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Paysafe reports 1% revenue decrease for Q2

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

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

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.

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