Nuvei revenue in Q3 increases 7% hitting $197.1m

The global payments technology company, Nuvei Corporation, released its latest trading update last week. In its latest report, the company released details regarding its performance for the nine months and three months ended September 30, 2022.

In Q3 last year, Nuvei's revenue halted at $183.9m, while for the same period this year, it increased by 7% to $197.1m. Adjusted EBITDA for the period increased as well, hitting $81.2 million in Q3, 2022, according to a statement released by the company.

However, the net income for the period dropped by 54% to $13.0m. In contrast, for the same comparable period in 2021, net income was $28.0m. According to Nuvei, this was the result "primarily due to a $22.6 million increase in share-based payments." The company noted that its total volume in Q3, 2021 was $21.6bn, while in Q3 this year, it increased by 30% to $28.0bn.

Adjusted net income increased slightly from $62.3m in Q3, 2021 to $62.4m for the same period this year. Both adjusted EBITDA and revenue were impacted "by changes in foreign currency exchange rates year-over-year," Nuvei explained. The impact for the revenue was $11.5m, while adjusted EBITDA was impacted by approximately $5m.

The latest report revealed that Nuvei's revenue for the nine months until September 30, 2022, hit $623.0m. This marked an increase of 22% when compared to the $512.7m reported for the same period last year. Adjusted EBITDA for the first nine months this year hit $265.6m, up by 18% when compared to the $225.8 reported for the first nine months in 2021.

For the first nine months ended September 30, 2022, Nuvei's adjusted net income hit $206.2m, up by 16% when compared to the $178.0m result from the same period last year. Moreover, the company's total volume for the period increased by 36% to $87.4m.

During the third quarter, Nuvei completed multiple strategic objectives. Seeking to accelerate its marketplace offering, the company launched Nuvei for Platforms. What's more, the company revealed that it launched different products in strategic regions such as Canada and Europe.

Philip Fayer, Nuvei's Chair and CEO, said on the topic: "We are pleased with our results for the quarter, which exceeded the financial outlook previously provided." He added that the company's results were positively impacted by wallet share expansion and higher volumes. At the same time, according to Fayer, the company benefited from engaging with new clients and remained focused on investing further in products, technology and expansion to more jurisdictions.

Nuvei's Chair and CEO said in conclusion: "We're executing on our strategic initiatives and with the momentum we're experiencing in the business year-to-date through October, we are increasing certain metrics as well as reaffirming the outlook for the full year 2022."

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