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Victory Square Technologies Reports Q1 2024 Financial Results

Press Release

May 31, 2024

  • Topline Revenue for the three-months ended March 31, 2024, was $5,052,069
  • Cash & liquid securities approx. $4,410,203
  • Notable Portfolio Company Highlights: Hydreight, GameOn, XR Immersive, Covalent, FansUnite, Turnium, CoPilot AI, Stardust Solar, Safetest Comércio de Diagnósticos, CloudAdvisors and Insu Therapeutics
  • Victory Square Q&A Investor Webinar with CoPilot AI CEO Jesse Chen.

VANCOUVER, British Columbia, May 31, 2024 — Victory Square Technologies Inc. (“Victory Square” or the “Company”) (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that gives investor access to a portfolio of 25+ innovative companies from around the world in a single stock, announces it has filed its Consolidated Financial Statements for the quarter ended March 31st, 2024 along with its Management Discussion and Analysis (MD&A).

“We are living in the midst of the 4th Industrial Revolution; The Tech Revolution that will undoubtedly change everything as we know it,” said Shafin Diamond Tejani, CEO Victory Square. “Artificial Intelligence, Machine Learning, Web3, Gaming, Virtual and Augmented Reality, the Creator Economy, Digital Health and Climate Tech are all sectors that Victory Square has invested in. We offer investors the chance to invest in the most exciting tech trends all in one place with a uniquely liquid, audited and secure way to gain access to these latest innovative technologies.”

Financial Highlights
The Company’s condensed consolidated interim financial statements comprise the financial statements of the Company and its subsidiaries: Futura Health and Wellness Inc. (“Futura”), Hydreight Technologies Inc. (“HTI”), Victory Square Digital Health Inc. (“VS Digital Health”), Draft Label Technologies Inc. (“Draft Label”), XR Immersive Tech Inc. (“XRI”) and Synthesis VR Inc. (“SVR”), PDL USA Inc. (“PDL USA”), BlockX Capital Corp. (“BlockX Capital”), VS Blockchain Assembly (“VS Blockchain”), Insu Therapeutics Inc. (“Insu”)

Victory Square invests in early-stage technology companies. Increases and decreases in the value of those companies have the greatest impact on the results of operations of the Company from quarter to quarter. It is within the business cycle to see periods of net losses when first investing in a new company, spending up to 48 months incurring expenses and building the business, and then in subsequent periods realizing the gains and revenues from those early investments.

The net loss for the quarter ended March 31, 2024, is primarily due to the fair value write-down on portfolio investments due to the market environment as well as operating losses from consolidated subsidiaries.

Topline revenue for the three-months ended March 31, 2024, was $5,052,069. GAAP Revenue for the three-months ended March 31, 2024, was $3,559,675 compared to $2,851,471 for the comparative period.

Cost of Goods Sold
Cost of goods sold for the three-months ended March 31, 2024, was $2,146,272 compared to $1,370,139 for the comparative period.

Gross Margin
The gross margin for the three-months ended March 31, 2024, was $1,413,403 compared to $1,481,332 and for the corresponding comparative period.

Cash & liquid securities approx. $4,410,203

The Company’s consolidated financial statements for the quarter ended March 31, 2024 along with its Management Discussion and Analysis (MD&A) are available under the Company’s profile on SEDAR+ (

Notable Portfolio Company Highlights:

Hydreight Technologies (TSXV: NURS) (OTCQB: HYDTF) (FSE: SO6)

  • Hydreight recently announced record revenue for fiscal year 2023, Adjusted Revenue of $17.05M in 2023 compared to C$8,425,719 in 2022, an annual growth rate of 102%


  • $GAME Token to Launch June 3, Promoted by Major Sports Leagues & Influencers

XR Immersive (CSE: VRAI) (FSE:79W) (OTCQB: FNTTF)

  • AI Powered Creative Agency: building products and content ranging from creating AI influencers to a new pilot film that uses AI to craft its visual effects.

Covalent (CQT)

  • The CQT market cap rose 28% QoQ, reaching $275 million multiple times before ending Q1 at $199 million.


  • FansUnite reported a robust first quarter in 2024, with revenues up by 14% to $8.3 million and adjusted EBITDA soaring by 58% to $1.7 million

Turnium Technology Group (TSXV:TTGI) (FSE: E48)

  • Turnium Technology Group Inc. Reports Growth in Fiscal Q1 2024 Financial Results

CoPilot AI

  • Expansion into Asia market with a beachhead already established in HK with the sales pipeline already at $10M

Next Decentrum

  • Integration of Blockchain and AI-driven Features: Blockchain technology on Momentable.Art enables secure digital art transactions. We are also actively developing an AI art and culture companion to improve user interaction and personalization.


  • 15,000 Employers, 1000 Employee Benefits Advisors (Group Specialists), 120 Employee Benefit Providers, 500+ Benefit Products and Services and over 40,000 Policies

Stardust Solar

  • Stardust enters into proposed acquisition by BOLD TSX.V with the deal valued at $15.4M

Safetest Comércio de Diagnósticos

  • Partnered up with Biominas on a project called Artificial Intelligence in a Point-of-Care Cervical Cancer test for the development of a smartphone based rapid test for the detection of Cervical Cancer.

Insu Therapeutics

  • Insu Therapeutics is a UBC (University of British Columbia) spinoff company redefining diabetes treatment with patent-pending, novel non-invasive insulin and peptide-based drugs delivery technology. Our platform technology is applicable to all peptide-based drugs (Insulin GLP1, Ozempic, Hormones treatment, all are injectables). We will make these medicines available orally to all patients.

Victory Square Q&A Investor Webinar
On behalf of the VST Team we invite you to join our Q&A Investor Webinar with CoPilot AI CEO Jesse Chen.

Please see details for the webinar below:
Date: Thursday, June 13th, 2024
Time: 1:15 pm PDT – 2:00 pm PDT (4:15 pm EDT – 5:00 pm EDT)
Location: via zoom

Register here:

Recent Investor Webinars:
Victory Square Technologies Investor Q&A Webinar with CEO Shafin Tejani
Victory Square Technologies Portfolio Company Hydreight Technologies
Victory Square Technologies Portfolio Company Insu Therapeutics
Victory Square Technologies Portfolio Company XR Immersive Tech
Victory Square Technologies Portfolio Company Stardust Solar Investor Q&A

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On behalf of the Board of Directors

“Shafin Diamond Tejani”
Director and Chief Executive Officer
Victory Square Technologies Inc.

For further information about Victory Square, please contact:

Investor Relations Contact – Abbey Vogt
Telephone: 604 283-9166
Peter Smyrniotis – Director
Telephone: 604 283-9166



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