Paysafe, a payments platform, has released its Q2 2022 results, which show a 1% decrease in revenue.
Revenue for the period was $378.9 million, a 1% decrease year on year. Revenue, on the other hand, increased by 3% in constant currency.
When compared to competitor Nuvei, which reported a 19% increase in revenue, this result represents a relatively poor quarter.
Paysafe’s total payment volume increased by 3% to $33.4 billion.
Adjusted EBITDA was $103 million, a 13% decrease, with a 9% decrease in constant currency.
Adjusted net income was $37.5 million, down from $66.4 million the previous year. The company’s net loss was $631.5 million, compared to $6.6 million in net income, which included a $676.5 million non-cash impairment charge.
“Through the first half of the year, Paysafe delivered financial results in line with our overall expectations,” said Paysafe CEO Bruce Lowthers.
“I am still 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 speed of operation.”
“While strong execution has allowed us to absorb foreign exchange rate and a soft European gambling market headwinds, we believe it is prudent to adjust our outlook to reflect the current macroeconomic environment.”
Paysafe went on to highlight operational highlights, such as the launch of additional iGaming operators in Ontario’s new private market, the entry of BetSaracen into the Arkansas iGaming market, and the appointment of Rob Gatto as Chief Revenue Officer.