Published
OnlineFinancialIndustry

Nuvei reports 19% revenue increase for Q2

Nuvei has published its Q2 2022 results, reporting revenue of $211.3m, an increase of 19% year-on-year.

nuvei financial background gambling insider web image

The payments provider's positive result comes despite an unfavourable impact on revenue by foreign currency exchange rates, to the tune of $9.4m.

Adjusted EBITDA stood at $92.9m, representing an increase of 17%.

Meanwhile, adjusted net income increased 16% to $74.7m, with a net income per diluted share of $0.23, compared to $0.26.

Adjusted net income per diluted share was $0.51, compared to $0.44.

Cash flow from operating activities amounted to $157.2m, an increase of 13%, while free cash flow increased by 22% to $163.3m.

Nuvei confirmed it exceeded its Q2 outlook for adjusted EBITDA, while reported revenue fell short of the expected range of between $217m and $233m.

This can be attributed to the negative impact of changes in foreign currency exchange rates, a change in volume mix from alternative payment methods (APMs) and higher volatility and lower volume than expected in digital assets and cryptocurrencies.

Nuvei reported an H1 revenue increase of 30%, with an adjusted EBITDA increase of 27%.

Operational highlights included a 22% increase in Q2 online gaming revenue, the addition of new APMs to increase the portfolio to 571 and the expansion of the board of directors with new appointees Maren Lau and Tim Dent.

Looking forward, Nuvei Chair and CEO Philip Fayer said: “We are amending our outlook for the remainder of the year due to unforeseen changes in currency, volatility in digital assets and cryptocurrencies, and caution with regard to global economic conditions.

“However, we are maintaining our medium and long-term targets, pursuant to which we aspire to achieve $1bn of annual revenue, as we continue to grow, scale and position Nuvei for a sustainable future, driven by our resilient and durable business model and our ongoing investments in people, technologies and geographies.”

Premium+ Connections
Premium

Galaxsys

 
Premium

Lynon

 
Premium

Digitain

 
 
Premium

PIN-UP Partners

 
Premium

1xBet Partners

 
 
Premium

GammaStack

 
Premium

RISK

 
Premium

Imagine Live

 
Premium

Sport Generate

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Esportes Gaming Brasil

Ana Carolina Luna Maçães

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...