Paysafe's $402 Million Q2 Revenue Drives Shares to Quarterly Peak

<p>Although
the Wall Street publicly listed payment company Paysafe (NYSE: <a href="https://www.financemagnates.com/tag/paysafe/" target="_blank" rel="follow">PSFE</a>) once again
failed to surpass the profitability threshold, the results for the second
quarter and the first half of 2023 were better than those observed in the same
period the previous year. Moreover, the company has raised projections for the
financial results for the entire 2023.</p><p>Paysafe Reports Higher
Revenue and Reduced Net Loss</p><p>Paysafe
ended the second quarter with a loss of $1.77 million. This was a significant
improvement compared to a loss of $5.57 million reported in the same period the
previous year. Over the entire first half of 2023, the net loss also
substantially decreased to $658.74 million from $1.83 billion reported for H1
2022.</p><p>The
company's revenue for the second quarter of 2023 was $402.3 million,
representing an increase of 6% from the previous year, which was $378.9
million. Moreover, the Total Payment Volume similarly grew, reaching $35.5
billion.</p><p>The
Adjusted EBITDA increased to $113.03 million compared to $102.95 million in the
same quarter the previous year, and the adjusted EBITDA margin rose from 27.2%
to 28.1%. As a result, the company celebrated its fourth consecutive year of
quarterly revenue growth.</p><p>"We
are pleased with our results through the first half of 2023, including 6%
revenue growth and 7% Adjusted EBITDA growth, driven by robust volumes across
SMB and e-commerce, especially in North American iGaming," commented Bruce
Lowthers, the CEO of Paysafe.</p><p>In response to the report's publication, the company's shares are up nearly 16% on the US stock market today (Tuesday).</p><p>2023 Projections Raised</p><p>Considering
the higher-than-expected revenue in Q2 2023 and H1 2023, the company decided to
increase its previous revenue forecasts for the entire year. It was initially
predicted that Paysafe would achieve revenue of $1.58 billion in 2023, but this
forecast has now been raised to $1.61 billion.</p><p>"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," Lowthers projected.</p><p>The
forecasted range for adjusted EBITDA is now $454-462 million, compared to the
previously forecasted $452-462 million.</p><p>Partner of Well-known
Brands in the Financial Market</p><p>Paysafe is
a leading global payment service provider, including for companies in the
financial sector. The company collaborates with FX and CFD brokers as well as
cryptocurrency exchanges.</p><p>For
instance, <a href="https://www.financemagnates.com/forex/ic-markets-enhances-latam-payments-by-expanding-paysafe-partnership/" target="_blank" rel="follow">IC Markets expanded its partnership</a> with Paysafe in July to provide
enhanced payment services in the LATAM region. <a href="https://www.financemagnates.com/fintech/news/playtech-and-paysafe-extend-partnership-target-european-markets/" target="_blank" rel="follow">Playtech also developed a collaboration</a>
with Paysafe. Binance was also a partner of the company. However, <a href="https://www.financemagnates.com/cryptocurrency/binance-loses-major-eur-banking-partner-amid-regulatory-concerns/" target="_blank" rel="follow">it will stop
supporting</a> the digital asset <a href="https://www.financemagnates.com/terms/t/trading-platform/">trading platform</a> in September due to regulatory
issues.</p>

This article was written by Damian Chmiel at www.financemagnates.com.