Research Reports

Prepared Highlights

Revenue: Total revenue of $262M, up 6% YoY; revenue ex interest income of $210M, up 11% YoY, accelerating 200 bps sequentially (CFO).
Volume: Total volume $22B+, up 16% YoY. B2B volume up 44% YoY, more than doubling from 21% in Q4 and ahead of expectations (CEO, CFO). Marketplace volume up 2%, checkout volume up 53% (CFO).
Take Rate & ARPU: SMB take rate 120 bps; overall Q1 take rate 115 bps, down 10 bps YoY from lower interest income (CEO, CFO). ARPU ex interest income up 22%, seventh consecutive quarter of 20%+ growth (CEO, CFO).
Margins & Profitability: Adjusted EBITDA $69M, 27% margin (CFO). Adjusted EBITDA ex interest income $18M, highest as a public company, up over 140% YoY (CEO, CFO). Core adjusted EBITDA on track to more than double to $90M at 2026 midpoint (CEO).
Operating Expenses: Transaction costs $35M, down 11% YoY, representing 13.5% of revenue (down ~250 bps YoY) (CFO). Ex interest income, transaction costs 16.8% of revenue, down >400 bps (CFO).
Customer Funds: $7.6B in customer funds, up 15% YoY ($1B+). 53% ($4B) hedged via securities and derivatives as of March 31 (CEO, CFO).
Capital Allocation: Repurchased ~$74M in shares at $5.16 weighted average price; $117M remaining on authorization (CFO). Cash and equivalents $339M (CFO).
Network & Licenses: 7,000 trade corridors, ~100 direct banking/payment relationships; licenses in US, EU, UK, China, Hong Kong, Australia, Japan, Singapore, with 3 more in progress (India, Israel, Canada) (CEO).
B2B Growth Drivers: B2B acceleration in all regions, especially China goods sector with existing and newly acquired customers; strong growth in EMEA large customers and APAC (CEO, CFO). Enterprise payouts volume up 28% YoY (CFO).
Stablecoin & AI: Stablecoin wallet live with initial customers via Bridge; 80% of waitlist sign-ups are net new customers. AI pilots in customer support and lead generation (CEO).

Official Guidance

FY2026 Total Revenue: $1.1B – $1.14B (includes interest income of $200M; revenue ex interest income $900M – $940M) (CFO).
FY2026 Adjusted EBITDA: $285M – $295M (no change to core adjusted EBITDA guidance of $90M at midpoint) (CFO).
Guidance Change: Interest income expectation raised by $10M due to robust customer fund growth and updated rate expectations (CFO).

Management Quotes

"Revenue ex interest accelerated and B2B volume growth more than doubled sequentially." (CEO)
"Getting a single payment services license in many major markets can take 18 to 24 months." (CEO)
"Adjusted EBITDA ex interest grew over 140% to $18 million, our highest result as a public company and demonstrating substantial operating leverage." (CEO)
"We are confident in our ability to accelerate growth to exit the year at a mid-teens rate, unlock leverage and more than double core adjusted EBITDA to $90 million at the midpoint." (CFO)
"Behind our strong results is a healthier, higher quality and more durable customer portfolio." (CFO)

Prepared Metrics

Metric	Value	Speaker/Context
Total Revenue	$262M (+6% YoY)	CFO (Q1 2026)
Revenue ex Interest Income	$210M (+11% YoY)	CFO (Q1 2026)
Total Volume	$22B+ (+16% YoY)	CEO (Q1 2026)
B2B Volume Growth	+44% YoY	CEO (Q1 2026)
Adjusted EBITDA	$69M (27% margin)	CFO (Q1 2026)
Adjusted EBITDA ex Interest	$18M (record, +140% YoY)	CEO/CFO (Q1 2026)
Customer Funds	$7.6B (+15% YoY)	CEO (as of March 31, 2026)
Share Repurchases (Q1)	~$74M at $5.16 avg	CFO (Q1 2026)
Remaining Buyback Authorization	~$117M	CFO (as of March 31, 2026)

Q&A Batch (1-4 of 4)

Q1 — Aditya Buddhavarapu (Bank of America)

Topic: 2026财年指引假设及季度增长节奏
Key points:
- Q1宏观环境稳定至改善，B2B业务量增长超40%，Checkout迁移至Stripe完成且效果超预期。
- 2026年指引假设：Marketplace业务预期中个位数量增长并下半年加速（关税影响消退）；B2B业务预期全年量增长超30%，收入增长约20-25%（因中国/EMEA业务组合导致赢利率下降）；Checkout业务预期持平至中个位数增长。
- 全年综合量增长为低双位数，收入增长略快于量增长，下半年加速；Q2营收增长率大致与Q1持平。
Mgmt stance: 看好——宏观环境稳定，各主要业务增长动力强劲。

Q2 — Cristopher Kennedy

Topic: 核心业务利润率提升空间及中国市场赢利率
Key points:
- Q1核心EBITDA（不含float）为1800万美元；公司正通过提升每项关键KPI（收入加速、交易利润率改善）实现杠杆。
- 2026年调整后OpEx预计增长6%-7%（中个位数），AI在平台/运营/风控部门的特定用例部署有望进一步释放杠杆。
- B2B整体赢利率是其他业务的约1.5倍，对整体组合具有赢率提升作用；中国B2B业务以商品为主（赢率低于服务类），但增长仍为赢率提升型。
Mgmt stance: 看好——利润率扩张轨迹清晰，AI部署有望强化效率提升。

Q3 — Unknown Analyst (Logan for Mike)

Topic: B2B量增长44%的驱动因素及地区表现
Key points:
- B2B量同比增长44%，较Q4环比翻倍（Q1 vs Q4）；增长由中国大客户、全球服务类企业采用多币种钱包及AP/Workforce管理产品驱动。
- B2B现已占总量的三分之一；总可寻址市场（TAM）为10万亿美元，公司份额略低于1%。
- 所有B2B市场均表现强劲：中国、APAC、EMEA“出色”，拉丁美洲收入占10%，表现“稳健”。
Mgmt stance: 看好——B2B是未来增长引擎，且市场份额有巨大提升空间。

Q4 — Christopher Svensson

Topic: Checkout迁移细节、企业客户放量及下半年加速因素
Key points:
- Checkout迁移至Stripe完成：超过90%的客户组合成功转移，完成速度超预期且客户流失低于预期（原本预期会有部分流失）。
- 迁移后平台基础更优：BNPL功能采用率显著高于先前。
- 下半年加速因素包括：B2B量增长超30%的持续势头、Marketplace稳定改善、企业业务（新合作伙伴/大客户）放量超预期；定价策略是因素之一但非主导。
Mgmt stance: 看好——Checkout迁移验证了“单一金融平台”策略，企业客户放量良好，下半年增长有明确支撑。