Paysafe, the gambling industry's preferred payment platform, has made public its Q1 2023 results, highlighting robust financial growth and its strategic expansion into new markets.
Renowned for its services in the gaming sector, Paysafe reported a 5% increase in revenue for the first financial quarter of 2023, amounting to $387.8m. Adjusted for constant currency, this growth was even higher at 7%. Gross profit followed a similar growth trend, marking an increase to $228.9m from $220.6m in Q1 2022.
In the report, Paysafe attributed the net loss of $3.8m to the “impairment of goodwill recognized in the previous year”, which was reported at $1.1bn.
Bruce Lowthers, Paysafe's CEO, commented on the positive results. He said that they start 2023 by reporting their highest quarterly revenue. A 7% rise in revenue and a 5% increase in adjusted EBITDA YoY, on a constant currency basis, were driven by their traditional e-wallets' double-digit growth and e-commerce.
Bruce also notices that their full-year outlook remains positive as they see the success of the sales transformation initiative in terms of cross-selling and securing high-value customers.