Nuvei has released its third-quarter 2023 financial report. The Canadian payments company reported total revenue $304.9m for the quarter, reflecting a 55% increase when compared to the previous quarter.
During the third quarter, Nuvei posted a net loss of $18.1m when compared to previous net income of $13m. Adjusted net income was also down by 9%.
The company said these results “include an increase in net finance cost of $23.6m, mainly related to amounts drawn under the company’s reducing revolving credit facility, as well as an unfavorable change in foreign currency exchange of $25.6m.”
In Q3, Nuvei’s adjusted EBITDA grew by 36% and totaled $110.7m. Adjusted EBITDA margin during the quarter reached 36.3%, reflecting a boost of 40 basis points. The adjusted EBITDA margin increased by nearly a percentage point when compared to the company’s second-quarter results.
The Canadian company has recently 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 teamed up with iGaming operator Resorts Digital Gaming (RDG) to implement Nuvei’s Instant Bank Transfer. The agreement allows RDG to integrate the payment system across all its iGaming brands, including across RDG’s digital casino platforms.
As a result of the partnership, players will be able to easily deposit funds from their bank to their gaming accounts with Nuvei Instant Bank Transfer.
RDG is based in New Jersey and currently operates both the Resorts Casino and Mohegan Sun Casino websites.
