Paysafe Limited, the Bermudian-incorporated specialised payments platform, has reported a net loss for the first quarter of $3.8 million.

That compares with a loss of $1.17 billion in the prior-year quarter.

Paysafe said the decrease in net loss reflects an impairment of goodwill recognised in the prior-year period.

Adjusted net income for the first quarter was $33.1 million, compared with $37.3 million in the prior-year period, primarily driven by an increase in interest expense.

Total revenue was $387.8 million, an increase of 5 per cent, compared with $367.7 million in the prior-year period.

Excluding a $7.3 million unfavourable impact from changes in foreign exchange rates, total revenue increased 7 per cent.

Revenue from the merchant solutions segment increased 8 per cent.

Revenue from the digital wallets segment increased 2 per cent on a reported basis and 6 per cent on a constant currency basis.

Total payment volume was $33.8 billion, an increase of 8 per cent year-on-year.

Bruce Lowthers, chief executive of Paysafe, said: “We kicked off 2023 by delivering our strongest quarterly revenue since going public. Revenue increased 7 per cent and adjusted ebitda increased 5 per cent year-over-year on a constant currency basis, fuelled by double-digit growth from our classic digital wallets as well as e-commerce.”

As of March 31, total cash and cash equivalents were $221.7 million, total debt was $2.6 billion and net debt was $2.4 billion.