Business
dLocal Reports 2023 Third Quarter Financial Results
Third Quarter 2023US$4.6 billion Total Payment Volume, up 69% year-over-year and 6% quarter-over-quarterRevenue of US$164 million, up 47% year-over-year and
About this update from Dlocal Limited
[{"type":"text","content":"Third Quarter 2023US$4.6 billion Total Payment Volume, up 69% year-over-year and 6% quarter-over-quarterRevenue of US$164 million, up 47% year-over-year and 2% quarter-over-quarter141% Net Revenue Retention RateGross Profit of US$75 million, up 38% year-over-year and 5% quarter-over-quarterAdjusted EBITDA of US$56 million, up 34% year-over-year and 7% quarter-over-quarter dLocal reports in US dollars and in accordance with IFRS as issued by the IASB MONTEVIDEO, Uruguay, Nov. 21, 2023 (GLOBE NEWSWIRE) -- DLocal Limited (“dLocal”, “we”, “us”, and “our”) (NASDAQ:DLO), a technology-first payments platform today announced its financial results for the third quarter ended September 30, 2023. “After my first quarter at dLocal, I am extremely enthusiastic about our future prospects and the promising opportunities that lie ahead. I am pleased to share that we delivered another quarter of solid performance with very solid growth across all main parameters, compared to last year. TPV growth continues to be supported by our well-diversified merchant base and geographic reach. Revenues increased close to 50% year-over-year even with the strong devaluation of the Nigerian Naira. This is testament to the resilience and well-diversified business we are building. We remain focused on delivering sustained gross profit growth. In Q3 2023 we attained US$75 million gross profit. Our profitability continues to be among the best in our comparables group. Our ratio of Adjusted EBITDA to Gross Profit came in at 75% for the quarter. During Q3, we experienced sound growth across all verticals. We continue to see particularly strong traction with our platform solution. From a geographic standpoint, during Q3 we saw very strong performance in our key markets. We continue to experience sustained strong revenue momentum in Brazil and Mexico as we grow with our existing customers and gain share of wallet. In contrast to the strong performance in our larger and more stable markets, Argentina and Nigeria, less stable markets, now represent only 20% of our total revenues, down from 29% a year ago, negatively impacted by Nigerian currency devaluation and weak macro conditions in Argentina. In addition, our business in Africa and Asia continues to perform very well. Excluding Nigeria, this region grew 79% YoY. Our investments remain focused on thoughtfully expandin...