Industry Overview - The mobile payments market is experiencing rapid growth due to the shift from cash to digital transactions, driven by convenience and security [1][9] - Increased internet penetration and smartphone usage are contributing to the adoption of digital payments, transforming everyday transactions [3] - The industry is diversifying with contactless payment options such as mobile wallets, biometrics, and QR codes, enhancing the global digital payments market [4] Company Insights - **PayPal Holdings Inc. (PYPL)**: - Benefiting from robust growth in total payment volume and strengthening customer engagement [10][11] - Expected revenue and earnings growth rates of 4% and 12% respectively for the current year [12] - **JPMorgan Chase & Co. (JPM)**: - Projected net interest income (NII) growth at a CAGR of 2.9% by 2027, supported by business expansion and loan demand [13] - Expected revenue and earnings growth rates of -0.2% and -1.3% respectively for the current year [15] - **Intuit Inc. (INTU)**: - Strong momentum in Online Services revenues driven by Mailchimp, payroll, and Money [16] - Expected revenue and earnings growth rates of 11.7% and 13.7% respectively for the current year [19] - **ACI Worldwide Inc. (ACIW)**: - Powers electronic payments for over 5,000 organizations globally, executing $14 trillion in payments daily [21][22] - Expected revenue and earnings growth rates of 8% and 7.6% respectively for the current year [22] - **Remitly Global Inc. (RELY)**: - Engaged in providing digital financial services, with an expected revenue growth rate of 27.9% and earnings growth of over 100% for the current year [23][24]

Core Insights - Shimmick Corporation reported a quarterly loss of $0.14 per share, which was better than the Zacks Consensus Estimate of a loss of $0.16, marking an earnings surprise of +12.50% [1] - The company generated revenues of $128.4 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 6.03% and showing significant growth from $90.61 million a year ago [2] - The stock has underperformed, losing about 15.4% since the beginning of the year, while the S&P 500 has gained 10% [3] Financial Performance - Over the last four quarters, Shimmick Corporation has surpassed consensus EPS estimates three times [2] - The current consensus EPS estimate for the upcoming quarter is $0.13 on revenues of $132.8 million, while for the current fiscal year, the estimate is -$0.25 on revenues of $491 million [7] Industry Context - Shimmick Corporation operates within the Waste Removal Services industry, which is currently ranked in the bottom 24% of over 250 Zacks industries [8] - The performance of the stock may be influenced by the overall outlook for the industry, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

Core Viewpoint - Fiserv, Inc. has experienced a significant stock decline of 41.8% over the past six months, contrasting with a 6.4% decline in the industry and a 5.4% rise in the Zacks S&P 500 Composite [1] Company Performance - Fiserv shares have dropped 18.3% in the past month, while its peers Sezzle and Mastercard have seen declines of 30.9% and an increase of 5%, respectively [4] - The company has a strong liquidity position, with a current ratio of 1.09 in Q2 2025, slightly above the previous year's 1.06 and close to the industry average of 1.15 [10] Growth Opportunities - Fiserv is launching the FIUSD stablecoin in partnership with PayPal, aiming to capitalize on the rapidly growing stablecoin market, which is expected to reach a daily transaction volume of at least $250 billion in the next three years [5][6] - The company anticipates a 9.2% year-over-year sales increase to $20.9 billion in 2025, with earnings per share (EPS) expected to rise by 16.3% to $10.23 [8][12] Profitability Metrics - Fiserv's return on equity (ROE) stands at 19.7%, which is significantly lower than the industry average of 48.6% [13][15] - Despite a strong standalone ROE, the company's performance relative to competitors like Sezzle and Mastercard, which have ROEs of 58.2% and 40.3%, respectively, may deter investors [15] Competitive Landscape - The merchant segment, which Fiserv aims to grow, faces intense competition from rivals such as FIS and Global Payments, as well as emerging startups [16] - Macroeconomic factors, including a 3.1% year-over-year inflation increase in July, may negatively impact consumer spending and, consequently, Fiserv's transaction volumes [17] Strategic Positioning - The introduction of the GENIUS Act provides a clearer regulatory framework for stablecoins, potentially leading to long-term revenue streams in areas like cross-border payments and treasury management [9] - Fiserv's strategy to provide a bank-friendly stablecoin solution positions it as an innovator in the financial technology space, allowing traditional institutions to adopt blockchain technology with reduced risk [7]

Core Points - CoreCard Corporation reported total revenues of $17.6 million for the quarter ended June 30, 2025, an increase from $13.8 million in the same period in 2024, representing a growth of approximately 27.5% [2] - The company achieved net income of $2.0 million for the second quarter, compared to $0.9 million in the prior year, marking a year-over-year increase of approximately 122.2% [3] - Earnings per diluted share rose to $0.24 for the second quarter of 2025, up from $0.11 in the same quarter of 2024 [3] - Adjusted EBITDA for the second quarter was $4.2 million, compared to $2.5 million in the prior year, reflecting a growth of 68% [4] - CoreCard entered into a merger agreement with Euronet Worldwide, Inc. on July 30, 2025, which is expected to close in late 2025, subject to shareholder approval and customary closing conditions [5][6] Financial Performance - Total revenues for the three months ended June 30, 2025, were $17.6 million, with professional services contributing $9.4 million, processing and maintenance $6.6 million, and third-party revenues $1.6 million [2] - Income from operations was $2.7 million for the second quarter, compared to $1.1 million in the same quarter of the previous year [2] - The company reported adjusted earnings per diluted share of $0.31 for the second quarter, up from $0.15 in the prior year [3][29] Balance Sheet Highlights - As of June 30, 2025, total assets were $70.9 million, an increase from $62.3 million at the end of 2024 [20][22] - Current assets increased to $45.8 million from $40.2 million at the end of 2024, with cash rising to $26.6 million from $19.5 million [20] - Total stockholders' equity was $56.3 million as of June 30, 2025, compared to $51.7 million at the end of 2024 [22] Non-GAAP Measures - Adjusted EBITDA margin for the second quarter was 23.8%, compared to 17.9% in the same quarter of the previous year [29] - The reconciliation of GAAP to non-GAAP measures showed adjusted net income of $2.5 million for the second quarter, compared to $1.2 million in the prior year [28]

Financial Performance - Total Payment Volume (TPV) reached a record high of $9.2 billion, a 53% year-over-year increase and a 14% quarter-over-quarter increase[13] - Revenue increased by 50% year-over-year to $256 million, and 18% quarter-over-quarter[14] - Gross profit grew by 42% year-over-year to $99 million, and 17% quarter-over-quarter[15] - Adjusted EBITDA increased by 64% year-over-year to $70 million, and 21% quarter-over-quarter, with an Adjusted EBITDA to Gross Profit ratio of 71%[16] - Free cash flow (FCF) was $48 million, a 156% year-over-year increase and a 22% quarter-over-quarter increase, with an FCF to net income ratio at 113%[18] Business Growth and Expansion - The company secured 3 payment licenses/authorizations in UAE, Turkey, and Philippines[12] - Cross-border TPV increased by 75% year-over-year, driven by commerce, SaaS, remittances, and ride-hailing verticals[52] - Local-to-local TPV increased by 35% year-over-year, driven by commerce, on-demand delivery, and ride-hailing verticals[52] Product Innovation - Launched SmartPix, a proprietary solution for the Brazilian market, enabling automated, recurring, and on-demand payments[12, 35] - Continued BNPL integrations and a growing number of on- and off-ramps for select stablecoin partners[12] Guidance Update - The company provided an upward adjustment on its full-year 2025 guidance for TPV, Revenue, Gross Profit and Adjusted EBITDA[12] - New TPV guidance is 40%-50% YoY growth, revenue guidance is 30%-40% YoY growth, gross profit guidance is 27.5%-37.5% YoY growth, and Adjusted EBITDA guidance is 40%-50% YoY growth[79]

Core Viewpoint - dLocal Limited has appointed Guillermo López Pérez as the new Chief Financial Officer, enhancing its leadership team and supporting its growth strategy in the cross-border payments sector [1][2][4]. Group 1: Appointment Details - Guillermo López Pérez will join dLocal in the coming months and will report directly to CEO Pedro Arnt [1]. - The appointment is seen as a strategic move to strengthen dLocal's leadership, with Guillermo bringing over 25 years of experience in finance and payments from companies like Visa and American Express [2][4]. Group 2: Guillermo's Background - Guillermo has previously served as CFO at Featurespace, focusing on fraud prevention, and held leadership roles at Tink and Visa's Continental Europe business [2]. - His extensive experience includes a 13-year tenure at American Express, where he held various leadership positions [2]. Group 3: Company Strategy and Vision - Guillermo expressed enthusiasm about contributing to dLocal's growth in emerging markets and strengthening its position in the cross-border payments sector [3]. - The company aims to drive growth, enhance operational excellence, and deliver long-term value to stakeholders [3][4]. Group 4: Company Overview - dLocal operates a technology-first payments platform that connects global enterprise merchants with consumers in over 40 emerging market countries across Africa, Asia, and Latin America [5]. - The "One dLocal" platform allows global companies to manage payments, pay-outs, and fund settlements efficiently without needing multiple local entities or payment processors [5].

Core Insights - dLocal achieved a record Total Payment Volume (TPV) of US$9.2 billion in Q2 2025, marking a 53% year-over-year increase and a 14% increase from Q1 2025 [7][11] - The company reported strong financial performance with significant growth in revenue, gross profit, and adjusted EBITDA, reflecting a healthy business model [5][10] - dLocal's management has updated its full-year 2025 guidance, indicating optimism based on strong performance in the first half of the year [2][6] Financial Performance - Revenue for Q2 2025 reached US$256.5 million, up 50% year-over-year from US$171.3 million in Q2 2024 [10][11] - Gross profit was US$98.9 million, representing a 42% increase compared to US$69.8 million in Q2 2024 [10][11] - Adjusted EBITDA for the quarter was US$70.1 million, a 64% increase from US$42.7 million in Q2 2024, with an adjusted EBITDA margin of 27% [10][11] Cash Flow and Liquidity - dLocal generated US$48 million in free cash flow for Q2 2025, a 156% increase year-over-year [10][11] - As of June 30, 2025, the company had US$476.9 million in cash and cash equivalents, including US$253.8 million in corporate cash [10][11] Market and Operational Highlights - The company experienced solid results in Brazil and Mexico, with the fastest growth occurring in other geographies, leading to increased diversification [1][7] - dLocal's operational leverage improved, with adjusted EBITDA over gross profit increasing to 71% for Q2 2025, marking the fifth consecutive quarter of improvement [1][10] Governance and Strategic Initiatives - dLocal is transitioning to a majority independent Board of Directors and has initiated the search for additional independent directors [8] - The company plans to cancel treasury shares, highlighting its commitment to returning excess capital to shareholders [8]

Financial Performance - Revenue increased by 22% to $95.6 million in Q2 2025, compared to $78.1 million in Q2 2024[26,32] - Recurring revenue grew by 32% to $70.7 million, representing 74% of total revenue in Q2 2025[26,32,39] - Gross margin increased to 48.3% from 44.3% due to processing margin improvements and supply chain optimization[26,32] - Adjusted EBITDA increased by 56% to $12.6 million, representing 13% of total revenue, compared to $8.1 million in Q2 2024[26,32,59] - Transaction value processed increased by 34% to $1.59 billion[26,32] Customer and Device Growth - The number of customers increased by 24% to nearly 105,000[26,32] - Managed and connected devices increased by 16% to 1.38 million[26,32] Strategic Developments - A strategic partnership with Autel Energy was announced to embed the company's payment technology into approximately 100,000 Autel chargers across North America and Europe by the end of 2026[33] - The company acquired the remaining 51% of Nayax Capital, consolidating it under the embedded finance division[33] Future Outlook - The company projects revenue between $410 million and $425 million for FY 2025[37,62] - The company is reaffirming 2028 outlook of 35% annual revenue growth and a target of 30% Adjusted EBITDA[64]

Core Insights - Nayax Ltd. reported a revenue of $95.6 million for Q2 2025, reflecting a 22.4% increase from $78.1 million in Q2 2024, driven by both new and existing customer expansion [5][9] - The company achieved a recurring revenue growth of 32%, totaling $70.7 million, which constituted 74% of total revenue [9][12] - Gross margin improved to 48.3%, up from 44.3% in the previous year, attributed to enhanced operational efficiencies and renegotiated contracts [9][10] Financial Performance - Total transaction value increased by 34.3% to nearly $1.6 billion, with the number of processed transactions rising 24.5% to 726 million [7][10] - Adjusted EBITDA for the quarter was $12.6 million, representing a margin of 13% of total revenue, compared to $8.1 million and 10% in the prior year [9][12] - Net income for Q2 2025 was $11.7 million, a significant improvement from a net loss of $3.0 million in the prior year [9][10] Operational Metrics - The customer base grew by 23.5%, adding nearly 5,000 new customers, bringing the total to approximately 105,000 [17] - The dollar-based net retention rate remained high at 123%, indicating strong customer satisfaction [17] - The company managed approximately 1.38 million connected devices, an increase of 16.1% from the previous year [10][17] Strategic Initiatives - Nayax announced a strategic partnership with Autel Energy to integrate its payment technology into 100,000 EV chargers across North America and Europe by the end of 2026 [17] - The company completed the acquisition of Nayax Capital, enhancing its embedded finance solutions [17] - Nayax also acquired Inepro Pay, expanding its reach in the Benelux region and improving operational efficiency [17] Future Outlook - For the full year 2025, Nayax reaffirmed its revenue growth guidance of 30% to 35%, projecting revenue between $410 million and $425 million [12][13] - The company expects at least 50% free cash flow conversion from Adjusted EBITDA for the full year 2025 [13] - Management targets an annual revenue growth of approximately 35% by 2028, with a gross margin of 50% and an adjusted EBITDA margin of 30% [14]

Core Insights - Visa Inc. is at the forefront of cybersecurity in the payments industry, transforming it into a competitive advantage by protecting millions of transactions daily and dismantling complex fraud networks [1] Group 1: Cybersecurity Initiatives - Visa launched the Cybersecurity Advisory Practice in August 2025 to assist organizations in enhancing their defenses against cyber threats, offering assessments, protection against enumeration attacks, and tailored staff training [2][9] - The company appointed Jeremiah Dewey as the global head of cyber products, emphasizing its commitment to cybersecurity innovation [2] Group 2: Investment and Impact - Over the past five years, Visa has invested approximately $12 billion in technology and infrastructure, employing advanced tools and expertise to combat fraud [3] - In the last year, Visa's efforts led to the prevention of 80 million fraudulent transactions, blocking $40 billion in fraudulent payment attempts, and averting over $122 million in potential e-commerce fraud [3] Group 3: Technological Advancements - Visa Protect for Account-to-Account payments utilizes advanced AI technology to assess numerous risk factors in milliseconds, enabling proactive fraud prevention [4] - The Visa Account Attack Intelligence (VAAI) offering has been enhanced with the VAAI Score, a tool that leverages generative AI to detect and evaluate enumeration attacks in real time [3][9] Group 4: Competitive Landscape - Competitors such as Mastercard and PayPal are also investing heavily in cybersecurity, with Mastercard investing over $10.7 billion since 2018 and PayPal enhancing its AI-powered risk engine for real-time transaction evaluation [5][6][7] Group 5: Financial Performance - Visa's stock has increased by 6.5% year-to-date, outperforming the industry average increase of 0.5% [8] - The forward price-to-earnings ratio for Visa is 26.62, which is above the industry average of 21.19, indicating a premium valuation [11] - The Zacks Consensus Estimate for Visa's fiscal 2025 earnings suggests a year-over-year increase of 13.7% [13]