Nuvei has released its Q2 2022 results, reporting revenue of $211.3 million, a 19% increase year on year.
The positive result for the payments provider comes despite a $9.4 million negative impact on revenue from foreign currency exchange rates.
Adjusted EBITDA was $92.9 million, representing a 17% increase.
Meanwhile, adjusted net income increased 16% to $74.7 million, with a net income per diluted share of $0.23 versus $0.26 previously.
Adjusted net income per diluted share was $0.51, up from $0.44 previously.
Cash flow from operating activities increased by 13% to $157.2 million, while free cash flow increased by 22% to $163.3 million.
Nuvei confirmed that it exceeded its Q2 adjusted EBITDA forecast, despite reported revenue falling short of the expected range of $217m to $233m.
This is due to the negative impact of changes in foreign currency exchange rates, a shift in volume mix from alternative payment methods (APMs), and higher volatility and lower volume in digital assets and cryptocurrencies than expected.
Nuvei reported a 30% increase in revenue and a 27% increase in adjusted EBITDA in the first quarter.
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 were among the operational highlights.
Looking ahead, “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,” said Nuvei Chair and CEO Philip Fayer.
“However, we are maintaining our medium and long-term targets, with the goal of achieving $1 billion in 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.”