Nuvei registers 46% revenue growth in Q4 2020
Payment technology provider Nuvei Corp (TSE:NVEI) today reported its financial results for the fourth quarter and the full year ended December 31, 2020.
Revenues marked a significant increase in the final three months of 2020, with Philip Fayer, Nuvei’s chairman and CEO, attributing the solid performance on strong momentum in the high-growth verticals the company serves, as well as by its customizable, scalable, and feature-rich technology platform.
In the final quarter of 2020, Nuvei marked total volume of $13.9 billion, up 53% from a year earlier.
Revenue increased 46%, to $115.9 million from $79.3 million a year earlier. Let’s note that revenues for the third quarter of 2020 amounted to $93.6 million.
Net income for the fourth quarter of 2020 was $22.6 million compared to a net loss of $3.1 million a year earlier. Net income per share was $0.16 compared to a net loss per share of $0.05.
For the full year to the end of December 2020, revenue increased 53%, to $375.0 million from $245.8 million a year ago.
The annual net loss was $103.7 million compared to a net loss of $69.5 million in 2019. The net loss included $100.9 million in non-cash finance costs resulting from changes in redemption value of liability-classified common and preferred shares, as well as the acceleration of amortization of deferred transaction costs. Of this amount, $83.4 million of these non-cash costs resulted from the company’s initial public offering and associated valuation in the third quarter of 2020.
Nuvei notes that, in the final quarter of 2020, it continued to execute on its acquisition strategy by completing the acquisition of Smart2Pay and announcing the acquisition of Base Commerce, LLC.
The acquisition of Smart2Pay (effective November 2, 2020) enhances Nuvei’s vertical expertise in several high-growth digital commerce verticals including social gaming and online marketplaces, expands the Company’s presence in some attractive and high-growth international markets with increasing adoption of APMs, and expands its global footprint.
The acquisition of Base Commerce (effective January 1, 2021) expands Nuvei’s product capabilities with a proprietary ACH processing platform, further diversifies its acquiring portfolio, enhances sponsor bank coverage, and enlarges the Company’s distribution network.