Paysafe reveals Q1 2023 report, revenue up 5% year-on-year
The payment platform has released figures from its Q1 report, following its expansion into several new US markets.
Paysafe, a payments platform that works closely with the gaming sector, has announced its results for the first financial quarter of 2023.
Revenue increased by 5% for a total of $387.8m, or by 7% when using a constant currency basis.
Gross profit also saw an increase, reaching $228.9m when compared to the $220.6m figure recorded in Q1 2022.
The report by Paysafe notes that the net loss amount of $3.8m “reflects an impairment of goodwill recognised in the prior year period”, as the year prior saw it reach $1.1bn.
Also, adjusted EBITDA also saw increasing figures, with $107.8m improving by 4% year-on-year.
Bruce Lowthers, CEO of Paysafe, said: “We kicked off 2023 by delivering our strongest quarterly revenue since going public.
“Revenue increased 7% and adjusted EBITDA increased 5% year-over-year on a constant currency basis, fueled by double-digit growth from our classic digital wallets as well as e-commerce.
“We are confident in maintaining our full-year outlook and remain very pleased with the progress of our sales transformation initiative, which is driving cross-selling and higher value client wins.”
Paysafe aimed to expand its sales organisation by focusing on new iGaming markets, such as Washington and Ohio.
Supported by operators across a total of 27 US states using Paysafe payment technology, the company handled a total payment volume of $33.8bn, which is an increase of 8% when compared year-on-year.
As part of this plan, Nicole Carroll was also appointed as Paysafe’s new Chief Strategy & Innovation Officer.
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