Payoneer Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Payoneer (NASDAQ: PAYO) reported fourth-quarter and full-year 2025 results, with 2025 revenue of $1.053B and revenue ex. interest up 14% to $821.2M. The company delivered improved core profitability, repurchased $175M of shares in 2025, and outlined a 2026 strategy focused on upmarket growth, stablecoin capabilities, and AI.
2026 outlook includes $900–$940M revenue ex. interest and $85–$95M adjusted EBITDA ex. interest, with a stated ~300 bps headwind from customer optimization.
AI-generated analysis. Not financial advice.
Positive
- Revenue ex. interest +14% to $821.2M in 2025
- Crossed $1 billion in total annual revenue in 2025
- Adjusted EBITDA ex. interest increased to $40.0M in 2025 (up 192%)
- Share repurchases of $175M (~8% of shares outstanding) in 2025
- B2B SMB revenue +28% to $237M in 2025
- ARPU +15% to $488 in 2025
Negative
- Interest income declined 10% to $231.6M in 2025
- Net income fell 40% to $73.2M in 2025
- Active ICPs down 4% to 536k in 2025
- Company expects a 300 bps estimated headwind to 2026 revenue ex. interest from customer optimization
News Market Reaction – PAYO
On the day this news was published, PAYO declined 18.51%, reflecting a significant negative market reaction. Argus tracked a trough of -12.9% from its starting point during tracking. Our momentum scanner triggered 30 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $424M from the company's valuation, bringing the market cap to $1.87B at that time. Trading volume was above average at 1.8x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Sector peers showed mixed, mostly modest moves, while momentum scanners flagged AI with a sharp -25.22% move without news. With only one peer in momentum and no common headlines, recent PAYO action appears more stock-specific than sector-driven.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 05 | Q3 2025 earnings | Positive | -5.5% | Record Q3 revenue, strong SMB growth, raised 2025 guidance and buybacks. |
| Aug 06 | Q2 2025 earnings | Positive | +14.2% | Record ex‑interest revenue, double‑digit volume and SMB growth, $300M buyback. |
| May 07 | Q1 2025 earnings | Neutral | -13.6% | Strong growth but lower net income and suspension of full‑year 2025 guidance. |
| Feb 27 | FY 2024 earnings | Positive | -14.7% | Record 2024 volume and revenue growth with strong B2B expansion and buybacks. |
| Nov 05 | Q3 2024 earnings | Positive | +20.9% | Record volume, strong revenue and net income growth, and raised 2024 guidance. |
Earnings have often produced volatile, sometimes contrarian reactions: several strong reports saw negative next-day moves, while others with positive updates aligned with gains.
Over the past five quarters, earnings reports have highlighted consistent growth in revenue excluding interest, expanding SMB and B2B franchises, and rising card spend. Guidance has been raised multiple times, alongside significant share repurchase authorizations and execution. However, price reactions were mixed: some strong quarters with raised guidance led to selloffs, while others produced double‑digit gains. Today’s full‑year 2025 report, including record revenue and higher profitability ex‑interest, follows this backdrop of fundamental progress but inconsistent short‑term market responses.
Historical Comparison
Past earnings for PAYO have averaged a modest 0.24% move, with both sharp rallies and selloffs. Today’s full‑year 2025 update, featuring record revenue and higher ex‑interest profitability, fits the pattern of meaningful fundamental updates that can trigger volatile but not consistently directional reactions.
Earnings releases from late 2024 through 2025 show progression to record volume and revenue, expanding SMB and B2B franchises, rising card spend, and increasing use of share repurchases alongside repeated guidance updates.
Market Pulse Summary
The stock dropped -18.5% in the session following this news. A negative reaction despite higher 2025 revenue and rapid growth in adjusted EBITDA ex‑interest would fit PAYO’s pattern of occasional selloffs on otherwise strong earnings. Past quarters have shown that guidance changes, shifts in net income, or changing growth mixes can trigger volatility around results. If shares move sharply lower, the historical record suggests that traders have sometimes discounted solid operational progress when short‑term concerns dominated.
Key Terms
adjusted EBITDA financial
ARPU financial
stablecoin financial
Payment Aggregator-Cross Border (PA-CB) regulatory
earn-out financial
national trust bank regulatory
restricted stock units (RSUs) financial
AI-generated analysis. Not financial advice.
2026 Guidance reflects focus on high margin growth and significant core business profitability unlock
Fourth Quarter 2025 Financial Highlights
YoY | YoY | |||||||||
($ in mm unless otherwise noted) | 4Q 2024 | 1Q 2025 | 2Q 2025 | 3Q 2025 | 4Q 2025 | Change | 2024 | 2025 | Change | |
Revenue ex. interest income | 9 % | 14 % | ||||||||
Interest income | 60.6 | 58.0 | 58.3 | 59.5 | 55.8 | (8) % | 256.8 | 231.6 | (10) % | |
Revenue | 5 % | 8 % | ||||||||
Transaction costs as a % of revenue | 16.5 % | 16.0 % | 15.6 % | 15.7 % | 15.6 % | (90) bps | 15.6 % | 15.7 % | 10 bps | |
Net income | 5 % | (40) % | ||||||||
Adjusted EBITDA | 63.3 | 65.4 | 66.4 | 71.3 | 68.5 | 8 % | 270.6 | 271.7 | 0 % | |
Adjusted EBITDA ex. interest income | 2.7 | 7.5 | 8.1 | 11.7 | 12.8 | 377 % | 13.7 | 40.0 | 192 % | |
Operational Metrics | ||||||||||
Volume ($bn) | 10 % | 9 % | ||||||||
Active Ideal Customer Profiles (ICPs) ('000s)1 | 560 | 556 | 559 | 548 | 536 | (4) % | 560 | 536 | (4) % | |
Average Revenue Per User (ARPU)2 | 15 % | 15 % | ||||||||
Revenue as a % of volume ("Take Rate") | 116 bps | 125 bps | 126 bps | 121 bps | 111 bps | (5) bps | 122 bps | 120 bps | (2) bps | |
SMB customer take rate3 | 109 bps | 119 bps | 120 bps | 121 bps | 113 bps | 4 bps | 109 bps | 118 bps | 9 bps |
1. | Active ICPs are defined as customers with a Payoneer Account that have on average over |
2. | Please refer to "Additional Information and Definitions" for a description of ARPU. |
3. | SMB customer take rate represents revenue from SMBs who sell on marketplaces, B2B SMBs, and Checkout (previously known as Merchant Services), divided by the associated volume from each respective channel. |
"Payoneer continued to support the global ambitions of our customers and delivered record results in 2025. We crossed
Payoneer is positioned to be a category defining company in cross border commerce. We have product market fit, deep global distribution, and robust payment and regulatory infrastructure that are highly differentiated and difficult to replicate. In 2026, we are moving our strategy upmarket to serve the more complex needs of SMBs and SMEs engaged in global trade and to drive high margin growth. We are also strengthening our platform for the future of money movement and orienting the company towards an AI-first strategy that will accelerate product delivery, improve customer engagement, and unlock leverage. Our ambition is bold, our strategy is clear, and we have the assets and team to execute."
John Caplan, Chief Executive Officer
Fourth Quarter 2025 Business Highlights (unless otherwise noted)
- SMB customer revenue of
$197 million 9% year-over-year, reflecting:- SMBs that sell on marketplaces revenue of
$122 million 4% year-over-year. - B2B SMBs revenue of
$65 million 17% year-over-year, and representing30% of revenue ex. interest. - Checkout revenue of
$11 million 25% year-over-year.
- SMBs that sell on marketplaces revenue of
$1.6 billion 6% year-over-year, reflecting continued, though more muted, growth with large ecomm sellers at15% , likely a result of tariff related headwinds to spending behavior, and softness inLatin America .$7.9 billion 13% year-over-year partially offset the interest income decline due to lower interest rates year-over-year.- Accelerated share repurchases in the quarter to
$80 million $5.76 - In January 2026, acquired Boundless for
$13 million $4 million - In January 2026, received in-principle authorization as a Payment Aggregator-Cross Border (PA-CB) in
India , a key milestone in enabling Payoneer to expand its operations and provide end-to-end cross-border payment solutions for Indian businesses. - In February 2026, announced plans to launch a suite of stablecoin capabilities embedded within the Payoneer platform, powered by Bridge.
- In February 2026, filed an application with the Office of the Comptroller of the Currency (OCC) to establish an uninsured national trust bank in
the United States to support Payoneer's broader stablecoin strategy.
Full Year 2025 Business Highlights
- SMB customer revenue of
$742 million 15% year-over-year, reflecting:- SMBs that sell on marketplaces revenue of
$469 million 8% year-over-year. - B2B SMBs revenue of
$237 million 28% year-over-year. - Checkout revenue of
$35 million 55% year-over-year.
- SMBs that sell on marketplaces revenue of
- ARPU grew
15% year-over-year and, excluding interest income, was up21% , marking 6 consecutive quarters of20% + growth. ARPU expansion was driven by continued strength with larger customers, growth in higher take rate B2B, Checkout and Card franchises, and strategic pricing initiatives. $6.1 billion 18% year-over-year, driven by higher usage per customer. Additionally, in July Payoneer renewed its long-term agreement with Mastercard to support its multi-currency card offerings for customers with cross-border AP needs.- Completed the acquisition of a licensed
China -based payment service provider, Easylink Payment Co., Ltd., now Payoneer Payments (Guangdong ) Co., Ltd. The acquisition strengthens Payoneer's global regulatory infrastructure and positions the company to better serve its customers inChina as they export globally. - Launched partnership with Stripe to enhance and expand Payoneer's Checkout offering, combining their best-in-class technology with Payoneer's local market expertise and comprehensive financial stack, to deliver best-in-class capabilities.
- Strengthened and expanded ecosystem of enterprise relationships, including with Airbnb, Upwork, TikTok Live, Alibaba, Mercado Libre, and Best Buy.
$175 million $6.41 $137 million
2026 Outlook
"We are delivering profitable, sustainable growth. In 2025, we generated mid-teens growth in revenue excluding interest income and a significant increase in core business profitability. We continued to invest in our regulatory and money movement infrastructure, strengthened our competitive differentiators, and accelerated the pace of buybacks. We deepened our geographic footprint and regulatory framework, expanded our marketplace and partner ecosystem, drove significant enhancements to our customer experience and made meaningful investments in the infrastructure needed to enable stablecoin capabilities.
In 2026, we expect to deliver
Bea Ordonez, Chief Financial Officer
2026 guidance is as follows:
Revenue | |||||||||||
Transaction costs | ~ | ||||||||||
Adjusted EBITDA1 | |||||||||||
1. | The Company cannot reconcile its expected adjusted EBITDA to expected net income under "2026 Guidance" without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time, including income taxes and other financial (income) expense, net. Such unavailable information could have a significant impact on the Company's GAAP financial results. Please refer to "Financial Information; Non-GAAP Financial Measures" below for a description of the calculation of adjusted EBITDA. |
Webcast
Payoneer will host a live webcast of its earnings on a conference call with the investment community beginning at 8:30 a.m. ET today, February 26, 2026. To access the webcast, go to the investor relations section of the Company's website at https://investor.payoneer.com. A replay will be available on the investor relations website following the call.
About Payoneer
Payoneer is the financial platform for cross-border business and global payments. Payoneer empowers millions of businesses with the financial tools and services they need to grow and transact globally with confidence. We make it easier for SMBs, particularly in emerging markets, to connect to the global economy, pay and get paid across borders, manage their funds across multiple currencies, and grow their businesses.
Forward-Looking Statements
This press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Payoneer's future financial or operating performance. For example, projections of future revenue, transaction costs and adjusted EBITDA are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "plan," "will," "estimate," "anticipate," "believe," "predict," "potential" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Payoneer may be adversely affected by geopolitical events and conflicts, such as
Financial Information; Non-GAAP Financial Measures
Some of the financial information and data contained in this press release, such as adjusted EBITDA and Free Cash Flow, have not been prepared in accordance with
Non-GAAP measures include the following items:
Adjusted EBITDA: We provide adjusted EBITDA, a non-GAAP financial measure that represents our net income (loss) adjusted to exclude, as applicable: M&A related expense (income), stock-based compensation expenses, restructuring charges, share in losses (gain) of associated company, loss (gain) from change in fair value of warrants and warrant repurchase/redemption, other financial expense (income), net, income taxes, and depreciation and amortization.
Adjusted EBITDA ex. Interest: represents Adjusted EBITDA excluding interest income.
Free Cash Flow: represents net cash provided by operating activities, less purchase of property, equipment and software, and capitalization of internal use software.
Other companies may calculate the above measure differently, and therefore Payoneer's measures may not be directly comparable to similarly titled measures of other companies.
Additional Information and Definitions
In this earnings release, we reference volume, which is an operational metric. Volume refers to the total dollar value of transactions successfully completed or enabled by our platform, not including orchestration transactions. For a customer that both receives and later sends payments, we count the volume only once. Note: orchestration transactions ceased in 2023 and were related to our 2020 acquisition of optile GmbH.
We also reference ARPU (Average Revenue Per User), which is defined as the Revenue from Active Customers divided by the number of Active Customers over the period in which the Revenue was earned. Active Customers for these purposes are defined as Payoneer accountholders with at least 1 financial transaction over the period. Revenue from Active Customers represents revenue attributed to Active Customers based on their use of the Payoneer platform, including interest income earned from their balances, and excluding revenues unrelated to their activities.
For revenues from SMBs that sell on marketplaces and from B2B SMBs referenced in the fourth quarter and full year 2025 highlights, note that 2024 revenues used for comparison were restated. Certain non-volume revenues, including those related to banking partnerships and FX, which were previously allocated to SMBs that sell on marketplaces have been re-classified to B2B SMBs to better reflect the customers generating those revenues. Accordingly, the year-over-year change is calculated on a restated comparative basis. This change had no impact on total revenue or volumes.
Investor Contact:
Michelle Wang
investor@payoneer.com
Media Contact:
Angela Sullivan
PR@payoneer.com
TABLE - 1 PAYONEER GLOBAL INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ( | ||||||||||||
(Unaudited) | ||||||||||||
Three months ended | Year ended | |||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||
Revenues | $ | 274,693 | $ | 261,739 | $ | 1,052,774 | $ | 977,716 | ||||
Transaction costs | 42,841 | 43,121 | 165,239 | 152,106 | ||||||||
Other operating expenses | 40,518 | 43,133 | 165,265 | 169,550 | ||||||||
Research and development expenses | 40,901 | 40,384 | 155,423 | 134,631 | ||||||||
Sales and marketing expenses | 63,623 | 59,024 | 235,150 | 211,839 | ||||||||
General and administrative expenses | 38,344 | 33,227 | 141,405 | 113,263 | ||||||||
Depreciation and amortization | 19,542 | 13,666 | 65,625 | 47,296 | ||||||||
Total operating expenses | 245,769 | 232,555 | 928,107 | 828,685 | ||||||||
Operating income (loss) | 28,924 | 29,184 | 124,667 | 149,031 | ||||||||
Financial income (expense): | ||||||||||||
Gain from change in fair value of Warrants | — | — | — | 2,767 | ||||||||
Loss on warrant repurchase/redemption | — | — | — | (14,746) | ||||||||
Other financial income (expense), net | (1,466) | (2,978) | (9,079) | 2,419 | ||||||||
Financial expense, net | (1,466) | (2,978) | (9,079) | (9,560) | ||||||||
Income before income taxes | 27,458 | 26,206 | 115,588 | 139,471 | ||||||||
Income taxes | 8,446 | 8,016 | 42,396 | 18,308 | ||||||||
Net income | $ | 19,012 | $ | 18,190 | $ | 73,192 | $ | 121,163 | ||||
Other comprehensive income (loss) | ||||||||||||
Unrealized gain (loss) on available-for-sale debt | 945 | (13,539) | 11,641 | (412) | ||||||||
Tax (expense) benefit on unrealized gain (loss) on | (247) | 2,906 | (2,621) | 90 | ||||||||
Unrealized gain (loss) on cash flow hedges, net | (920) | (15,976) | 1,557 | 1,295 | ||||||||
Tax benefit (expense) on unrealized gain (loss) on | 165 | 3,519 | (323) | (233) | ||||||||
Unrealized loss on interest rate floor, net | (6,374) | — | (4,426) | (16,768) | ||||||||
Tax benefit on unrealized loss on interest rate floor, | 1,486 | — | 1,117 | 3,661 | ||||||||
Foreign currency translation adjustments | (66) | (66) | (613) | (66) | ||||||||
Other comprehensive income (loss) | (5,011) | (23,156) | 6,332 | (12,433) | ||||||||
Comprehensive income | $ | 14,001 | $ | (4,966) | $ | 79,524 | $ | 108,730 | ||||
Per Share Data | ||||||||||||
Net income per share attributable to common | $ | 0.05 | $ | 0.05 | $ | 0.20 | $ | 0.34 | ||||
— Diluted earnings per share | $ | 0.05 | $ | 0.05 | $ | 0.19 | $ | 0.31 | ||||
Weighted average common shares outstanding — Basic | 356,307,429 | 360,292,619 | 361,172,145 | 358,345,945 | ||||||||
Weighted average common shares outstanding — Diluted | 362,604,735 | 385,074,151 | 376,731,192 | 386,237,179 | ||||||||
Disaggregation of revenue
The following table presents revenue recognized from contracts with customers as well as revenue from other sources:
(Unaudited) | ||||||||||||
Three months ended | Year ended | |||||||||||
December 31, | December 31, | |||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||
Revenue recognized at a point in time | $ | 215,992 | $ | 197,456 | $ | 809,581 | $ | 707,644 | ||||
Revenue recognized over time | 976 | 777 | 3,832 | 2,650 | ||||||||
Revenue from contracts with customers | $ | 216,968 | $ | 198,233 | $ | 813,413 | $ | 710,294 | ||||
Interest income on customer balances | $ | 55,777 | $ | 60,595 | $ | 231,614 | $ | 256,846 | ||||
Capital advance income | 1,948 | 2,911 | 7,747 | 10,576 | ||||||||
Revenue from other sources | $ | 57,725 | $ | 63,506 | $ | 239,361 | $ | 267,422 | ||||
Total revenues | $ | 274,693 | $ | 261,739 | $ | 1,052,774 | $ | 977,716 | ||||
The following table presents the Company's revenue disaggregated by primary regional market, with revenues being attributed to the country (in the region) in which the billing address of the transacting customer is located, with the exception of global bank transfer revenues, where revenues are disaggregated based on the billing address of the transaction funds source.
Note that in 2024, the Company updated the definition of its primary regional markets to align with the view used by Management. This update eliminates
(Unaudited) | ||||||||||||
Three months ended | Year ended | |||||||||||
December 31, | December 31, | |||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||
Primary regional markets | ||||||||||||
Greater China(1) | $ | 92,132 | $ | 89,938 | $ | 354,100 | $ | 340,846 | ||||
69,985 | 65,312 | 264,508 | 253,096 | |||||||||
59,016 | 52,628 | 221,221 | 186,582 | |||||||||
26,696 | 27,963 | 111,424 | 100,324 | |||||||||
26,864 | 25,898 | 101,521 | 96,868 | |||||||||
Total revenues | $ | 274,693 | $ | 261,739 | $ | 1,052,774 | $ | 977,716 | ||||
1. | Greater China is inclusive of mainland |
2. | No single country included in any of these regions generated more than |
3. |
TABLE - 2 PAYONEER GLOBAL INC. RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (UNAUDITED) ( | ||||||||||||
Three months ended | Year ended | |||||||||||
December 31, | December 31, | |||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||
Net income | $ | 19,012 | $ | 18,190 | $ | 73,192 | $ | 121,163 | ||||
Depreciation and amortization | 19,542 | 13,666 | 65,625 | 47,296 | ||||||||
Income taxes | 8,446 | 8,016 | 42,396 | 18,308 | ||||||||
Other financial expense (income), net | 1,466 | 2,978 | 9,079 | (2,419) | ||||||||
EBITDA | 48,466 | 42,850 | 190,292 | 184,348 | ||||||||
Stock based compensation expenses(1) | 16,491 | 18,614 | 73,104 | 64,787 | ||||||||
M&A related expenses(2) | 1,339 | 1,807 | 3,393 | 9,439 | ||||||||
Gain from change in fair value of Warrants(3) | — | — | — | (2,767) | ||||||||
Restructuring charges(4) | 2,243 | — | 4,873 | — | ||||||||
Loss on Warrant repurchase/redemption(5) | — | — | — | 14,746 | ||||||||
Adjusted EBITDA | $ | 68,539 | $ | 63,271 | $ | 271,662 | $ | 270,553 | ||||
Three months ended, | |||||||||||||||
Dec. 31, 2024 | Mar. 31, 2025 | June 30, 2025 | Sept. 30, 2025 | Dec. 31, 2025 | |||||||||||
Net income | $ | 18,190 | $ | 20,577 | $ | 19,480 | $ | 14,123 | $ | 19,012 | |||||
Depreciation and amortization | 13,666 | 14,390 | 15,553 | 16,140 | 19,542 | ||||||||||
Income taxes | 8,016 | 7,192 | 10,370 | 16,388 | 8,446 | ||||||||||
Other financial expense net | 2,978 | 1,550 | 227 | 5,836 | 1,466 | ||||||||||
EBITDA | 42,850 | 43,709 | 45,630 | 52,487 | 48,466 | ||||||||||
Stock based compensation expenses(1) | 18,614 | 18,755 | 20,059 | 17,799 | 16,491 | ||||||||||
M&A related expenses(2) | 1,807 | 337 | 736 | 981 | 1,339 | ||||||||||
Restructuring charges(4) | — | 2,630 | — | — | 2,243 | ||||||||||
Adjusted EBITDA | $ | 63,271 | $ | 65,431 | $ | 66,425 | $ | 71,267 | $ | 68,539 | |||||
(1) | Represents non-cash charges associated with stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy. |
(2) | Amounts relate to M&A-related third-party fees, including related legal, consulting and other expenditures. Additionally, amounts for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024 include |
(3) | Changes in the estimated fair value of the public warrants are recognized as gain or loss on the consolidated statements of comprehensive income. The impact is removed from EBITDA as it represents market conditions that are not in our control. |
(4) | Represents non-recurring costs related to severance and other employee termination benefits. |
(5) | Amounts relate to a non-recurring loss on the repurchase and redemption of outstanding public warrants. |
TABLE - 3 PAYONEER GLOBAL INC. EARNINGS PER SHARE ( | ||||||||||||
(Unaudited) | ||||||||||||
Three months ended December 31, | Year ended December 31, | |||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||
Numerator: | ||||||||||||
Net income | $ | 19,012 | $ | 18,190 | $ | 73,192 | $ | 121,163 | ||||
Denominator: | ||||||||||||
Weighted average common shares outstanding — | ||||||||||||
Basic | 356,307,429 | 360,292,619 | 361,172,145 | 358,345,945 | ||||||||
Add: | ||||||||||||
Dilutive impact of RSUs, ESPP and options to | 6,297,306 | 23,903,275 | 15,018,484 | 27,104,075 | ||||||||
Dilutive impact of private Warrants | — | 878,257 | 540,563 | 787,159 | ||||||||
Weighted average common shares — diluted | 362,604,735 | 385,074,151 | 376,731,192 | 386,237,179 | ||||||||
Net income per share attributable to common | $ | 0.05 | $ | 0.05 | $ | 0.20 | $ | 0.34 | ||||
Diluted earnings per share | $ | 0.05 | $ | 0.05 | $ | 0.19 | $ | 0.31 | ||||
TABLE - 4 PAYONEER GLOBAL INC. CONSOLIDATED BALANCE SHEETS ( | ||||||
December 31, | December 31, | |||||
2025 | 2024 | |||||
Assets: | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 415,537 | $ | 497,467 | ||
Restricted cash | 6,090 | 6,633 | ||||
Customer funds | 7,544,541 | 6,439,153 | ||||
Accounts receivable (net of allowance of | 10,412 | 11,937 | ||||
Capital advance receivables (net of allowance of | 43,665 | 56,242 | ||||
Other current assets | 90,671 | 88,210 | ||||
Total current assets | 8,110,916 | 7,099,642 | ||||
Non-current assets: | ||||||
Property, equipment and software, net | 32,437 | 16,053 | ||||
Goodwill | 77,785 | 77,785 | ||||
Intangible assets, net | 208,053 | 102,390 | ||||
Customer funds | 350,000 | 525,000 | ||||
Restricted cash | 23,604 | 17,653 | ||||
Deferred tax assets, net | 56,898 | 41,523 | ||||
Severance pay fund | 856 | 757 | ||||
Operating lease right-of-use assets | 62,257 | 19,403 | ||||
Other assets | 33,783 | 30,174 | ||||
Total assets | $ | 8,956,589 | $ | 7,930,380 | ||
Liabilities and shareholders' equity: | ||||||
Current liabilities: | ||||||
Trade payables | $ | 44,611 | $ | 37,302 | ||
Outstanding operating balances | 7,894,541 | 6,964,153 | ||||
Other payables | 144,568 | 129,621 | ||||
Total current liabilities | 8,083,720 | 7,131,076 | ||||
Non-current liabilities: | ||||||
Deferred tax liabilities, net | 25,051 | 1,471 | ||||
Other long-term liabilities | 143,391 | 73,043 | ||||
Total liabilities | 8,252,162 | 7,205,590 | ||||
Commitments and contingencies | ||||||
Shareholders' equity: | ||||||
Preferred stock, | — | — | ||||
Common stock, | 4,118 | 3,960 | ||||
Treasury stock at cost, 63,121,771 and 35,872,339 shares as of December 31, 2025 and | (368,867) | (193,724) | ||||
Additional paid-in capital | 896,294 | 821,196 | ||||
Accumulated other comprehensive loss | (6,277) | (12,609) | ||||
Retained earnings | 179,159 | 105,967 | ||||
Total shareholders' equity | 704,427 | 724,790 | ||||
Total liabilities and shareholders' equity | $ | 8,956,589 | $ | 7,930,380 | ||
TABLE - 5 PAYONEER GLOBAL INC. CONSOLIDATED STATEMENTS OF CASH FLOWS ( | ||||||
December 31, | ||||||
2025 | 2024 | |||||
Cash Flows from Operating Activities | ||||||
Net income | $ | 73,192 | $ | 121,163 | ||
Adjustment to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 65,625 | 47,296 | ||||
Deferred taxes | (17,405) | (22,616) | ||||
Stock-based compensation expenses | 73,104 | 64,787 | ||||
Gain from change in fair value of warrants | — | (2,767) | ||||
Loss on warrant repurchase/redemption | — | 14,746 | ||||
Interest on certificate of deposits | (13,370) | (11,442) | ||||
Interest and amortization of discount on investments | 1,180 | (8,577) | ||||
Foreign currency re-measurement (gain) loss | (5,031) | 3,522 | ||||
Changes in operating assets and liabilities: | ||||||
Other current assets | 4,357 | (42,872) | ||||
Trade payables | 7,868 | 1,127 | ||||
Deferred revenue | 1,060 | 2,039 | ||||
Accounts receivable, net | 1,534 | 337 | ||||
Capital advance extended to customers | (313,264) | (329,512) | ||||
Capital advance collected from customers | 325,841 | 318,763 | ||||
Other payables | (797) | 3,967 | ||||
Other long-term liabilities | 18,060 | 6,358 | ||||
Operating lease right-of-use assets | 10,995 | 14,068 | ||||
Other assets | 540 | (3,462) | ||||
Net cash provided by operating activities | 233,489 | 176,925 | ||||
Cash Flows from Investing Activities | ||||||
Purchase of property, equipment and software | (26,874) | (8,189) | ||||
Capitalization of internal use software | (60,855) | (52,203) | ||||
Severance pay fund distributions, net | (99) | 83 | ||||
Customer funds in transit, net | (38,683) | (50,768) | ||||
Investments in interest rate derivatives | (15,950) | (35,200) | ||||
Purchases of investments in available-for-sale debt securities | (446,303) | (1,443,772) | ||||
Maturities of investments in available-for-sale debt securities | 328,500 | 277,000 | ||||
Purchases of investments in term deposits | — | (600,000) | ||||
Maturities of investments in term deposits | 75,000 | — | ||||
Cash paid in connection with acquisition, net of cash and customer funds acquired | (33,081) | (48,218) | ||||
Net cash provided by (used in) investing activities | (218,345) | (1,961,267) | ||||
Cash Flows from Financing Activities | ||||||
Proceeds from issuance of common stock in connection with stock-based compensation plan, net of taxes | 714 | 21,119 | ||||
Outstanding operating balances, net | 908,251 | 563,622 | ||||
Borrowings under related party facility | — | 15,120 | ||||
Repayments under related party facility | — | (33,531) | ||||
Receipts of collateral on interest rate derivatives | 126,060 | 37,890 | ||||
Payments of collateral on interest rate derivatives | (117,590) | (19,100) | ||||
Consideration related to previous acquisitions | (4,461) | — | ||||
Warrant repurchase/redemption | — | (19,834) | ||||
Payment on exercise of warrants | (1,332) | — | ||||
Common stock repurchased | (173,601) | (137,513) | ||||
Net cash provided by (used in) financing activities | 738,041 | 427,773 | ||||
Effect of exchange rate changes on cash and cash equivalents | 5,312 | (3,588) | ||||
Net change in cash, cash equivalents, restricted cash and customer funds | 758,497 | (1,360,157) | ||||
Cash, cash equivalents, restricted cash and customer funds at beginning of period | 5,658,210 | 7,018,367 | ||||
Cash, cash equivalents, restricted cash and customer funds at end of period | $ | 6,416,707 | $ | 5,658,210 | ||
Supplemental information of investing and financing activities not involving cash flows: | ||||||
Property, equipment, and software acquired but not paid | $ | 453 | $ | 1,530 | ||
Internal use software capitalized but not paid | $ | 7,814 | $ | 7,108 | ||
Common stock repurchased but not paid | $ | 51,305 | $ | 8,617 | ||
Right of use assets obtained in exchange for new operating lease liabilities | $ | 2,317 | $ | 775 | ||
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SOURCE Payoneer