Boku (BOKU) Trading Update summary

Financial performance

• Revenues for H1 2024 expected to reach at least $47.0m, a 23% increase year-on-year and 30% on a constant currency basis, driven by higher transaction volumes from existing merchants.

• Carrier-related revenues and bundling showed double-digit growth, while digital wallets and account-to-account revenues rose over 50%, supported by launches like Google on BLIK in Poland.

• Adjusted EBITDA is anticipated to align with market expectations, with margins remaining broadly flat compared to 2023.

• Group cash stood at $148.5m as of 30 June 2024, with no debt.

Operational highlights

• Monthly active users reached 79.6 million in June 2024, up 30% from the previous year.

• Total payment volume (TPV) for H1 2024 was $5.8bn, a 17% increase year-on-year, or 26% on a constant currency basis.

• Average take rate improved to 0.81% in H1 2024, up from 0.76% in H1 2023, reflecting growth in higher-margin digital wallet transactions.

• Rob Whittick appointed as new Group CFO.

Strategic initiatives and outlook

• Ongoing investments in core back-end infrastructure aim to support scalable growth and prepare for increased regulated account-to-account volumes and cross-border transactions.

• Targeting the $2.2 trillion cross-border ecommerce market, with expectations that 60% will use local payment methods by 2028.

• Preparing for significant market and customer launches in the latter part of 2024.