Paysafe released its financial data for the second quarter of 2024, demonstrating overall growth across the business.
Second Quarter Performance
The payment platform reported a revenue of $439.9 million for the period, up 9% year-over-year, with all business segments experiencing growth.
Merchant Solutions grew 13% to nearly $255 million, with e-commerce and small to medium-sized businesses both achieving double-digit growth. Digital Wallets increased by 6% to $189.7 million, benefiting from growth in gambling merchants and initiatives related to product and consumer engagement. Inter-segment revenue grew 94% this quarter.
The adjusted EBITDA for the second quarter of 2024 was $119 million, up from $113 million in the second quarter of 2023, marking a 5% increase that highlights the company’s revenue growth.
Gross profit for the quarter was $256.1 million compared to $235.7 million in the same period last year.
Paysafe's performance this quarter further emphasized, with adjusted net income growing 5% to $36.3 million, while net losses reduced from $1.8 million in the same period last year to $1.4 million.
Based on the second quarter report, Paysafe updated its full-year performance guidance for 2024. The initial revenue forecast was between $1.69 billion and $1.71 billion and has now been adjusted to between $1.71 billion and $1.73 billion. Adjusted EBITDA guidance was raised from $473 million to $488 million, now at $471 million to $484 million.
Commentary
Paysafe CEO Bruce Lowthers stated, “Paysafe continues to have positive momentum, with second-quarter revenue growth accelerating to 9%, thanks to strong performances across all main product lines and the execution of our 2024 strategic plans and investments. These efforts continue to solidify our foundation and lay the groundwork for sustainable long-term success. Given our strong performance in the first half of the year, we have raised our 2024 revenue forecast to a growth range of 7% to 8%, which is 125 basis points higher than our initial mid-2024 forecast.”
Sportradar also released its financial report for the second quarter of 2024, indicating a revenue increase of 29%, to €278.4 million ($304.6 million).
