Nuvei boasts 45% higher total volume in Q1 2023, climbing to $42.4bn
The CEO said the year is off to a good start, although Nuvei suffered a net loss of $8.3m.
Canadian payments technology company Nuvei Corporation has released its Q1 2023 financial report, reporting a Q1 total volume of $42.4bn, representing a 45% boost year-over-year.
Overall revenue during Q1 grew by 20% to reach $256.6m when compared to the previous quarter.
The company reported a net loss of $8.3m during Q1, which was affected by one-time acquisition costs of $20m (part of its deal to purchase Paya). Adjusted net income decreased by nearly $5m to total $64.5m.
Adjusted EBITDA reached $96.3m in the first quarter when compared to the $91.6m posted during last year’s corresponding quarter.
Company Chair and CEO Philip Fayer described the company’s first quarter’s results as a “good start” to the year and discussed Nuvei’s trajectory for the rest of 2023.
He commented: “Nuvei is off to a strong start in 2023, delivering first quarter results ahead of our financial outlook, as we execute on our strategic initiatives, grow our market share, drive innovation, and extend our geographic reach.
“I am confident that Nuvei’s growing leadership position within the payment ecosystem and global platform advantages will allow us to continue to deliver sustainable and durable growth. We are raising the low end of our prior full year 2023 financial outlook by the amount of the first quarter’s outperformance and reiterating the high end of the range.”
The Canadian company has extended its US digital footprint 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.
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