Leading global payments provider Paysafe has published its Q3 results, reporting increased financial results for the third quarter of the year. The company, which just penned a major agreement with Fanatics Betting and Gaming, is optimistic about its continued momentum.
In Q3, Paysafe reported revenue of $396.4 million, up 8% year-on-year. This increase represents a 5% increase on a constant currency basis, the company added. This figure notably marks the fifth consecutive year-on-year quarterly revenue growth.
In addition, the company reported adjusted EBITDA of $116.1 million for the period, which equates to an increase of 22%, or an increase of 18% on a constant currency basis.
Adjusted net income for the period was $35.3 million, or $0.57 per diluted share. For comparison, the company recorded an adjusted net income of $29.2 million, or $0.48 per diluted share in the prior-year period.
Net loss for the period was $2.5 million, or $0.04 per diluted share. This figure is more than double what the company recorded in Q3 2022 when it posted a net loss of $1 million, or $0.02 per diluted share.
In addition, Paysafe reported a total payment volume of $35.1 billion, which represents an increase of 8%. This figure notably excludes embedded wallet-related volumes of $3.9 billion and $10.4 billion in the third quarter of 2023 and 2022, respectively.
Finally, the company reported that net leverage declined to 5.1x as of September 30.
The Company Maintains a Strong Momentum
In addition to publishing its financial results, the company highlighted some of its most notable financial achievements in the third quarter of the year. These included the authorization of a $50 million share repurchase program.
Paysafe also continued its sales transformation and advanced priorities across client experience and product innovation. The company continued to drive improvements to its wallet portfolio, improving both merchant and end-customer experience.
Paysafe also received a number of accolades, including the Best Digital Wallet award at The Digital Banker’s Global Payments Innovation Awards 2023. The payments specialist was also named Payment Provider of the Year by Gambling.com and the American Gambling Awards. It was also included in CNBC’s list of the best digital financial technology companies in the world.
Paysafe’s chief executive officer, Bruce Lowthers, commented on the results, saying that Paysafe continued to build momentum through Q3. He noted that the company recorded double-digit growth from its e-commerce solutions and classic digital wallets.
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.
Bruce Lowthers, CEO, Paysafe
Lowthers thanked his team for its hard work which made these results possible.
This year also saw Paysafe supply payment solutions to The Mill Adventure and Betr, among other companies.