This $353.6m total was a decrease of 0.5% compared to Paysafe’s Q3 2020 results.
A total of $186.8m of the revenue was generated from integrated processing, up 3.5% year-on-year. Ecash solutions added $90.1m in revenue, an increase of 9.9%, while digital wallet revenue fell by 15.1% to $83.6m.
Intersegment eliminations cancelled out $7.1m of this total.
Expenses, however, grew. Costs of services came to $144.8m, up by 7.0% compared to Q3 2020. Selling, general and administrative expenses totalled at $111.0m, a slight decrease of 1.6%.
The business also reported earnings before depreciation and amortisation (EBITDA) of $106.4m was also reported, down 0.8% year-on-year.
Depreciation and amortization also decreased, falling by 6.5% to $61.8m. Impairment costs – related to intangible assets in the digital wallet segment – totaled $337.0m.
These expenses led to an operating loss of $301.1m, a difference of $297.5m from the $3.8m loss recorded in Q3 2020.
Other income added $96.4m to earnings, up by $102.9m year-on-year. Interest expenses came to $19.2m, less than half of the total from Q3 2020.
This brought Paysafe’s loss before taxes to $223.9m, $171m more than the year-on-year loss.
After income tax benefit generating a further loss of $76.8m, the total net loss for the period totaled at $147.1m, a 280.0% yearly rise.
These results saw Paysafe lower its full year 2021 revenue projections from the initial $1.53bn-$1.55bn bracket to $1.47bn-$1.48bn.
“In the third quarter we reported adjusted EBITDA in line with our expectations, despite softer than expected revenue, reflecting both market and performance challenges within the digital wallet business,” said Philip McHugh, CEO of Paysafe. “While the recent trend will drive an adjusted financial outlook, we continue to see strong momentum across the business.”
“Our position to win in high growth and disruptive markets including online sports betting and crypto continues to accelerate, coupled with strong delivery against our cost and technology platform targets.”
In September Paysafe appointed Zak Cutler to lead its North America business. Cutler previously held an executive position for DraftKings.