Nuvei Witnesses 43% Surge in Revenue During Q1 2022

Canadian payments processing firm Nuvei Corporation (Nuvei) today reported its financial results for the three months ended March 31, 2022.

According to the press release, Nuvei's total volume for the three months reached $29.2 billion, an increase of 42 percent compared to $20.6 billion in the previous year. In addition, revenue increased 43 percent to $214.5 million from $150.5 million.

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In Q1 of 2022, the company's net income decreased by $23.3 million to $4.5 million compared to net income of $27.8 million in the last year. The adjusted EBITDA increased 40% to $91.6 million from $65.5 million, while the adjusted net income increased 35% to $69.1 million from $51.2 million.

For the three months in 2022, Nuvei's revenue increased 73% to $124.6 million in Europe, the Middle East and Africa (EMEA), increased 13% to $80.7 million in North America, increased 25% to $6.4 million in Latin America (LATAM), and increased 64% to $2.9 million in Asia Pacific (APAC).

"We had a strong start to the year, with financial results that exceeded our financial outlook for the quarter,"said Philip Fayer, Nuvei's Chair and CEO."Total volume, revenue, and Adjusted EBITDA grew 42%, 43%, and 40%, respectively over the first quarter of 2021, as we continued advancing our strategic initiatives."

"It was an excellent quarter despite revenue headwind of $7 million from unfavorable changes in foreign exchange rates year-over year. The prospects for our business are strong and we are very well-positioned for sustainable and profitable growth. We remain intently focused on our key priorities and reiterate both our financial outlook for 2022 and our medium and long-term targets."