \/PRNewswire\/ &#8212;\u00a0Diginex Limited (Nasdaq: EQOS), recently rebranded as EQONEX Group (&#8220;EQONEX&#8221; or the &#8220;Company&#8221;), a digital assets financial services company, today announced its financial results for the fiscal year ended March 31, 2021. Please refer to the Company&#8217;s annual report on Form 20-F for fiscal year 2021 detailed financial disclosure. Fiscal Year 2021 Key Financial &amp; Strategic Highlights In October 2020, EQONEX became the first company with a cryptocurrency exchange to be listed on Nasdaq Robust balance sheet: Cash and cash equivalents of US$52.1 million and no interest-bearing debt as &hellip; Continue reading &quot;EQONEX Announces Fiscal Year 2021 Financial Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/eqonex-announces-fiscal-year-2021-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-30T20:49:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN29679&amp;sd=2021-06-30\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/eqonex-announces-fiscal-year-2021-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/eqonex-announces-fiscal-year-2021-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"EQONEX Announces Fiscal Year 2021 Financial Results\",\"datePublished\":\"2021-06-30T20:49:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/eqonex-announces-fiscal-year-2021-financial-results\\\/\"},\"wordCount\":2451,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/eqonex-announces-fiscal-year-2021-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=CN29679&amp;sd=2021-06-30\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/eqonex-announces-fiscal-year-2021-financial-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/eqonex-announces-fiscal-year-2021-financial-results\\\/\",\"name\":\"EQONEX Announces Fiscal Year 2021 Financial Results - 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Please refer to the Company&#8217;s annual report on Form 20-F for fiscal year 2021 detailed financial disclosure. Fiscal Year 2021 Key Financial &amp; Strategic Highlights In October 2020, EQONEX became the first company with a cryptocurrency exchange to be listed on Nasdaq Robust balance sheet: Cash and cash equivalents of US$52.1 million and no interest-bearing debt as &hellip; Continue reading \"EQONEX Announces Fiscal Year 2021 Financial Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/eqonex-announces-fiscal-year-2021-financial-results\/","og_site_name":"Market Newsdesk","article_published_time":"2021-06-30T20:49:48+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN29679&amp;sd=2021-06-30","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"12 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/eqonex-announces-fiscal-year-2021-financial-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/eqonex-announces-fiscal-year-2021-financial-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"EQONEX Announces Fiscal Year 2021 Financial Results","datePublished":"2021-06-30T20:49:48+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/eqonex-announces-fiscal-year-2021-financial-results\/"},"wordCount":2451,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/eqonex-announces-fiscal-year-2021-financial-results\/#primaryimage"},"thumbnailUrl":"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN29679&amp;sd=2021-06-30","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/eqonex-announces-fiscal-year-2021-financial-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/eqonex-announces-fiscal-year-2021-financial-results\/","name":"EQONEX Announces Fiscal Year 2021 Financial Results - 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