Paysafe Unveils Overall Increase Across Key Financial Metrics in Q2 2023

Paysafe Limited, a leading payments platform, today announced its financial results for the second quarter of 2023, showing an overall increase across all finanical metrics.

Second Quarter 2023 Financial Highlights (metrics compared to second quarter of 2022):

• Revenue of $402.3 million, increased 6%; increased 5% on a constant currency basis

• Total Payment Volume of $35.5 billion, increased 6%

• Net loss attributable to the Company of $1.8 million, or $0.03 per diluted share, compared to $658.7 million, or $10.89 per diluted share, and reflecting an impairment charge of $676.5 million in the prior year period

• Adjusted net income of $34.7 million, or $0.56 per diluted share, compared to $37.5 million, or $0.62 per diluted share, and reflecting an increase in interest expense of $8.3 million

• Adjusted EBITDA of $113.0 million, increased 10%; increased 9% on a constant currency basis

• Net leverage decreased to 5.6x as of June 30, 2023, compared to 5.8x as of December 31, 2022

Bruce Lowthers, CEO of Paysafe, commented, "We are pleased with our results through the first half of 2023, including 6% revenue growth and 7% Adjusted EBITDA growth, driven by strong volumes across SMB and e-commerce, particularly North America iGaming, as well as progress in classic digital wallets, where we continue to see improved user engagement. Based on our results to date, we are raising our full year 2023 revenue growth outlook to the range of 6.5% to 7.5%, while maintaining more than 100 basis points in Adjusted EBITDA margin expansion this year."