Financial Performance - Payoneer reported record quarterly revenue of $270.9 million for Q3 2025, a 9% increase year-over-year [2]. - Revenue excluding interest income grew 15% year-over-year, driven by 9% volume growth and significant take rate expansion with SMB customers [7]. - Net income for Q3 2025 was $14.1 million, a decrease of 66% compared to the same quarter last year [2]. - Adjusted EBITDA for Q3 2025 was $71.3 million, reflecting a 3% increase year-over-year [2]. - The company raised its 2025 revenue guidance to a range of $1,050 million to $1,070 million, with adjusted EBITDA guidance of $270 million to $275 million [9]. - Total revenues for the three months ended September 30, 2025, were $270.85 million, an increase of 9.4% from $248.27 million in the same period of 2024 [20]. - Revenue recognized at a point in time was $208.70 million in Q3 2025, up from $179.64 million in Q3 2024, reflecting a growth of 16.2% [20]. - Adjusted EBITDA for Q3 2025 was $71.27 million, compared to $69.27 million in Q3 2024, indicating a year-over-year increase of 2.9% [25]. - Net income for Q3 2025 decreased to $14.12 million from $41.57 million in Q3 2024, representing a decline of 66.1% [25]. - Net income for the nine months ended September 30, 2025, was $54,180, compared to $102,973 for the same period in 2024, representing a decrease of approximately 47% [32]. Customer Metrics - Active Ideal Customer Profiles (ICPs) decreased by 2% year-over-year to 548,000 [2]. - SMB customer revenue reached $192 million, growing 17% year-over-year, with B2B SMBs revenue up 27% to $62 million [7]. - Payoneer cards saw a record $1.6 billion in spend, up 19% year-over-year [12]. - Customer funds on the platform totaled $7.1 billion as of September 30, 2025, reflecting a 17% year-over-year growth [12]. - Customer funds increased to $6.77 billion as of September 30, 2025, compared to $6.44 billion at the end of 2024, reflecting a growth of 5.2% [30]. Regional Performance - Greater China revenue reached $91.16 million in Q3 2025, up from $85.11 million in Q3 2024, marking a growth of 7.4% [22]. - North America revenue was $26.30 million in Q3 2025, slightly up from $25.16 million in Q3 2024, reflecting a growth of 4.5% [22]. Cash and Assets - Cash and cash equivalents as of September 30, 2025, were $479.45 million, a decrease from $497.47 million at the end of 2024 [30]. - Total assets increased to $8.21 billion as of September 30, 2025, compared to $7.93 billion at the end of 2024, showing a growth of 3.6% [30]. - Total cash, cash equivalents, restricted cash, and customer funds at the end of the period reached $5,709,604, up from $4,898,477, indicating an increase of approximately 16.5% [32]. Cash Flow and Investments - Net cash provided by operating activities increased to $178,577 from $131,039 year-over-year, reflecting a growth of about 36% [32]. - Cash flows used in investing activities were $(169,379), a significant reduction compared to $(1,814,106) in the previous year, showing improved cash management [32]. - The company reported capital advances extended to customers of $(235,407), a decrease from $(260,435) year-over-year, indicating a reduction in customer financing [32]. - Purchases of investments in available-for-sale debt securities totaled $(351,824), down from $(1,255,686) in the prior year, reflecting a strategic shift in investment approach [32]. - Common stock repurchased amounted to $(95,029), compared to $(120,457) in the previous year, indicating a decrease in share buyback activity [32]. Expenses and Currency Management - Depreciation and amortization expenses increased to $46,083 from $33,630, representing a rise of approximately 37% [32]. - The company experienced a foreign currency re-measurement gain of $(4,965), compared to a minimal gain of $(109) in the previous year, highlighting currency fluctuations impact [32]. - The effect of exchange rate changes on cash and cash equivalents resulted in a gain of $5,177, compared to a gain of $109 in the previous year, indicating improved currency management [32]. - Transaction costs as a percentage of revenue were approximately 16.0%, indicating a slight improvement in cost management [9].
PAYONEER GLEQ.WARRT.EXP(PAYOW) - 2025 Q3 - Quarterly Results