PayoneerPAYO

Payoneer grew its total transaction volume by 15 percent this quarter, reaching about 23.7 billion dollars. The standout was its business-to-business (B2B) segment, which grew 48 percent compared to last year. This is a key metric because these direct business payments are more profitable for Payoneer than the money it moves for large marketplaces like Amazon.

While the company reported a small net loss of about 2.4 million dollars, this was largely due to one-time costs. The underlying business remains healthy, with adjusted earnings, a measure that strips out those one-time merger costs, rising 7 percent. This performance happens against the backdrop of Payoneer's June agreement to be acquired by Nuvei, a deal that remains the primary focus for the company's future.

See the full quarter, and how our tracked metrics did

Source: 8-K filing

Payoneer is scheduled to report its financial results this morning. Analysts expect the company to report revenue of about 270 million dollars and earnings of roughly 6 cents per share.

Beyond the headline numbers, we are watching the growth of business-to-business payments. This is the high-margin segment where Payoneer competes with traditional banks. We are also looking for stability in the take rate, which is the percentage of each transaction the company keeps as revenue. Maintaining this rate as the company grows is a key sign that its global regulatory network remains a competitive advantage.

See the full quarter, and how our tracked metrics did

Key highlights

• B2B growth accelerating: B2B volume, which is payments between businesses, jumped 48% to $4.3 billion as the company signs up larger customers in China and Europe. This is a big deal because B2B volume grew even faster than the 44% rate seen last quarter and is much more profitable than selling to marketplace merchants.
• Acquisition offer accepted: Payoneer agreed to be bought by a Canadian payments company called Nuvei for $7.40 per share in cash, valuing the business at about $2.75 billion. The deal is expected to close in mid-2027, and until then, the company has stopped its $16 million share buyback program and will no longer give financial forecasts.
• Interest income headwind: Interest income fell 11% to $52.1 million as lower interest rates globally reduce what the company earns on the $7.7 billion of funds it holds for customers. While customer funds actually grew 10%, it was not enough to make up for the lower rates that the company earns on that cash.
• Spending efficiency improving: Transaction costs, which are the fees Payoneer pays to banks and networks to move money, fell to 13.7% of revenue compared to 15.6% a year ago. Lower costs helped the company grow its adjusted earnings by 7% even while total revenue only grew by 5%.
• Revenue per user rising: The average revenue per user grew 18% to $533, the eighth quarter in a row that this figure has grown by double digits when excluding interest. This shows the company is successfully selling more services, like its Checkout product, which saw its own volume grow 52% to $332 million.
• No future guidance provided: Because of the pending sale to Nuvei, the company is suspending its practice of providing financial guidance and has withdrawn its full year 2026 outlook. This means there are no official targets for profit or sales for the rest of the year while the merger is processed.

Our take: A solid quarter despite the headline loss, driven by a surge in high-value business payments. The 48% growth in B2B volume proves the company is winning with larger customers even as interest income fades. While the pending $2.75 billion sale limits the upside, it provides a clear exit at a steady price.