DLocal (DLO) Q4 2024 earnings summary

Executive summary

• Achieved record Total Payment Volume (TPV) of $26 billion in 2024, up 45% year over year, with strong growth across diverse geographies and verticals.

• Revenue for 2024 was $746 million, up 15% year over year, and gross profit reached $295 million, up 6% year over year.

• Adjusted EBITDA for 2024 was $189 million, with Q4 Adjusted EBITDA at $57 million, up 16% year over year and 9% sequentially.

• Onboarded over 700 merchants in more than 40 markets, with TPV retention rate above 140% and a shift toward higher-growth markets.

• Launched new payment orchestration solution and expanded payment methods, driving efficiency and higher transaction approval rates.

Financial highlights

• Q4 TPV was $7.7 billion, up 51% year over year and 18% quarter over quarter.

• Q4 revenue was $204 million, up 9% year over year and 10% sequentially; Q4 gross profit was $84 million, up 20% year over year.

• Adjusted EBITDA margin for Q4 was 28%, with annual margin at 25%; Q4 Adjusted EBITDA was $57 million.

• Net income for Q4 was $30 million, up 11% quarter over quarter and 4% year over year; diluted EPS was $0.10.

• Free cash flow conversion from net income exceeded 100% at year-end, with working capital affected by settlement timing.

Outlook and guidance

• 2025 guidance: TPV growth of 35–45% year over year, revenue growth of 25–35%, gross profit growth of 20–25%, and Adjusted EBITDA growth of 20–30%.

• Net take rate expected to compress due to higher volume from large merchants and local-to-local transactions.

• Focus remains on operational leverage and improving Adjusted EBITDA to gross profit ratio year over year.

• Discontinued midterm guidance due to market volatility; will provide annual targets only.

• Strategic focus on scaling, not losing contracts on price, and expanding in new geographies and verticals.