FT Markets Data
Payoneer Global Inc

Payoneer Reports Fourth Quarter and Full Year 2025 Financial Results

14% increase in revenue ex. interest, including 28% B2B revenue growth, in 2025
 2026 Guidance reflects focus on high margin growth and significant core business profitability unlock

NEW YORK , Feb. 26, 2026 /PRNewswire/ -- Payoneer Global Inc. ("Payoneer" or the "Company") (NASDAQ: PAYO), the global financial technology company powering business growth across borders, today reported financial results for its fourth quarter and full year ended December 31, 2025. 

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

$201.1

$188.6

$202.3

$211.4

$218.9

9 %


$720.9

$821.2

14 %

Interest income

60.6

58.0

58.3

59.5

55.8

(8) %


256.8

231.6

(10) %

Revenue

$261.7

$246.6

$260.6

$270.9

$274.7

5 %


$977.7

$1,052.8

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

$18.2

$20.6

$19.5

$14.1

$19.0

5 %


$121.2

$73.2

(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)

$22.5

$19.7

$20.7

$22.3

$24.8

10 %


$80.1

$87.5

9 %

Active Ideal Customer Profiles (ICPs) ('000s)1     

560

556

559

548

536

(4) %


560

536

(4) %

Average Revenue Per User (ARPU)2

$425

$439

$452

$471

$488

15 %


$425

$488

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 rate 3

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 $500 per month in volume (including intra-network transactions with other Payoneer customers) and were active over the trailing twelve-month period.

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 $1 billion in annual revenue, delivered significant profitability, and generated meaningful free cash flow. We repurchased $175 million, or 8% of shares outstanding during the year, underscoring our conviction in the intrinsic value of the business and our commitment to driving long-term shareholder returns.

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 grew 9% year-over-year, reflecting:
    • SMBs that sell on marketplaces revenue of $122 million, up 4% year-over-year.
    • B2B SMBs revenue of $65 million, up 17% year-over-year, and representing 30% of revenue ex. interest. 
    • Checkout revenue of $11 million, up 25% year-over-year.
  • $1.6 billion of spend on Payoneer cards, up 6% year-over-year, reflecting continued, though more muted, growth with large ecomm sellers at 15%, likely a result of tariff related headwinds to spending behavior, and softness in Latin America.
  • $7.9 billion of customer funds (including both short-term and long-term funds) as of December 31, 2025. Customer funds growth of 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 at a weighted average price of $5.76.
  • In January 2026, acquired Boundless for $13 million, with an additional earn-out of up to $4 million contingent upon reaching certain performance and tenure milestones. The acquisition deepens and broadens Payoneer's global workforce management capabilities.
  • 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 grew 15% year-over-year, reflecting:
    • SMBs that sell on marketplaces revenue of $469 million, up 8% year-over-year.
    • B2B SMBs revenue of $237 million, up 28% year-over-year. 
    • Checkout revenue of $35 million, up 55% year-over-year.
  • ARPU grew 15% year-over-year and, excluding interest income, was up 21%, marking 6 consecutive quarters of 20%+ 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 of annual spend on Payoneer cards, up 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 in China 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 of share repurchases in 2025, at a weighted average price of $6.41, up versus $137 million of repurchases in 2024.

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 $900-940 million in revenue ex. interest and $85-95 million of adjusted EBITDA1 ex. interest, more than double the prior year. We are taking deliberate actions to optimize our customer portfolio and guidance for revenue ex. interest includes a 300 basis point estimated headwind related to those efforts. We expect to accelerate growth during the year as we execute on our upmarket strategy and lap these headwinds, delivering mid-teens growth exiting the year and beyond, as we continue to unlock leverage in our model from ongoing investments in our platform, including in agentic AI capabilities."  

Bea Ordonez, Chief Financial Officer

2026 guidance is as follows: 







Revenue 






$1,090 million - $1,130 million 






Transaction costs  






~15.0% of revenue 






Adjusted EBITDA1






$275 million to $285 million 




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 Israel's conflicts in the Middle East, and other economic, business and/or competitive factors, such as changes in global trade policies (including the imposition of tariffs); (3) changes in the assumptions underlying our financial estimates; (4) the outcome of any known and/or unknown legal or regulatory proceedings; and (5) other risks and uncertainties set forth in Payoneer's Annual Report on Form 10-K for the period ended December 31, 2025 and future reports that Payoneer may file with the SEC from time to time. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.

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 United States generally accepted accounting principles ("GAAP"). Payoneer uses certain non-GAAP measures to compare Payoneer's performance to that of prior periods for budgeting and planning purposes. Payoneer believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Payoneer's results of operations. Payoneer's method of determining these non-GAAP measures may be different from other companies' methods and, therefore, may not be comparable to those used by other companies and Payoneer does not recommend the sole use of these non-GAAP measures to assess its financial performance. Payoneer management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Payoneer's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review Payoneer's financial statements, which are included in Payoneer's Annual Report on Form 10-K for the year ended December 31, 2025 and its subsequent Quarterly Reports on Form 10-Q, and not rely on any single financial measure to evaluate Payoneer's business.  

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

(U.S. dollars in thousands, except share and per share data)




(Unaudited)





Three months ended
 December 31,


Year ended
December 31,



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
securities, net



945



(13,539)



11,641



(412)

Tax (expense) benefit on unrealized gain (loss) on
available-for-sale debt securities, net



(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
cash flow hedges, net



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,
net



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
stockholders — Basic earnings per share


$

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 South Asia, Middle East and North Africa as a separate region and instead includes revenues from South Asia in the Asia-Pacific region and Middle East and North Africa in the Europe, Middle East, and Africa region. The update has been applied to all periods reflected in the table below.

(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

Europe, Middle East, and Africa(2)



69,985



65,312



264,508



253,096

Asia-Pacific (2)



59,016



52,628



221,221



186,582

Latin America (2)



26,696



27,963



111,424



100,324

North America (3)



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 China, Hong Kong, Macao and Taiwan.

2.

No single country included in any of these regions generated more than 10% of total revenue.

3.

The United States is the Company's country of domicile. Of North America revenues, the U.S. represents $25,967 and $28,194 during the three months ended December 31, 2025 and 2024, and $97,221 and $95,794 during the years ended December 31, 2025 and 2024, respectively.

 

TABLE - 2

PAYONEER GLOBAL INC.

RECONCILIATION  OF NET INCOME TO ADJUSTED EBITDA (UNAUDITED)

(U.S. dollars in thousands)
















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 $0.2, $0.1, $0.1, $0.3, and $1.8 million, respectively, in non-recurring fair value adjustment of the Skuad contingent consideration liability.

(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

(U.S. dollars in thousands, except share and per share data)
















(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
purchase common stock



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
stockholders — Basic earnings per share


$

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

(U.S. dollars in thousands, except share and per share data)










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 $501 and $382 at December 31, 2025 and 2024,
respectively)



10,412



11,937

Capital advance receivables (net of allowance of $3,953 and $4,955 at December 31,
2025 and 2024, respectively)



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, $0.01 par value, 380,000,000 shares authorized; no shares were issued
and outstanding at December 31, 2025 and December 31, 2024.



—



—

Common stock, $0.01 par value, 3,800,000,000 and 3,800,000,000 shares authorized;
411,826,086 and 395,965,588 shares issued and 348,704,315 and 360,093,249 shares
outstanding at December 31, 2025 and December 31, 2024, respectively.



4,118



3,960

Treasury stock at cost, 63,121,771 and 35,872,339 shares as of December 31, 2025 and
December 31, 2024, respectively.



(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

(U.S. dollars in thousands) 






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
paid related to settlement of equity awards and proceeds from employee equity transactions to be remitted
to employees



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