Nuvel Reports Solid Revenue in Q3 2020

​Nuvei Corporation, a payment technology provider, has published its financial results for the third quarter of the 2020 financial year, in which the company has achieved significant progress in several metrics.

During the quarter, the company posted total income of $11.5 billion, an increase of 62% as compared to $7.1 billion in the third quarter of 2019. The firm also saw revenue of $93.6 million, an increase of 32% as compared to $70.8 million in the third quarter of 2019.

In Q3, net loss increased to $77.9 million from $65.7 million in the previous year, including $83.4 million in non-cash finance costs resulting from the Company’s initial public offering (IPO) and associated valuation.

According to Nuvei, adjusted EBITDA was $41.0 million, an increase of 59% as compared to $25.8 million in Q3 2019 and adjusted net income was $16.5 million, as compared to $2.2 million in the third quarter of 2019.

“I am incredibly proud of all that we accomplished in the third quarter, as we embarked on our journey as a publicly-traded company. We believe our performance, which included total volume of $11.5 billion along with strong revenue growth, is a testament to the strength of our technology, business model and focus on high growth verticals,” said Philip Fayer, Nuvei’s chairman and CEO.

Following Nuvei’s successful IPO in September, the Company used the net proceeds for the repayment of debt. The Company ended the quarter with $99.4 million in usage of its credit facilities (net of unamortized transaction costs), down from $717.8 million (net of unamortized transaction costs) as at December 31, 2019.