NAGA announced in its update that assets under custody have increased to EUR35 million. This represents a growth rate of 45% over the EUR24 million reported by HY1-2022.
In addition, the company stated that its average monthly cost was EUR 3.3million in Q1 2023. This represents a 40% drop from the EUR 5.9 million average for the same period lastyear. The Group stated that it expected to further reduce its cost by approximately 20% in the next quarter and maintain its growth trajectory.
In addition, the company saw its marketing spend drop by 70% from EUR 11.5 million in Q1-2022 to EUR 3.0 million last month. Yet, it still managed to acquire 11% more users at the end February 2023 thanks to an improved marketing strategy and AI-driven market intelligence.
Benjamin Bilski, founder and CEO of NAGA Group said:
We are pleased with the performance over the past months, especially when it comes to growing user activity and improving user acquisition metrics. We are able to control the costs and have a firm grasp on business expansion. We are creating a foundation to run this business profitably and the past month’s trend proves that. We have incurred substantial…
