Nuvei reports 7% Q3 revenue increase
Nuvei has reported revenue of $197.1m for the third quarter of 2022, a 7% increase from the third quarter of 2021.
The group noted that revenue was impacted unfavourably by changes in foreign currency exchange rates year-over-year by $11.5m.
Adjusted EBITDA for the period increased to $81.2m, up from $80.9m in Q3 2021. As noted by Nuvei, this was impacted unfavourably by changes in foreign currency exchange rates year-over-year by approximately $5m.
Net income for the third quarter of 2022 declined by 54% to $13m, primarily due to a $22.6 million increase in share-based payments.
Europe, the Middle East and Africa revenue for Q3 2022 increased by 4% to $105.5m, with North America revenue climbing 9% year-on-year to $83.1m.
Latin America revenue increased by 28% year-on-year to $7.6m, while Asia Pacific revenue climbed 47% to $1m.
“We are pleased with our results for the quarter, which exceeded the financial outlook previously provided,” said Nuvei Chair and CEO Philip Fayer. “Results were driven by higher volumes and wallet share expansion as reflected in our constant currency volume growth of 38%, new client wins, our continued investment in technology and product offerings, and our geographic expansion.
“We’re executing on our strategic initiatives and with the momentum we’re experiencing in the business year-to-date through October, we are increasing certain metrics as well as reaffirming the outlook for the full year 2022. We are also reiterating our medium and long-term targets.”
During the period, Nuvei received its gaming licence in Maryland and Kansas, as well as a money transmitter licence in Puerto Rico.
The group also expanded its executive leadership team through the appointment of Vicky Bindra in the newly created position of Chief Operating and Product Officer.
Nuvei also reported its financial results for the nine months ended September 30 2022, with revenue climbing 22% to $623m.
Adjusted EBITDA grew 18% to $265.6m, while net income declined from $94.7m in Q3 2021 to $52.6m in Q3 2022.
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