Nuvei announces 19% year-on-year revenue increase for Q2
The results keep Nuvei on track for its target of $1bn in annual revenue.
Nuvei has announced its Q2 results for 2022, which saw a 17% rise in adjusted EBITDA. The company’s total output increased by 38% to $30.1bn from $21.9bn year-on-year. eCommerce represented 87% of Nuvei’s total output in this period.
Revenue also saw an annual rise of 19% to $211.3m from $178m. Nuvei’s revenue constant currency growth was 24% to $220.7m, but the total was unfavorably impacted by foreign currency exchange rates, which cost it $9.4m.
However, net income saw a decline from $35.1m from the prior year’s Q2 results of $38.9m, which was primarily attributed to a $27.7m increase in share-based payments to employees during the third quarter of 2021.
Adjusted net income tells a different story, showing a rise of 16% to $74.7m year-on-year from $64.5m. Adjusted net income per diluted share was up from $0.44 in the second quarter of 2021 to $0.51 for Q2 of this year.
These mixed results were interpreted favorably by Nuvei’s Chair and CEO Phillip Fayer. Fayer commented: “We reported a solid second quarter with a 44% increase in total volume at constant currency and a 17% increase in adjusted EBITDA, both exceeding our outlook as we continued to execute on our strategic initiatives.
“Our strength this quarter was driven by our disciplined investments for sustainable growth, which continue to enhance our financial profile, as well as strong revenue growth, cash generation and a solid balance sheet.”
In his statement, Fayer also outlines his vision for the rest of the financial year. Fayer continues: “We are maintaining our medium and long-term targets, pursuant to which we aspire to achieve $1bn of annual revenue, as we continue to grow, scale and position Nuvei for a sustainable future.”
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