Canadian payments technology company Nuvei Corporation has released its Q4 and fiscal year 2022 financial report. The company reported a Q4 total volume of $40.3bn, representing a 28% boost year-over-year.
Overall revenue during Q4 grew by 4% to reach $211.9m, when compared to the previous quarter.
Fourth quarter net income fell by 24% to total $9.4m, and net income per diluted share decreased by 14% to $0.06.
Adjusted EBITDA totaled $85.7m during the fourth quarter, which represented a 6% decrease when compared to last year’s corresponding quarter.
Results for 2022 followed similar trends. Overall company revenue during the year grew by 16% to reach $724.5m.
Net income for the year decreased by 42% year-over-year and totaled $62.0m. Adjusted EBITDA for 2022 was $351.3m, representing a boost of 11%.
Nuvei Chair and CEO Philip Fayer described the company’s latest financial results as “another strong year.”
He said: “I am very pleased with our results. and we’re off to a great start with the momentum exiting last year carrying over into 2023. From our position of strength, we will continue our disciplined approach to investing in the business as appropriate and expect to prioritize share repurchases with our free cash flow.
“We’ve worked diligently to further scale our platform organically and inorganically, diversify the business across high-growth discretionary and non-discretionary verticals, increase our use cases, target more end markets, and increase our distribution.”
The Canadian company extended its US digital footprint during throughout the year by gaining gaming license approvals in both Maryland and Kansas. Nuvei also reported Latin American expansion with its approved money transmitter license in Puerto Rico.
The group recently partnered with Hard Rock Digital. The two will collaborate to update the Hard Rock Sportsbook mobile app with payment services.