Infracommerce CXaaS (IFCM3) Q2 2025 earnings summary

Executive summary

• Adjusted operating result was positive BRL 4.6m for a third consecutive quarter, versus negative BRL 103.6m in Q2 2024; EBITDA was BRL 15.4m.

• Revenue and GMV declined YoY amid strategic customer losses and exits from onerous contracts, while gross margin improved on a more profitable mix.

• Transformation plan was ~75% complete through June 2025, with focus on operating consistency, service levels, cost discipline and cash management.

Financial highlights

• Net revenue was BRL 181.9m, down 26.7% YoY excluding anticipation revenue; reported revenue declined 31.4% YoY and 1.5% QoQ.

• GMV was BRL 3,256.2m, down 11.6% YoY and 3.1% QoQ; TPV was BRL 427.6m, down 45.1% YoY and up 14.5% QoQ.

• Gross profit was BRL 46.5m; gross margin rose 5.9 p.p. YoY to 25.6%, excluding anticipation revenue.

• Costs and expenses excluding impairment were BRL 187.0m, down 50.2% YoY; Q2 2024 included a BRL 1,376.4m impairment charge.

• Net loss was BRL 61.4m versus BRL 1,535.6m in Q2 2024; Q2 net financial expenses included BRL 43.0m interest on convertible instruments and BRL 19m depreciation and amortization.

Outlook and guidance

• Priorities include improving service levels and efficiency ahead of high season, with continued focus on service quality and operational productivity.

• Remaining transformation work includes structural and rental-cost adjustments targeted for completion by Q4 2025; operational improvements are intended to support a smoother start to 2026.

• Priorities include scaling AI initiatives developed with Google, consolidating processes with proprietary technology, and signing profitable mid-term contracts; no numerical earnings guidance was stated.