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

RISK

 
Premium

Galaxsys

 
Premium

Revsharks

 
Premium

Imagine Live

 
Premium

Sport Generate

 
 
Premium

Digitain

 
Premium

Lynon

 
Premium

PIN-UP Partners

 
Premium

GammaStack

 
Premium

1xBet Partners

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

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...