Paysafe FY22 revenue ticks up slightly as shares rise 3%
Revenue rose by 5% on a constant currency basis as the firm completed business overhaul
Paysafe has posted a 1% year-on-year (YoY) increase in revenue for full-year 2022, or 5% on a constancy currency (cc) basis.
The payments giant recorded $1.5bn (£1.25bn) in revenue in 2022 compared to $1.48bn in 2021.
Paysafe attributed this increase in revenue to a 10% growth from its merchant solutions arm, but it was offset by a 9% drop in digital wallet revenue.
The firm also said that the fluctuation of exchange rates was a contributing factor to the company’s overall revenue.
Likewise, adjusted EBITDA for the provider fell by 8% to $410m, which Paysafe noted was also due to the impact from the Russian invasion of Ukraine.
As of the end of 2022, total cash and equivalents were $260.2m, total debt was $2.6bn and net debt was $2.4bn.
Throughout the year, the business underwent multiple strategic and operational changes. This included its expansion into the Ohio sports betting market, which took the number of states in the US in which Paysafe offers its services to 25.
The biggest negative for Paysafe was the company’s $1.9bn loss, mainly due to a $1.83bn non-cash impairment.
Paysafe also released its figures for Q4 2022. Revenue rose by 3% YoY to $383.6m, and without the $17.6m lost to fluctuating exchange rates, revenue would have risen by 8%.
Adjusted EBITDA also rose for the firm in the quarter by 2% YoY to $107.6m.
Speaking about the results, CEO Bruce Lowthers said he was pleased with the firm’s progress towards the year’s end.
He remarked: “We are pleased with our progress and fourth quarter financial results, including 8% year-over-year constant currency revenue growth.
“When I joined Paysafe, we said our focus would be on returning to growth in the back half of the year and into 2023, and we have done exactly that.
“We have recruited high-calibre talent, simplified and re-positioned the business and re-built our sales organisation, which is driving early success in cross-selling and multi-product client wins.”
Looking ahead to the rest of 2023, Lowthers highlighted that putting customers at the heart of Paysafe’s business is its main goal for the year.
He added: “Looking ahead, we remain relentlessly focused on client experience, product innovation and further sales transformation to fully leverage our assets globally and capture meaningful growth opportunities for years to come.”
Following the publication of the results, Paysafe saw its shares rise 3.6% to $21.03 on the New York Stock Exchange.