Payoneer Q3 2023 Earnings Report
Key Takeaways
Payoneer reported a strong third quarter with record revenue of $208 million, a 31% increase year-over-year. Net income was $12.8 million, and adjusted EBITDA reached $58.2 million, a 357% increase year-over-year. The company reiterated its 2023 revenue guidance and raised its adjusted EBITDA guidance.
Revenue increased by 31% year-over-year, reaching a record $208 million.
Active ICPs grew by 5% year-over-year, with larger ICPs (>$10k/month volume) growing by 17%.
Net income was $12.8 million, a significant improvement compared to the previous year.
Adjusted EBITDA increased by 357% year-over-year, reaching $58.2 million.
Payoneer
Payoneer
Forward Guidance
Payoneer reiterated its full year 2023 revenue guidance of $820 million - $830 million and raised its adjusted EBITDA guidance to $195 million to $205 million.
Positive Outlook
- Steadily increasing active ICPs
- Improving monetization of customers
- Cross selling product suite
- Commitment to driving operating leverage
- Accelerating investments in product roadmap, customer experience, and global licensing framework