Boku (BOKU) H2 2025 earnings summary

Executive summary

• Achieved record full-year revenue of $128.8 million, up 30% year-on-year, surpassing guidance and consensus expectations, with strong growth in merchants, connections, and monthly active users.

• Adjusted EBITDA reached $41.3 million, growing 36% year-on-year, with margin improving to 32.1%.

• Strong operational momentum driven by growth in payment volume, active users, and diversification into non-DCB products.

• Platform innovation and operational transformation supported by expanded payment licenses in Brazil, India, and the UK.

• Significant investments in infrastructure, innovation, and global expansion are beginning to yield results.

Financial highlights

• Revenue grew 30% year-on-year to $128.8 million, doubling since 2022.

• Total Payment Volume increased 27% to $15.7 billion, with blended take rate stable at 0.82%.

• Free cash flow of $31.1 million, with a 75% conversion rate.

• Own cash balance rose 28% to $103 million after $12.3 million in share buybacks.

• Group cash (including merchant/issuer balances) up 39% year-on-year to $245.6 million; company remains debt-free.

Outlook and guidance

• Reiterates medium-term guidance: organic revenue CAGR above 20% and adjusted EBITDA margin exceeding 30%, with further margin accretion expected from 2026.

• Expects progressive margin accretion from 2026 due to operational leverage.

• Ongoing investments in innovation, new geographies, and channel partnerships to drive future growth.