Infracommerce CXaaS (IFCM3) Q3 2025 earnings summary

Executive summary

• Third consecutive quarter of positive operating results; turnaround plan was in its final phase, with completion targeted by Dec. 31, 2025.

• Conversion of ~65% of mandatory convertible debentures strengthened the capital structure and reversed negative equity to positive BRL 338.3 million.

Financial highlights

• Q3 net revenue was BRL 147.3 million, down 41.1% YoY reported and 25.6% excluding anticipation revenue; GMV was BRL 2.58 billion, down 32.6%.

• EBITDA was positive BRL 6.5 million versus negative BRL 13.7 million; net loss narrowed to BRL 79.4 million from BRL 93.4 million YoY.

• Q3 costs and expenses excluding impairment fell 46.3% YoY to BRL 160.0 million; commercial and administrative expenses fell 67.2% to BRL 36.3 million.

• Gross profit was BRL 30.3 million and gross margin 20.6% versus 24.6%; gross margin excluding anticipation revenue improved 2.7 p.p. YoY.

• 9M25 EBITDA less capex, receivables-advance expense and rentals was positive BRL 2.4 million versus negative BRL 204.5 million in 9M24.

Outlook and guidance

• 2026 priorities include growth, new-client acquisition and further productivity gains after the turnaround plan’s targeted completion by Dec. 31, 2025.

• Recurring investment policy targets BRL 5 million per quarter; operational priorities include resizing logistics and organizational structures, consolidating systems and improving customer profitability.

• 9M EBITDA less rent was positive BRL 31.7 million versus negative BRL 1.469 billion in 9M24; management linked the improvement to restructuring and operating efficiencies.