Loading...
•
Mar 31, 2024
Payoneer Q1 2024 Earnings Report
Payoneer reported record quarterly revenue and strong profitability, driven by growth across all channels and faster growth in higher take rate B2B and Merchant Services businesses.
Key Takeaways
Payoneer delivered record quarterly revenue of $228.2 million, up 19% year-over-year, driven by strong growth across the entire platform. The company grew ICPs by 8% and generated 21% volume growth. Net income increased by 265% year-over-year to $29.0 million.
Record quarterly revenue, up 19% year-over-year.
Volume grew by 21%, including 33% B2B volume growth.
Active ICP growth of 8%, including 13% growth in larger ICPs.
Spend on Payoneer cards increased by 34% year-over-year.
Payoneer
Payoneer
Payoneer Revenue by Segment
Payoneer Revenue by Geographic Location
Revenue by Segment
SMBs on Marketplaces Revenue
CapyFin.comB2B SMBs Revenue
CapyFin.comMerchant Services Revenue
CapyFin.comRevenue by Geographic Location
Greater China Revenue
CapyFin.comEMEA Revenue
CapyFin.comAsia-Pacific Revenue
CapyFin.comNorth America Revenue
CapyFin.comLatin America Revenue
CapyFin.com Forward Guidance
Payoneer is raising its 2024 revenue guidance to $895 million - $905 million and adjusted EBITDA guidance to $200 million to $210 million.
Positive Outlook
- Strong growth across the entire platform
- Faster growth in higher take rate B2B and Merchant Services businesses
- Increased acquisition
- Improved retention of most valuable customers
- Enhancing financial stack and further penetrate the fast-growing B2B market
Challenges Ahead
- Changes in applicable laws or regulations
- Adversely affected by geopolitical events and conflicts
- Changes in the assumptions underlying our financial estimates
- Outcome of any known and/or unknown legal or regulatory proceedings
- Other risks and uncertainties set forth in Payoneer’s Annual Report on Form 10-K
Revenue & Expenses
Visualization of income flow from segment revenue to net income