Paysafe Announces Q1 2023 Financial Results, Maintains Annual Forecast

Paysafe Limited, a prominent player in the payment platform sector, has recently disclosed its financial outcomes for Q1 2023, reaffirming its full-year financial forecast in the process.

In comparison with the first quarter of 2022, the Q1 2023 financial data demonstrates some key developments. A revenue increase of 5% was reported, equating to $387.8 million, or a 7% increase on a constant currency basis. Total Payment Volume rose by 8% to reach $33.8 billion, while the net loss attributable to the company fell to $3.8 million from $1,171.2 million. Adjusted net income was reported at $33.1 million, and Adjusted EBITDA witnessed a 4% increase, rising to $107.8 million.

Strategically, Paysafe has continued to enlarge its sales organization with a view to encouraging new customer acquisition, cross-selling, multi-product sales, and geographical expansion. In a significant new appointment, Nicole Carroll has joined the team as Paysafe’s Chief Strategy & Innovation Officer.

Paysafe’s commitment to the iGaming industry has seen the company expand into new markets within the U.S. such as Massachusetts, Washington, and Ohio. Now, Paysafe facilitates payments for iGaming operators in 27 U.S. states and jurisdictions, further underlining its growing footprint in the industry.

The company has also secured an eCash partnership with Greyhound Lines, the largest long-distance bus transportation provider in the U.S. This collaboration allows customers to use safe and secure cash payments when reserving a trip online.

Looking at the summary of consolidated results for Q1 2023, total revenue was $387.8 million, an increase of 5% compared to the prior year period. Adjusted EBITDA was reported at $107.8 million, a 4% increase, while the Adjusted EBITDA margin stood at 27.8%. The net loss attributable to the company was reported at $3.8 million, a stark reduction from the previous year’s figure.

This financial performance points to the successful integration of strategic initiatives, targeted at expanding Paysafe’s reach in the iGaming industry and bolstering its overall market presence. As we progress through 2023, it will be interesting to see how Paysafe’s financial direction continues to evolve.

Bruce Lowthers, CEO of Paysafe commented, “We kicked off 2023 by delivering our strongest quarterly revenue since going public. Revenue increased 7% and adjusted EBITDA increased 5% year-over-year on a constant currency basis, fueled by double-digit growth from our classic digital wallets as well as e-commerce. We are confident in maintaining our full year outlook and remain very pleased with the progress of our sales transformation initiative, which is driving cross-selling and higher value client wins.”