Nuvei announces 96% revenue increase for Q3 results
Payment expert and global payment technology partner, Nuvei, has reported its third-quarter 2021 results.
The company has seen a revenue increase of 96%, with highs of $183.9m in contrast to $93.8m the previous year. Net income also increased by $105.9m to $28m, recovering from a net loss of $77.9m the year prior.
Nuvei’s total volume has increased 88% to $21.6bn, from $11.5bn the corresponding quarter, with ecommerce representing 83% of the overall volume.
This third quarter has been promising for the company, as it saw adjusted EBITDA levels increase by 97%, to the value of $80.9m; and adjusted net income reached $62.3m, compared to $16.5m the year before.
Nuvei’s cash balance rose to $288.7m. This was a 60% increase from $180.7m in December of last year.
Philip Fayer, Nuvei’s Chair and CEO, commented on the company’s Q3 reports: “We achieved a number of significant milestones in the third quarter including financial results that exceeded the outlook previously provided, releasing new innovative product solutions, growing our portfolio of alternative payment methods (APMs), announcing several exciting new customer wins, and completing three acquisitions that enhance and expand our addressable market, product capabilities, and geographic footprint.
“The third quarter also marked our one year anniversary as a public company trading on the Toronto Stock Exchange, which was followed by our successful initial public offering in the US on the Nasdaq in early October.”
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