Payoneer Global Inc.

Q1 total revenue was $262 million, up 6% year over year, and revenue excluding interest income was $210 million, up 11% year over year and 200 basis points faster sequentially. Total volume increased 16% to over $22 billion, with B2B volume up 44%, checkout volume up 53%, SMB volume up 11%, and enterprise payouts volume up 28%. ARPU increased 17% overall and 22% excluding interest income; take rate was 115 basis points, down 10 basis points YoY, while SMB take rate rose 1 basis point YoY and 7 basis points sequentially. Adjusted EBITDA was $69 million at a 27% margin, and adjusted EBITDA excluding interest income was $18 million, up more than 140% YoY. Net income was $20 million and diluted EPS was $0.06, versus diluted EPS of $0.05 in the prior-year period. Cash and cash equivalents were $339 million, and customer funds held by Payoneer were $7.6 billion, up 15% YoY. For 2026, Payoneer now expects total revenue of $1.1 billion to $1.14 billion, including $200 million of interest income and $900 million to $940 million of revenue excluding interest income. It raised full-year adjusted EBITDA guidance to $285 million to $295 million, with no change to revenue ex interest, transaction costs, adjusted OpEx, or core adjusted EBITDA guidance; management said it still expects a mid-teens exit rate and core adjusted EBITDA of $90 million at the midpoint.

John Caplan framed the quarter as evidence that Payoneer’s strategy is working, pointing to accelerating revenue ex interest, faster B2B growth, and broad-based operating leverage. He emphasized the company’s global payments infrastructure, growing customer usage across multiple products, and the importance of B2B as the “engine” for the next phase of growth. He also highlighted early progress in AI pilots and stablecoin capabilities, positioning those as longer-term strategic investments rather than near-term drivers.

Bea Ordonez focused on the financial quality of the quarter: 11% revenue ex interest growth, 17% ARPU growth, $69 million of adjusted EBITDA, and a record $18 million of adjusted EBITDA ex interest. She said transaction costs fell to $35 million, or 13.5% of revenue, and declined more than 400 basis points as a percentage of revenue excluding interest income, helped by Mastercard and Stripe relationships and operational efficiency. She also noted $339 million of cash and cash equivalents, $74 million of share repurchases during the quarter, and about $117 million remaining under the authorization. For guidance, she said total revenue was raised because of stronger customer funds and interest-rate assumptions, and adjusted EBITDA guidance increased to $285 million-$295 million.

Analysts focused on the full-year outlook, asking about macro assumptions, phasing, and whether back-half acceleration is sustainable. Management said Q1 trends were consistent with broader industry trends, described the macro as stable, and pointed to stronger B2B, improving checkout, and better marketplace trends; they said Q2 top-line growth should be broadly stable versus Q1, with acceleration in the back half. Questions on checkout and the Stripe migration drew a detailed answer: management said more than 90% of the portfolio was transitioned, faster than expected, with less churn than anticipated and stronger feature adoption than before. Analysts also pressed on China and B2B take rates; management said China remains a lower-take-rate goods business but is still accretive overall, with B2B take rate roughly 1.5x the rest of the business.