Boku (BOKU) Q2 2026 TU earnings summary

Executive summary

• Achieved underlying revenue growth of approximately 11% in H1 2026, reaching $66.5 million, excluding non-recurring launch phase pricing from H1 2025.

• Signed a significant partnership with a global PSP, Stripe, enabling new indirect market routes and expanding merchant reach.

• Processed first transactions on PIX in Brazil and UPI in India, marking progress in key emerging markets.

Financial highlights

• H1 2026 revenues were $66.5 million, up 11% year-over-year from underlying H1 2025 revenues of $59.9 million.

• Adjusted EBITDA for H1 2026 was approximately $19.3 million, with a margin of 29%, compared to $18.4 million and 30.6% in H1 2025.

• Total Payment Volume (TPV) reached $8.3 billion in H1 2026, up 12% from $7.4 billion in H1 2025.

• Blended take rates remained stable at approximately 80bps year-over-year.

Outlook and guidance

• FY26 revenues are now expected to be $135-142 million, below previous market expectations of $155 million.

• FY26 adjusted EBITDA is forecasted at $38-42 million, compared to prior consensus of $49.9 million.

• Lower revenue expectations are partly offset by cost efficiency gains.

• Management remains confident in the pipeline and market opportunity, citing strong demand for local payment methods.