Méliuz (CASH3) Q1 2025 earnings summary

Executive summary

• Q1 net revenue reached a first-quarter record of R$100.4M, up 22% YoY; adjusted EBITDA was R$17.8M and reported EBITDA was R$15.8M, including a Bitcoin impairment.

• Shareholders approved a Bitcoin treasury strategy with 99.3% of valid votes, shifting capital allocation toward increasing Bitcoin per share while pursuing profitable growth.

Financial highlights

• Net revenue was R$100.4M, up 22% YoY and down 4% QoQ; reported net income was R$10.0M, down from R$19.1M in Q1 2024.

• Adjusted EBITDA was R$17.8M versus R$7.7M in Q1 2024; consolidated EBITDA including Bitcoin impact was R$15.8M, up 174% YoY.

• Adjusted consolidated net income was R$12.0M; reported net income was R$10.0M.

• Consolidated cash and equivalents, including securities, totaled R$230.8M at quarter-end, down from R$246.9M in 4Q24.

• Consolidated operating cash flow was R$7.7M; cash and cash equivalents were R$70.0M at quarter-end.

Outlook and guidance

• 2025 priorities include accelerating growth with healthy margins through user acquisition and retention, improved shopping experiences, partner expansion and new business models.

• Financial-services priorities include developing accounts and cards, growing Cofrinhos and CDBs, and launching products; operating cash generation and financial transactions are intended to increase Bitcoin per share.