Published
OnlineFinancialIndustry

Paysafe reports 1% revenue decrease for Q2

Payments platform Paysafe has published its Q2 2022 results, reporting a marginal 1% decrease in revenue.

paysafe financial background gambling insider web image

Revenue for the period stood at $378.9m, representing a 1% decrease year-on-year. However, revenue increased by 3% on a constant currency basis.

This result marks a relatively poor quarter when compared to competitor Nuvei, which reported a 19% increase in revenue.

Paysafe’s total payment volume rose to $33.4bn, representing an increase of 3%.

Adjusted EBITDA amounted to $103m, representing a 13% decrease, with a 9% decrease on a constant currency basis.

Adjusted net income stood at $37.5m, compared to the previous total of $66.4m.

Net loss attributable to the company amounted to $631.5m, compared to $6.6m in net income attributable to the company, inclusive of a non-cash impairment charge of $676.5m.

Paysafe CEO Bruce Lowthers said: “Through the first half of the year, Paysafe has delivered financial results in line with our overall expectations.

“I remain very excited to be at the helm of Paysafe as we drive transformational change to unlock our full growth potential with a laser focus on accelerating sales, innovative product delivery and operating at speed.

“While strong execution has enabled us to absorb headwinds from foreign exchange rates and a soft European gambling market, at this time we believe it is prudent to adjust our outlook to reflect the current macroeconomic environment.”

Paysafe went on to outline operational highlights, including a launch with additional iGaming operators in Ontario’s new private market, entering the Arkansas iGaming market with BetSaracen and the appointment of Rob Gatto as Chief Revenue Officer.

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium Connections
Consultancy
Executive Profiles
Chicken Ranch Casino
The Responsible Gambling Affiliate Association (RGAA)
Catena Media
Gambling Commission
Follow Us
The most prestigious Awards in the industry are heading to the Philippines! The Global Gaming Awards Asia-Pacific will recognise and reward (as the name suggests) the strongest performers from the Asia-Pacific gaming industry across the previous 12 months.
This year's winners will be announced at a luncheon ceremony on Day 2 of SiGMA Asia, 4th June, in Manila.
The eleventh annual Global Gaming Awards Americas will recognize and reward the gaming industry's strongest performers across the previous 12 months. These are the most prestigious and trusted Awards in the industry and have gained respect amongst industry heavyweights, due to the strict rules and procedures put in place.

Facing Facts: Operator Q3s from across the globe

Gambling Insider compares Q3 2023 results from major gamblin...

Taking Stock: Operators and suppliers across the world

Sticking with our theme of gambling across the globe, Gambli...

CEO Special: Jade Entertainment and Gaming CEO Joe Pisano - down to earth

Jade Entertainment and Gaming CEO Joe Pisano speaks to Gambl...

CEO Special: Betfred CEO Joanne Whittaker - saying it as it is

Betfred CEO Joanne Whittaker joins Gambling Insider Editor T...