Payoneer Reports Net Loss Amid Nuvei Acquisition Agreement
The payments company reported a net loss of $2.4 million for the second quarter of 2026.
Payoneer Global (PAYO), the financial services provider, reported a net loss of $2.4 million in the second quarter. The result followed a net income of $19.6 million in the first quarter and $19.5 million in the second quarter of the previous year.
The quarter was marked by a definitive agreement signed on June 15, 2024, for Payoneer to be acquired by Nuvei for $7.40 per share in cash, representing a total equity value of approximately $2.75 billion.
Revenue excluding interest income grew 10% year-over-year. This represented a slight deceleration from the 11% growth reported in the first quarter. Total volume rose 15% year-over-year to $23.7 billion, compared to 16% growth in the prior quarter.
B2B volume growth accelerated to 48% year-over-year, up from 44% in the first quarter. Average revenue per user, or ARPU, grew 18% year-over-year to $533, compared to 17% growth to $513 in the prior quarter. ARPU excluding interest income grew 22%, marking the eighth consecutive quarter of growth exceeding 20%.
Adjusted EBITDA excluding interest income rose 138% year-over-year to $19.3 million. Transaction costs as a percentage of revenue improved to 13.7%, a decrease of 190 basis points year-over-year, though this was a slight increase from the 13.5% reported in the first quarter. The SMB customer take rate declined 2 basis points year-over-year to 118 basis points, reversing a 1 basis point expansion in the prior quarter.
Expenses were impacted by the pending merger, as M&A related costs rose to $13.5 million in the second quarter from $0.5 million in the first quarter. The company suspended share repurchases due to the Nuvei transaction, having repurchased $16 million in shares prior to the suspension.