Flywire, a Nasdaq-listed international payments enablement and software firm, reported its financial results for the third quarter of 2022 yesterday. In the three months ended 30 September 2022, Flywire’s revenues reached $95.2 million, which is 40% higher compared to $67.8 million in the same period last year.
The company’s total payment volume rose by 33% to $7.0 billion, compared to $5.3 billion reported in Q3 2021. While the revenues reached an all-time high, Flywire could not secure a net profit, losing $4.3 million compared to a net income of $10 million achieved in the same period last year.
The company has significantly increased its expenses. In Q3 2021, they amounted to $59.69 million, and in this quarter they reached $91.58 million. All cost categories grew comparably, which started with payment processing and services costs, and ended with general and administrative expenses.
“I’m pleased to report another strong quarter for Flywire, where we delivered strong year-over-year adjusted gross profit and EBITDA, with revenue at an all-time high. We continue to see the benefits of the ongoing execution of our growth strategies with notable success in our key investment areas, as we efficiently win new clients and cross-sell existing ones,” Mike Massaro, the CEO of Flywire, said.
“Despite the macroeconomic backdrop, the sustainability of our business model, combined with the resilience of the industries we serve, continue to position us well for ongoing success.”
Business Highlights
The international payments company during the last quarter acquired Cohort Go, an education payments provider. Due to the acquisition , Flywire was able to integrate its “pay-any-school” tool to pay out to more than 5,000 units worldwide.
In September 2022, the company announced its integration with Universitas XII, a university management system from Spain and Latin America. The new offering provides a streamlined payment experience for students.
Flywire anticipates that fourth-quarter revenues will be lower, between $69.3 million to $72.6 million and the revenues for the whole of 2022 should stand at $285.4 million to $288.7 million.
