Paysafe has published its financial and business results for the third quarter of 2023. The company posted overall revenue of $396.4m for the quarter.
Revenue in Q3 rose 8% year-over-year. Total payment volume during the third quarter also grew by 8% to reach $35.1bn.
Paysafe reported a net loss attributed to the company of $2.5m, the equivalent of $0.04 per diluted share when compared to nearly $1m in net income the year before.
However, adjusted net income during the quarter total rose by more than $5m year-over-year and reached $35.3m, or $0.57 per diluted share.
In Q3, adjusted EBITDA rose by 22% when compared to figures from one year ago to $116.1m.
Company CEO Bruce Lowthers said the company is pleased with its fiscal results from the most recent quarter.
He commented, “Paysafe has continued to build momentum through the third quarter led by double-digit growth from our e-commerce solutions and classic digital wallets. Overall, our third quarter results reflect 8% year-over-year revenue growth, 22% adjusted EBITDA growth and accelerated leverage reduction.
“These results reaffirm that the execution of our playbook is working and providing the foundation for us to deliver on our strategic initiatives and commitment to achieving our mid-term growth targets.”
Paysafe also celebrated some business wins during the third quarter. The company recently partnered with Fanatics Betting and Gaming “to offer its customers traditional card payments alongside a full suite of alternative payment methods.”
Lowthers went on to commend the company’s team for its efforts to keep the company on a growth trajectory.
He concluded by saying, “I want to thank our extraordinary team for all their hard work as we continue to realign Paysafe in its pursuit of operational excellence.”
