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Mar 31
dLocal Q1 2025 Earnings Report
dLocal posted record highs in revenue, gross profit, and TPV in Q1 2025, with a significant increase in net income.
Key Takeaways
dLocal had a strong Q1 2025, with revenue reaching $216.8M and net income more than doubling YoY. The company saw a sharp rise in TPV and maintained robust profitability across operations.
Revenue hit a record $216.8M, up from $184.4M in Q1 2024.
Net income rose to $46.7M, driven by operational efficiency and favorable FX movements.
TPV reached $8.107B, a 53% YoY increase.
Free cash flow was $39.7M, with strong conversion from net income.
dLocal
dLocal
Forward Guidance
dLocal is optimistic about sustained growth through geographic expansion, increased cross-border activity, and improved operational scalability.
Positive Outlook
- Continued geographic diversification.
- Improved cross-border revenue mix.
- Efficient execution of strategic investments.
- High conversion of free cash flow to net income.
- Strong operating leverage reflected in gross profit metrics.
Challenges Ahead
- Lower gross profit in Brazil due to payment orchestration model shift.
- Processing cost pressures in South Africa and Nigeria.
- Volume loss from a large merchant in Mexico.
- Incremental one-off processing costs in Brazil.
- Gross profit margin declined sequentially from Q4.