Nuvei, the Canadian financial technology company, posted a net loss of $18.1 million, or 14 cents per share, for the third quarter. This comes as a significant contrast to the year-ago period when they reported a profit of $13 million, or 8 cents per share.
The loss was primarily driven by a surge in the net finance cost, which rose to $23.6 million. The increase can be attributed to the amounts borrowed under a reducing revolving credit line. Additionally, Nuvei faced a foreign-currency exchange impact of $25.6 million.
Nonetheless, adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) expanded to $110.7 million, surpassing last year's $81.2 million. This figure also exceeded the company's forecast range of $105 million to $110 million released in August.
Nuvei reported a robust revenue growth of 55%, reaching $304.9 million. This falls within the expected range of $300 million to $308 million and is in line with the mean expectation of analysts polled by FactSet, which was $303.2 million.
Moreover, the volume of transactions processed by merchants under contractual agreement surged by 72% to $48.2 billion.
