Nuvei Reports Solid Q2 2022 with 38% Increase in Total Volume

Canadian payments processing firm Nuvei Corporation (Nuvei) has published its financial results for the three months ended June 30, 2022, which showed a solid increase in total volume.

​Nuvei's total volume for Q2 2022 reached $30.1 billion, an increase of 38% compared to $21.9 billion in the previous year. Total volume growth at constant currency increased 44% to $31.4 billion from $21.9 billion in last second quarter.

For the same period, the revenue of the company increased 19% to $211.3 million from $178.2 million on a YoY basis. Revenue growth at constant currency reached $220.7 million, rising by 24% from $178.2 million in last Q2.

In Q2 2022, Nuvei's net income fell 1% YoY from $38.9 million to $35.1 million. The adjusted EBITDA rose by 17% to $92.9 million from $79.4 million, and the adjusted net income increased 16% to $74.7 million from $64.5 million on a YoY basis.

Furthermore, the net income per diluted share of Nuvei decreased 12% to $0.23 compared to $0.26 in 2Q21. The adjusted net income per diluted share was $0.51, increading 16% compared to $0.44 in Q2 2021.

"We reported a solid second quarter with a 44% increase in Total volume at constant currency and a 17% increase in Adjusted EBITDA, both exceeding our outlook as we continued to execute on our strategic initiatives. Our strength this quarter was driven by our disciplined investments for sustainable growth, which continue to enhance our financial profile, as well as strong revenue growth, cash generation and a solid balance sheet," said Philip Fayer, Chair and CEO at Nuvei.

"We are amending our outlook for the remainder of the year due to unforeseen changes in currency, volatility in digital assets and cryptocurrencies, and caution with regard to global economic conditions. However, we are maintaining our medium and long-term targets, pursuant to which we aspire to achieve $1.0 billion of annual revenue, as we continue to grow, scale and position Nuvei for a sustainable future, driven by our resilient and durable business model and our ongoing investments in people, technologies and geographies."