Payoneer's second quarter revenue of $274.3M beats estimates on 48% B2B growth, but reports a net loss.

Payoneer reported second quarter revenue of $274.3 million, a 5% year-over-year increase that slightly beat analyst estimates. However, the company posted a net loss of $2.4 million, resulting in an EPS of ($0.01), which missed expectations. The results were announced in the context of the pending acquisition by Nuvei, leading the company to suspend its financial guidance and conference calls.

Key Highlights

• Revenue excluding interest income grew 10% year-over-year to $222.2 million, driven by a 15% increase in total payment volume.
• B2B volume growth accelerated to 48% year-over-year, reaching $4.3 billion for the quarter, a key driver of underlying business performance.
• The company reported a net loss of $2.4 million, or ($0.01) per share, a significant decline from the $19.5 million net income reported in the same quarter last year.