Nuvei Witnesses 30% Surge in Total Volume During Q3 2022

Canadian payments processing firm Nuvei Corporation (Nuvei) has reported its financial results for the three and nine months ended September 30, 2022.

According to the press release, Nuvei's total volume for the three months reached $28 billion, an increase of 30 percent compared to $21.6 billion in the previous year. In addition, revenue increased 7 percent to $197.1 million from $183.9 million.

Fazzaco Hall of Fame 2022 Officially Opens (Click to Nominate)!

In Q3 of 2022, the company's net income decreased by 54% to $13.0 million from $28.0 million, primarily due to a $22.6 million increase in share-based payments. The adjusted EBITDA increased to $81.2 million from $80.9 million, while the adjusted net income increased to $62.4 million from $62.3 million.

For the nine months in 2022, Nuvei's total volume increased 36% to $87.4 billion from $64.1 billion and revenue increased 22% to $623.0 million from $512.7 million. Net income decreased to $52.6 million from net income of $94.7 million and adjusted net income per diluted share increased by 14% to $1.39 from $1.22.

"We are pleased with our results for the quarter, which exceeded the financial outlook previously provided. Results were driven by higher volumes and wallet share expansion as reflected in our constant currency volume growth of 38%, new client wins, our continued investment in technology and product offerings, and our geographic expansion,"said Philip Fayer, Nuvei's Chair and CEO.

"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. We are also reiterating our medium and long-term targets."