Payoneer Announces Second Quarter 2021 Financial Results

Payoneer Global Inc. (“Payoneer”) (NASDAQ: PAYO), the commerce technology company powering payments and growth for the new global economy, today reported financial results for its second quarter ended June 30, 2021.

Financial Highlights

Second Quarter 2021 versus Second Quarter 2020

• Revenue increased 42% to $110.9 million as compared to $78.4 million in 2020.
  – Volume increased 29% to $13.6 billion as compared to $10.5 billion in 2020.
  – Revenue as a percentage of volume (“Take Rate”) increased to 82 basis points from 75 basis points in 2020.
• Transaction costs improved to 26% of revenue compared to 30% of revenue in 2020.
• Net loss of $12.4 million compared to a net loss of $6.7 million in 2020.
• Adjusted EBITDA of $0.7 million compared to $1.4 million in 2020.

“We delivered strong results in our first quarter as a public company. The momentum that we have been building over the past year continued as we delivered revenues well ahead of our internal targets. Given our strong performance we are raising the full-year revenue outlook and expect to generate positive adjusted EBITDA in 2021,“ said Scott Galit, Chief Executive Officer of Payoneer.

“We continue to execute on our long-term strategy to be the world’s go-to-partner for digital commerce everywhere. By driving growth as a trusted partner for marketplace ecosystems and investing to deliver even more value for more customers with B2B AP/AR, Merchant Services, Working Capital and Commercial Cards, we believe we are well-positioned to benefit for many years to come from the strong tailwinds provided by digitalization trends globally. The unique platform, team, network effects, compliance capabilities and global footprint we have built provides a strong underpinning for the future. We achieved a significant milestone in June by becoming a public company, and I’m excited for the whole Payoneer team, our customers, and investors to begin this next phase of our growth together,” concluded Galit.

2021 Guidance

“We are raising guidance for full year 2021 revenues to grow approximately 28%-30% over 2020, up from our previous guidance of 25% growth. The increase in revenue guidance reflects higher take rate expectations that will more than offset lower than expected volume growth. We have also updated our transaction costs guidance to reflect improved performance. Finally, while we continue to invest aggressively in our platform and products for future growth, our better-than-expected first half allows us to forecast positive adjusted EBITDA for full year 2021,” said Michael Levine, Chief Financial Officer of Payoneer.

2021 guidance as follows:

Webcast

Payoneer will host a live webcast of its earnings conference call with the investment community beginning at 5:30 p.m. ET Wednesday, August 11, 2021. To access the webcast, go to the investor relations section of the Company’s website at https://investor.payoneer.com. A replay will be available on the investor relations website following the call.