Paysafe Limited has published its financial and operating results for the second quarter. The report reflected an overall company revenue of $378.9m.
Financial figures for Q2 showed decline in several areas. During the second quarter, Paysafe posted a net loss of $631.5m when compared to a net income during 2021’s first quarter of $6.6m.
Adjusted net income dropped to $37.5m from adjusted net income of $66.4m during last year’s corresponding period. Adjusted EBITDA fell by 13% year-over-year to $103m.
Paysafe CEO Bruce Lowthers said: “Through the first half of the year, Paysafe has delivered financial results in line with our overall expectations, marked by double-digit growth in the US SMB market. 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 entered the Arkansas iGaming market in Q2 through its new partnership with Saracen Casino Resort’s sports betting app BetSaracen. Through the first stage of the agreement, BetSaracen will utilize Paysafe’s Skrill USA payment system, which will give its players access to faster deposit and withdrawal options.
Paysafe recently expanded its partnership with international iGaming operator Betsson Group. Under the terms of the deal, the company provides various alternative and traditional payment solutions to Betsson’s online Colorado sportsbook brand, Betsafe.
In addition to continuing US expansion, Paysafe launched into Ontario’s commercial market with multiple iGaming operators. The company is currently live with or onboarding 14 operators.
