The company reports that its quarterly revenue decreased by 1%. This is not surprising given the current economic climate, but it does mean Paysafe’s business model will need some adjustments.
The payments platform Paysafe has published its Q2 2022 results, reporting a marginal 1% decrease in revenue. The company said that they were pleased with this small decline as it means more customers are using their service and paying on time for the first time ever!
For the period ending March 31st, revenue dropped 1% to 378.9 million dollars but grew 3 percent on a constant currency basis meaning that despite an overall decrease in sales over this time frame there were some encouraging signs for investors like us!
Nuvei rose 19% in revenue over the last quarter while this company only saw a 6%. This is not surprising given that they are competitors, but still disappointing nonetheless.
The company’s total payment volume rose 3% to $33.4 billion, with an adjusted EBITDA decrease 13%.
The reason for this drop in profit? Higher costs due to exchange rates and fees from localizing our app across different markets- something we’re working hard on fixing!
The company’s adjusted net income for the quarter was $37.5m, compared to last year’s total of 66 441 dollars which came after losing 678 548 worth in impairment charges!
“We have been working hard this year and through the first half of 2019, delivering financial results in line with our expectations,” said Paysafe CEO Bruce Lowthers.
“I am very excited to continue leading Paysafe in our quest for transformational change, with a laser focus on accelerating sales growth.”
“We have been able to withstand the impact of foreign exchange rates and a soft European gambling market, but at this time we believe it is best for us adjust our outlook due the current macroeconomic environment.
Paysafe outlined operational highlights, including a launch with additional iGaming operators in Ontario’s new private market and entering the Arkansas gambling scene through BetSaracen. The company also announced Rob Gatto as Chief Revenue Officer to lead their efforts across all revenue streams for this expanding industry.
In order to achieve its goals within these promising markets Paysafe is going above what’s been done before by announcing major partnerships which will allow them access into different states where online gaming has yet been legalized such as Illinois, Indiana & Michigan. Additionally they have appointed an experienced hire known throughout industries.
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