Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
Payoneer Global Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-40547
86-1778671
(State or other jurisdiction ofincorporation)
(Commission File Number)
(I.R.S. EmployerIdentification Number)
195 Broadway, 27th floorNew York, New York, 10007
(Address of principal executive offices,including zip code)
(212) 600-9272
Registrant’s Telephone Number, Including Area Code
N/A
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
PAYO
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
As of July 31, 2026, the registrant had 338,850,836 shares of common stock outstanding.
Form 10-Q
For the Period Ended June 30, 2026
Page
PART I. FINANCIAL INFORMATION
4
Item 1. Financial Statements (Unaudited)
Condensed consolidated balance sheets (Unaudited)
5
Condensed consolidated statements of comprehensive income (Unaudited)
6
Condensed consolidated statements of changes in shareholders’ equity (Unaudited)
7
Condensed consolidated statements of cash flows (Unaudited)
9
Notes to the condensed consolidated financial statements (Unaudited)
11
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
30
Item 3. Quantitative and Qualitative Disclosures About Market Risk
40
Item 4. Controls and Procedures
PART II. - OTHER INFORMATION
41
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
44
Item 3. Defaults upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
45
Signatures
46
2
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, including the information incorporated herein by reference, contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as “anticipate,” “appear,” “approximate,” “believe,” “continue,” “could,” “estimate,” “expect,” “foresee,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “would” and other similar words and expressions (or the negative version of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current expectations of Payoneer Global Inc.’s (“Payoneer”) management and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statements. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: (1) our ability to consummate the merger with Neon Maple Parent Inc., a corporation incorporated under the laws of Canada (“Nuvei”), on the expected terms or according to the anticipated timeline; (2) changes in applicable laws or regulations; (3) the possibility that Payoneer may be adversely affected by geopolitical events and conflicts, such as Israel’s and the United States’ conflicts in the Middle East, and other economic, business and/or competitive factors, such as changes in global trade policies (including the imposition of tariffs); (4) changes in the assumptions underlying Payoneer’s financial estimates; (5) the outcome of any known and/or unknown legal or regulatory proceedings; and (6) other factors, described under the heading “Risk Factors” discussed and identified in public filings made with the U.S. Securities and Exchange Commission (the “SEC”) by Payoneer.
Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of Payoneer prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.
All subsequent written and oral forward-looking statements concerning the matters addressed in this Quarterly Report on Form 10-Q and attributable to Payoneer or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this Quarterly Report on Form 10-Q. Except to the extent required by applicable law or regulation, Payoneer undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect the occurrence of unanticipated events.
3
PAYONEER GLOBAL INC.
QUARTERLY REPORT FOR THE PERIOD ENDED JUNE 30, 2026
TABLE OF CONTENTS
Condensed consolidated financial statements (unaudited) in thousands of U.S. dollars:
5
Notes to condensed consolidated financial statements (Unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
U.S. DOLLARS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA
June 30,
December 31,
2026
2025
Assets:
Current assets:
Cash and cash equivalents
$
346,320
415,537
Restricted cash
4,717
6,090
Customer funds
7,472,749
7,544,541
Accounts receivable (net of allowance of $1,032 and $501 at June 30, 2026 and December 31, 2025, respectively)
13,258
10,412
Capital advance receivables (net of allowance of $3,477 and $3,953 at June 30, 2026 and December 31, 2025, respectively)
36,881
43,665
Other current assets
86,539
90,671
Total current assets
7,960,464
8,110,916
Non-current assets:
Property, equipment and software, net
46,624
32,437
Goodwill
86,136
77,785
Intangible assets, net
215,404
208,053
275,000
350,000
22,834
23,604
Deferred tax assets, net
65,153
56,898
Severance pay fund
894
856
Operating lease right-of-use assets
61,485
62,257
Other assets
30,952
33,783
Total assets
8,764,946
8,956,589
Liabilities and shareholders’ equity:
Current liabilities:
Trade payables
50,812
44,611
Outstanding operating balances
7,747,749
7,894,541
Other payables
138,878
144,568
Total current liabilities
7,937,439
8,083,720
Non-current liabilities:
Deferred tax liabilities, net
25,405
25,051
Other long-term liabilities
148,572
143,391
Total liabilities
8,111,416
8,252,162
Commitments and contingencies (Note 14)
Shareholders’ equity:
Preferred stock, $0.01 par value, 380,000,000 shares authorized; no shares were issued and outstanding at June 30, 2026 and December 31, 2025.
—
Common stock, $0.01 par value, 3,800,000,000 and 3,800,000,000 shares authorized; 419,411,249 and 411,826,086 shares issued and 338,723,544 and 348,704,315 shares outstanding at June 30, 2026 and December 31, 2025, respectively.
4,194
4,118
Treasury stock at cost, 80,687,705 and 63,121,771 shares as of June 30, 2026 and December 31, 2025, respectively.
(459,220)
(368,867)
Additional paid-in capital
937,577
896,294
Accumulated other comprehensive loss
(25,312)
(6,277)
Retained earnings
196,291
179,159
Total shareholders’ equity
653,530
704,427
Total liabilities and shareholders’ equity
The accompanying notes are an integral part of the condensed consolidated financial statements (Unaudited).
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three months ended
Six months ended
Revenues
274,258
260,614
535,853
507,231
Transaction costs
37,682
40,566
72,884
79,915
Other operating expenses
41,260
42,703
81,271
84,361
Research and development expenses
46,968
37,387
90,294
74,658
Sales and marketing expenses
61,770
57,312
119,882
112,038
General and administrative expenses
48,421
37,016
84,428
66,920
Depreciation and amortization
21,224
15,553
40,140
29,943
Total operating expenses
257,325
230,537
488,899
447,835
Operating income
16,933
30,077
46,954
59,396
Financial expense:
Other financial expense, net
10,622
227
11,434
1,777
Financial expense, net
Income before income taxes
6,311
29,850
35,520
57,619
Income taxes
8,747
10,370
18,388
17,562
Net income (loss)
(2,436)
19,480
17,132
40,057
Other comprehensive income (loss)
Unrealized gain (loss) on available-for-sale debt securities, net
(8,104)
2,565
(16,455)
9,804
Tax benefit (expense) on unrealized gain (loss) on available-for-sale debt securities, net
1,773
(569)
3,675
(2,174)
Unrealized gain (loss) on cash flow hedges, net
927
5,932
(1,357)
4,145
Tax benefit (expense) on unrealized gain (loss) on cash flow hedges, net
(177)
(1,135)
269
(808)
Unrealized gain (loss) on interest rate floor, net
(8,231)
2,117
(6,077)
8,138
Tax benefit (expense) on unrealized gain (loss) on interest rate floor, net
1,800
(469)
1,187
(1,745)
Foreign currency translation adjustments
(166)
66
(277)
(103)
(12,178)
8,507
(19,035)
17,257
Comprehensive income (loss)
(14,614)
27,987
(1,903)
57,314
Per Share Data
Net income (loss) per share attributable to common stockholders — Basic earnings per share
(0.01)
0.05
0.11
— Diluted earnings per share
0.10
Weighted average common shares outstanding — Basic
337,465,576
368,770,598
341,386,711
368,185,088
Weighted average common shares outstanding — Diluted
380,632,789
348,024,538
385,250,558
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
U.S. DOLLARS IN THOUSANDS, EXCEPT SHARE DATA
Accumulated
Additional
other
Common Stock
Treasury Stock
paid-in
comprehensive
Retained
Shares
Amount
capital
income (loss)
earnings
Total
Balance at March 31, 2026
415,278,698
4,153
(77,465,358)
(443,483)
912,812
(13,134)
198,727
659,075
Exercise of options and vested RSUs, net of taxes paid related to settlement of equity awards
3,133,859
31
424
455
Stock-based compensation
19,937
ESPP shares issued
998,692
10
4,404
4,414
Common stock repurchased, net of excise tax
(3,222,347)
(15,737)
Unrealized loss on available-for-sale debt securities, net
Tax benefit on unrealized loss on available-for-sale debt securities, net
Unrealized gain on cash flow hedges, net
Tax expense on unrealized gain on cash flow hedges, net
Unrealized loss on interest rate floor, net
Tax benefit on unrealized loss on interest rate floor, net
Foreign currency translation adjustment
Net loss
Balance at June 30, 2026
419,411,249
(80,687,705)
Balance at March 31, 2025
400,261,352
4,003
(37,752,648)
(210,702)
834,745
(3,859)
126,544
750,731
Exercise of options, and vested RSUs, net of taxes paid related to settlement of equity awards
3,861,462
38
168
206
20,756
678,351
3,921
3,928
Common stock repurchased
(4,812,166)
(32,703)
Unrealized gain on available-for-sale debt securities, net
Tax expense on unrealized gain on available-for-sale debt securities, net
Unrealized gain on interest rate floor, net
Tax expense on unrealized gain on interest rate floor, net
Net income
Balance at June 30, 2025
404,801,165
4,048
(42,564,814)
(243,405)
859,590
4,648
146,024
770,905
Balance at December 31, 2025
411,826,086
(63,121,771)
6,586,471
(2,047)
(1,981)
38,926
(17,565,934)
(90,353)
Unrealized loss on cash flow hedges, net
Tax benefit on unrealized loss on cash flow hedges, net
Balance at December 31, 2024
395,965,588
3,960
(35,872,339)
(193,724)
821,196
(12,609)
105,967
724,790
8,157,226
81
(5,653)
(5,572)
40,126
ESPP shares issues
(6,692,475)
(49,681)
8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
U.S. DOLLARS IN THOUSANDS
Cash Flows from Operating Activities
Adjustment to reconcile net income to net cash provided by operating activities:
Deferred taxes
(2,651)
(7,957)
Stock-based compensation expenses
37,999
38,814
Interest on certificate of deposits
(3,559)
(9,386)
Interest and amortization of premium/discount on investments
2,624
(2,560)
Net realized (gains) losses on derivative instruments
(2,752)
664
Foreign currency re-measurement (gain) loss
1,014
(5,840)
Changes in operating assets and liabilities:
6,986
9,388
1,930
5,943
Deferred revenue
4,696
211
Accounts receivable, net
(2,811)
(1,958)
Capital advance extended to customers
(134,730)
(167,223)
Capital advance collected from customers
141,514
191,655
(4,152)
(10,918)
3,562
3,571
5,404
5,777
4,220
Net cash provided by operating activities
113,010
124,401
Cash Flows from Investing Activities
Purchase of property, equipment and software
(21,116)
(7,304)
Capitalization of internal use software
(34,742)
(29,993)
Severance pay fund distributions, net
(38)
(40)
Customer funds in transit, net
53,049
(45,619)
Purchases of investments in available-for-sale debt securities
(217,374)
(272,974)
Maturities of investments in available-for-sale debt securities
195,000
180,500
Settlement of cash flow hedges
7,077
Maturities of investments in term deposits
75,000
Cash paid in connection with acquisition, net of cash acquired (refer to Note 3 for further information)
(6,479)
(33,081)
Net cash provided by (used in) investing activities
50,377
(133,511)
Cash Flows from Financing Activities
Proceeds from issuance of common stock in connection with stock-based compensation plan, net of taxes paid related to settlement of equity awards and proceeds from employee equity transactions to be remitted to employees
3,800
(2,183)
Outstanding operating balances, net
(149,447)
47,549
Receipts of collateral on interest rate derivatives
41,670
68,130
Payments of collateral on interest rate derivatives
(52,470)
(61,500)
Consideration related to previous acquisitions
(6,519)
(92,670)
(49,756)
Net cash provided by (used in) financing activities
(255,636)
2,240
Effect of exchange rate changes on cash and cash equivalents
(1,148)
6,045
Net change in cash, cash equivalents, restricted cash and customer funds
(93,397)
(825)
Cash, cash equivalents, restricted cash and customer funds at beginning of period
6,416,707
5,658,210
Cash, cash equivalents, restricted cash and customer funds at end of period
6,323,310
5,657,385
Supplemental information of investing and financing activities not involving cash flows:
Property, equipment, and software acquired but not paid
1,955
142
Internal use software capitalized but not paid
8,513
5,229
Common stock repurchased but not paid
700
Right of use assets obtained in exchange for new operating lease liabilities
2,330
28,614
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
The following table reconciles cash, cash equivalents, restricted cash and customer funds as reported in the condensed consolidated balance sheets to the total of the same amounts shown in the condensed consolidated statements of cash flows:
As of June 30,
497,144
Current restricted cash
8,606
Non-current restricted cash
20,948
Current customer funds
6,583,839
Non-current customer funds
450,000
Customer funds shown in the condensed consolidated balance sheets
7,033,839
Less: Customer funds in transit
(38,393)
(98,378)
Less: Customer funds invested in available-for-sale debt securities
(1,309,917)
(1,279,774)
Less: Customer funds invested in term deposits
(450,000)
(525,000)
Net customer funds shown in the condensed consolidated statements of cash flows
5,949,439
5,130,687
Total cash, cash equivalents, restricted cash and customer funds shown in the condensed consolidated statements of cash flows
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. DOLLARS IN THOUSANDS (EXCEPT SHARE DATA)
NOTE 1 – GENERAL OVERVIEW
Unless otherwise noted herein, “we”, “us”, “our”, “Payoneer”, and the “Company” refer to Payoneer Global Inc.
Payoneer, incorporated in Delaware, empowers global commerce by connecting businesses, professionals, countries and currencies with its diversified cross-border payments platform. Payoneer enables small and medium-sized businesses (“SMB(s)”) around the globe to reach new audiences by reducing the complexity of cross-border trade, and facilitating seamless, cross-border payments. Payoneer offers its customers the flexibility to pay and get paid globally as easily as they do locally. The Company offers a global financial stack that includes cross-border AR/AP capabilities and includes services such as funds management, working capital, multicurrency accounts, and workforce management. The fully hosted service includes various payment options with minimal integration required, full back-office functions and customer support offered.
Proposed Acquisition by Nuvei
On June 12, 2026, the Company, entered into an Agreement and Plan of Merger (the “ Merger Agreement”) by and among the Company, Neon Maple Parent Inc., a corporation incorporated under the laws of Canada (“Nuvei”), and Panda Acquisition Sub Inc., a Delaware corporation and a wholly owned indirect subsidiary of Nuvei (“ Merger Sub”). Pursuant to the Merger Agreement, and upon the terms and subject to the conditions therein, Merger Sub will merge with and into the Company (the “ Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Nuvei.
Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock, par value $0.01 per share, of the Company (the “Company Common Stock”) issued and outstanding immediately prior to the Effective Time, subject to certain limitations, will be converted into the right to receive $7.40 in cash, without interest (the “ Merger Consideration”). The Merger Agreement and the consummation of the transactions contemplated thereby have been unanimously approved by the Company’s Board of Directors and the Company’s Board of Directors has resolved to recommend to the stockholders of the Company to adopt the Merger Agreement and approve the transactions contemplated by the Merger Agreement, including the Merger.
The completion of the Merger is subject to certain customary closing conditions, including, among others: (i) the adoption of the Merger Agreement and the approval of the transactions contemplated thereby by the affirmative vote (in person (virtually) or by proxy) of the holders of a majority of the voting power of the outstanding Company Common Stock entitled to vote thereon (the “ Company Stockholder Approval”); (ii) the accuracy of the parties’ respective representations and warranties in the Merger Agreement, subject to specified materiality qualifications; (iii) compliance by the parties with their respective covenants in the Merger Agreement in all material respects; (iv) the absence of any law or order restraining, enjoining, or otherwise prohibiting the consummation of the Merger; (v) the expiration of the waiting period applicable to the Merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), and receipt of other approvals under specified antitrust, foreign investment and money transmitter and payment services license laws, including from specified U.S. money transmitter regulatory authorities and specified non-U.S. payment services regulatory authorities, including waiver of an ownership stability commitment made in connection with obtaining a specified payment services license; (vi) the Company shall have provided certain required notices and received certain required change in ownership and change-in-control approvals for certain governmental authorizations held by the Company and its subsidiaries; and (vii) the absence of a Company Material Adverse Effect (as defined in the Merger Agreement) on or after the date of the Merger Agreement that is continuing as of immediately prior to the closing of the Merger. On July 28, 2026, early termination of the waiting period under the HSR Act applicable to the Merger was granted.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
NOTE 1 – GENERAL OVERVIEW (continued):
The Merger Agreement contains certain customary termination rights, including the right of either party to terminate if the Merger is not consummated by June 12, 2027, subject to an automatic three-month extension if required regulatory approvals have not yet been obtained. Upon termination of the Merger Agreement under certain specified circumstances, including a change of recommendation by the Company’s Board of Directors or the Company’s entry into a definitive agreement with respect to a “superior proposal” (as such term is defined in the Merger Agreement), the Company would be required to pay Nuvei a termination fee of $89.0 million in cash. In certain circumstances in which Nuvei fails to complete the transactions when required to do so, Nuvei would be required to pay the Company a termination fee of $165.0 million in cash. In the event that the Company terminates the Merger Agreement due to Nuvei’s material breach of its representations, warranties or covenants (subject to certain cure rights) or where there has been fraud or willful and material breach of the Merger Agreement by Nuvei, the Company may elect to either receive such termination fee or pursue damages capped at $275.0 million.
The Company has incurred and expects to incur transaction-related costs in connection with the Merger, including financial advisory, legal and other professional fees, which are expensed as incurred. For the three and six months ended June 30, 2026, the Company has incurred $10.6 million of such costs. These costs were included in general and administrative expenses on the condensed consolidated statement of comprehensive income.
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
a. Principles of consolidation, basis of presentation and accounting principles:
The accompanying condensed consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America (hereafter – U.S. GAAP) and include the accounts of Payoneer Global Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
The consolidated interim financial information herein is unaudited; however, such information reflects all adjustments (consisting of normal, recurring adjustments), which are, in the opinion of management, necessary for a fair statement of results for the interim period. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year. The year-end condensed balance sheet data was derived from audited financial statements for the year ended December 31, 2025, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These unaudited financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto of Payoneer Global Inc. and its subsidiaries.
b. Use of estimates in the preparation of financial statements:
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, allowance for capital advance receivables, income taxes, goodwill, indefinite-lived intangible assets, revenue recognition, stock-based compensation, contingent consideration associated with M&A, and loss contingencies.
12
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued):
c. Functional currency and translation:
The functional currency of the Company is the U.S. dollar (“dollar” or “$”). Where the Company’s foreign subsidiaries derive their revenue primarily from services provided to the parent company as well as obtain their financing from the parent company in dollars, the Company has determined the functional currencies to be the dollar as well.
Accordingly, monetary accounts maintained in currencies other than the dollar are re-measured into dollars in accordance with the principles set forth in ASC 830, Foreign Currency Translation (“ASC 830”).
Balances in non-dollar currencies are translated into dollars using historical and current exchange rates for non-monetary and monetary balances, respectively. For non-dollar transactions reflected in the consolidated statements of comprehensive income, the transaction date exchange rates are used. The resulting transaction gains or losses are recorded as other financial income or expense. The Company recognized $10,786 and $13,228 of such transaction losses during the three and six months ended June 30, 2026. Depreciation, amortization and other changes deriving from non-monetary items are based on historical exchange rates.
Certain of the Company’s foreign subsidiaries acquired in the Skuad Pte. Ltd. (“Skuad”) and Boundless Technologies Limited (“Boundless”) acquisitions have functional currencies that differ from the U.S. dollar, including the Euro and certain local currencies based on the country of domicile. In accordance with ASC 830, the assets and liabilities of these non-U.S. dollar functional currency subsidiaries are translated into U.S. dollars at the period-end rate of exchange. Revenues, costs, and expenses of the non-U.S. dollar functional currency subsidiaries are translated into U.S. dollars using transaction date exchange rates. Gains and losses resulting from these translations are recorded as a component of other comprehensive income (“OCI”). Gains and losses from the remeasurement of foreign currency transactions into the functional currency are recognized as other financial income or expense in the consolidated statements of comprehensive income.
d. Recently issued accounting pronouncements:
The Company did not adopt any new standards or updates issued by the Financial Accounting Standards Board (“FASB”) during the six months ended June 30, 2026.
FASB Standards issued, but not adopted as of June 30, 2026
In 2024, the FASB issued guidance, ASU 2024-03, which requires the disaggregated disclosure of certain costs and expenses on an interim and annual basis. The new standard is effective for annual reporting periods beginning January 1, 2027 and interim periods beginning January 1, 2028 and can be applied prospectively with the option for retrospective application to all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its financial statement disclosures.
On September 18, 2025, the FASB issued ASU 2025-06 Accounting for and Disclosure of Software Costs. The new standard modernizes the guidance to reflect the software development approaches currently being used by removing all references to "development stages" from ASC 350-40 Intangibles—Goodwill and Other - Internal-Use Software. Under ASU 2025-06, only the following criteria in ASC 350-40-25-12(b) and (c) must be met for entities to begin capitalizing software costs: (i) management, with the relevant authority, implicitly or explicitly authorizes and commits to funding a computer software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the "probable-to-complete recognition threshold"). This standard is effective for all entities for annual reporting periods beginning January 1, 2028, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this new guidance on its financial statements and related disclosures.
13
NOTE 3 – ACQUISITIONS
Boundless
On January 19, 2026, the Company acquired a controlling equity interest and all of the voting shares of Boundless Technologies Limited, an Ireland-based Employer of Record (“EOR”) platform that helps businesses seamlessly and compliantly employ people around the world. This acquisition marks another step in Payoneer’s strategy to deliver a comprehensive financial stack for SMBs that operate internationally. The transaction was accounted for in accordance with ASC 805, Business Combinations (“ASC 805”), using the acquisition method of accounting with Payoneer as the acquirer.
The following table summarizes the fair value of the consideration transferred:
Amounts Recognized as of Acquisition Date
Cash
11,216
Fair value of deferred payment liability payable in 6 and 12 months after acquisition
1,803
Other
157
13,176
The deferred payments are payable over a six and twelve-month period following the acquisition and relate to potential post-acquisition claims and the achievement of certain integration and performance-related milestones. Additionally, the transaction includes an earn-out provision of up to $4 million contingent upon reaching certain performance and tenure milestones payable in cash. Because the earn-out is contingent upon the founders’ continued employment, it is excluded from considered contingent consideration under ASC 805 and is accounted for as post-combination compensation expense. The earnout will be recognized as compensation expense over the requisite 14 month service period based on the estimated amount expected to be earned, which will be reassessed each reporting period.
The following table summarizes the recognized amounts of identifiable assets acquired and liabilities assumed:
4,737
Accounts receivable
35
867
Intangible assets
3,701
Deferred tax assets
568
Property, plant and software
(1,430)
(2,655)
(709)
Deferred tax liabilities
(457)
Total identifiable net assets
4,659
8,517
The excess purchase price consideration over the fair value of net tangible and identifiable assets acquired was recorded as goodwill.
14
NOTE 3 – ACQUISITIONS (continued):
Due to its insignificant size relative to the Company, the Company will not provide supplemental pro forma information for the current and prior year reporting periods. Payoneer incurred acquisition-related costs of $1,384, of which $520 was incurred during the six months ended June 30, 2026. These costs were included in general and administrative expenses on the condensed consolidated statement of comprehensive income.
The allocation of the purchase price for this acquisition has been prepared on a preliminary basis and changes to the allocation to certain assets, liabilities, and tax estimates may occur as additional information becomes available throughout the measurement period, which will not exceed 12 months from the date of acquisition.
PayEco
On April 9, 2025, the Company acquired 100% of the equity interests of PayEco Finance Information Holding Corporation (“PayEco”), the parent company of EasyLink Payment Co., Ltd., (now Payoneer Payments (Guangdong) Co Ltd) a licensed China based payment service provider, for a total consideration of $76,074. The consideration is comprised of the following:
License intangible asset
97,357
Deferred tax liability
(23,783)
Acquired net assets
2,500
Total consideration
76,074
Fair value of deferred payment liability payable in 12 and 24 months after acquisition
(12,010)
Other adjustments
(4,474)
Cash paid in connection with acquisition
59,590
Cash and customer funds acquired
(26,509)
Cash paid in connection with acquisition, net of cash and customer funds acquired
33,081
Refer to Note 10 for details on the license intangible asset acquired.
Skuad
During the six months ended June 30, 2026, Payoneer paid $8,738, representing the remaining amount of the earn-out as the performance criteria had been met.
NOTE 4 – CAPITAL ADVANCE (“CA”) RECEIVABLES
The Company enters into transactions with pre-qualified sellers in which the Company purchases a designated amount of future receivables for an upfront cash purchase price.
During the six months ended June 30, 2026 and 2025, the Company has purchased and collected the following principal amounts associated with CA receivables, including foreign exchange adjustments:
Six Months Ended
Beginning CA receivables, gross
47,618
61,197
CA extended to customers
134,161
167,143
Change in revenue receivables
(203)
(451)
CA collected from customers
(141,311)
(189,081)
Charge-offs, net of recoveries
93
(2,123)
Ending CA receivables, gross
40,358
36,685
Allowance for CA losses
(3,477)
(4,875)
CA receivables, net
31,810
15
NOTE 4 – CAPITAL ADVANCE (“CA”) RECEIVABLES (continued):
The following are current and overdue balances that are segregated into the timing of expected collections at June 30, 2026:
Due in less
Due in 30‑60
Due in 60‑90
Due in more
Overdue
than 30 days
days
than 90 days
1,122
12,172
7,515
15,392
4,157
The following are current and overdue balances that are segregated into the timing of expected collections at December 31, 2025:
987
13,017
10,123
19,307
4,184
As of June 30, 2026 and December 31, 2025, in calculating the allowance for CA losses, the Company applied a range of loss rates to the CA portfolio of 0.64% to 2.12%.
NOTE 5 – CUSTOMER FUNDS AND INVESTMENTS
The Company has invested certain customer funds in available-for-sale debt securities and term deposits. The following table summarizes the assets underlying customer funds as of June 30, 2026 and December 31, 2025:
5,987,832
6,062,918
Available-for-sale debt securities
1,309,917
1,306,623
Term deposits
175,000
Total current customer funds
Term deposits - non-current
Total non-current customer funds
Total customer funds
As of June 30, 2026, the estimated fair value of the available-for-sale debt securities included $1,189 in unrealized gains and $5,272 in unrealized losses, net of tax. The gross unrealized losses of $6,748 related to assets with a fair value of $889,975 which had been in a continuous unrealized loss position for less than 12 months.
Unrealized losses have not been recognized into income as the Company neither intends to sell, nor anticipates that it is more likely than not that it will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value is due to changes in market interest rates, rather than credit losses. The Company will continue to monitor the performance of the investment portfolio and assess whether impairment due to expected credit losses has occurred.
During the period ended June 30, 2026, the Company did not sell any available-for-sale debt securities or incur any realized gains or losses.
As of June 30, 2026, $325,745 of the Company’s available-for-sale debt securities were due to mature within one year or less, and $984,172 were due to mature between one and five years.
16
NOTE 6 – DERIVATIVES AND HEDGING
The following table summarizes the fair value of outstanding derivative instruments at June 30, 2026 and December 31, 2025.
Balance Sheet Location
June 30, 2026
December 31, 2025
Derivative assets designated as hedge accounting instruments:
Interest rate floors
Other Current Assets
769
1,688
Foreign currency forwards
2,403
2,852
Total current derivative assets
3,172
4,540
Other Non-Current Assets
15,364
24,846
Total derivative assets
18,536
29,386
Derivative liabilities designated as hedge accounting instruments:
908
-
Total derivative liabilities
During the three months ended June 30, 2026 and 2025, the Company recognized $5,681 in unrealized losses, net of tax and $6,445, in unrealized gains, net of tax, respectively, and during the six months ended June 30, 2026 and 2025, the Company recognized $5,978 and $9,730, respectively, in unrealized losses, net of tax, on derivative instruments designated as cash flow hedges in OCI, respectively.
During the three months ended June 30, 2026 and 2025, the Company recognized reductions to revenue of $2,358 and $544, respectively, and during the six months ended June 30, 2026 and 2025 the Company recognized reductions to revenue of $4,324 and $662, respectively, related to its interest rate floors. During the three months ended June 30, 2026 and 2025, the Company also recognized reductions to operating expenses of $5,016 and $2,004, respectively, and during the six months ended June 30, 2026 and 2025, the Company also recognized reductions to operating expenses of $7,077 and $2,709, respectively, related to its foreign currency derivatives.
As of June 30, 2026, the Company estimated that $10,720 of unrealized losses related to interest rate floor cash flow hedges currently included in AOCI are expected to be reclassified into net income within the next 12 months. As of June 30, 2026, the Company estimated that $1,495 of net unrealized gains related to foreign currency cash flow hedges currently included in AOCI are expected to be reclassified into operating expenses within the next 12 months. As of June 30, 2026, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is 52 months. During the three and six months ended June 30, 2026 and 2025, the Company did not discontinue any cash flow hedges because it was probable that the original forecasted transaction would not occur and as such, did not reclassify any gains or losses to earnings prior to the occurrence of the hedged transaction.
As of June 30, 2026 and December 31, 2025, the Company recognized an obligation to return cash collateral related to interest rate floors of $16,460 and $27,260, respectively, which was offset against the gross derivative balances shown in the table above.
17
NOTE 7 – FAIR VALUE
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025:
Level 1
Level 2
Level 3
Financial Assets:
U.S. Treasury Securities (included within Customer funds)
Derivative assets (included within Other current assets)
Interest rate floors1
Derivative assets (included within Other non-current assets)
Total financial assets
1,328,453
Financial Liabilities:
Boundless acquisition deferred payment liability (included within Other payables)
1,959
PayEco deferred payment liability (included within Other payables)
5,761
Total financial liabilities
7,720
8,628
1,336,009
Skuad acquisition earnout liability (included within Other payables)
8,453
PayEco deferred payment liability (included within Other long-term liabilities)
7,220
15,673
Note 1: As of June 30, 2026 and December 31, 2025, the Company recognized an obligation to return cash collateral related to its interest rate floors of $16,460 and $27,260, respectively, which was offset against the gross derivative balances shown in the table above.
18
NOTE 7 – FAIR VALUE (continued):
The Company’s foreign currency derivative instruments are valued using pricing models that take into account the contract terms and relevant currency rates. The Company’s interest rate floors are valued using pricing models that take into account the contract terms and relevant interest rates.
As of June 30, 2026 and December 31, 2025, the fair values of the Company’s cash, cash equivalents, customer funds (other than the portion consisting of available-for-sale debt securities), restricted cash, accounts receivable, capital advance receivables, accounts payable, and outstanding operating balances approximated the carrying values of these instruments presented in the Company’s condensed consolidated balance sheets because of their nature.
In 2024, the Company recognized a liability for contingent consideration related to the Skuad acquisition. During the three and six months ended June 30, 2026, the Company recognized $0 and $285, respectively, and during the three and six months ended June 30, 2025, the Company recognized $110 and $375, respectively, in loss related to the change in the fair value of the liability, included within General and administrative expenses on the condensed consolidated statements of comprehensive income. During the six months ended June 30, 2026, Payoneer paid $8,738 representing the remaining amount of the earn-out as the performance criteria had been met.
In 2025, the Company recognized liabilities for deferred payments related to the PayEco acquisition. During the three and six months ended June 30, 2026, the Company recognized $154 and $283, in loss related to the imputed interest associated with the liability, included within Other financial expense, net on the condensed consolidated statements of comprehensive income.
NOTE 8 - OTHER CURRENT ASSETS
Composition of Other current assets, grouped by major classifications, is as follows:
Income receivable
33,847
43,690
Prepaid expenses
31,504
26,087
Prepaid income taxes
6,744
6,530
Derivative assets
12,041
11,512
Total Other current assets
NOTE 9 – PROPERTY, EQUIPMENT AND SOFTWARE
Composition of property, equipment and software, grouped by major classifications, is as follows:
Computers, software and peripheral equipment
51,051
43,345
Leasehold improvements
24,261
21,289
Furniture and office equipment
14,781
8,712
Property, equipment and software
90,093
73,346
Accumulated depreciation
(43,469)
(40,909)
Depreciation expense for the three months ended June 30, 2026 and 2025 was $4,540 and $2,559, respectively, and $8,421 and $4,696, for the six months ended June 30, 2026 and 2025, respectively.
During the three and six months ended June 30, 2026, the Company disposed of Leasehold improvements and Furniture and office equipment with a cost of $44 and $5,833 that were fully depreciated. During the three and six months ended June 30, 2025, the Company retired an insignificant amount of computers, software, and peripheral equipment that were fully depreciated.
19
NOTE 10 –GOODWILL AND INTANGIBLE ASSETS
Refer to Note 3 for details around goodwill acquired during the six months ended June 30, 2026. The following table presents the goodwill balance and adjustments related to those balances during the six months ended June 30, 2026.
Foreign
Currency
Translation
Acquired
Adjustments
Total goodwill
Intangible Assets
Composition of intangible assets, grouped by major classifications, is as follows:
Gross Carrying Value
Accumulated Amortization
Net Carrying Value
Internal use software
271,137
(163,443)
107,694
236,770
(134,466)
102,304
Acquired developed technology
20,269
(18,718)
1,551
(17,650)
2,619
Customer relationships
10,269
(1,467)
8,802
6,683
(910)
5,773
Payment license
399,032
(183,628)
361,079
(153,026)
As discussed in Note 3, in January 2026, the Company completed its acquisition of Boundless. As part of this acquisition, the Company acquired $3,657 of Customer relationships with a useful life of 7 years.
As discussed in Note 3, in 2025, the Company completed its acquisition of PayEco. The Company determined that this transaction is an asset acquisition under ASC 805, as the acquired group of assets does not have a substantive process that together with the assets acquired significantly contribute to the ability to create outputs. Therefore, the business definition is not met. The Company has determined that the license is an indefinite lived intangible asset with a carrying value of $97,357 at June 30, 2026.
Amortization expense for the three months ended June 30, 2026 and 2025 was $16,224 and $12,994 respectively, and $31,259 and $25,247 for the six months ended June 30, 2026 and 2025, respectively.
During the three and six months ended June 30, 2026, the Company recognized $460 of impairment related to abandoned internal use software assets. During the three and six months ended June 30, 2025, the Company recognized an insignificant amount of impairment related to internal use software assets.
Expected future finite-lived intangible asset amortization as of June 30, 2026, excluding capitalized internal use software of $18,924 not yet placed in service as of that date, was as follows:
Fiscal years
Remaining 2026
28,199
2027
41,367
2028
21,457
2029
3,298
2030 and thereafter
4,802
99,123
20
NOTE 11 - OTHER PAYABLES
Composition of Other payables, grouped by major classifications, is as follows:
Employee related compensation
73,412
78,567
Accrued expenses
18,118
17,428
Commissions payable
14,795
19,115
Lease liability
10,364
7,249
10,050
5,354
PayEco acquisition deferred payment liability
Income tax payable
3,234
4,014
Boundless acquisition deferred payment liability
Skuad acquisition earnout liability
1,185
4,388
Total Other payables
NOTE 12 – OTHER LONG-TERM LIABILITIES
Composition of other long-term liabilities, grouped by major classifications, is as follows:
Long-term lease liabilities
75,798
65,084
Reserves for uncertain income tax positions
58,281
57,083
Other tax provisions
11,941
11,098
Severance pay liabilities
2,552
2,906
Total other long-term liabilities
NOTE 13 –SHAREHOLDERS’ EQUITY:
Share Repurchase Program and Treasury Stock
On May 7, 2023, the Company’s Board of Directors authorized a stock repurchase program that provides for the repurchase of up to $80,000 of its common stock, including any applicable excise tax. On December 7, 2023, the Board of Directors authorized an amendment to the program to increase the authorized amount of repurchases to an aggregate amount not to exceed $250,000, including the amount that remained available as of December 7, 2023 to repurchase common stock under, but not any prior repurchases effected pursuant to, the previous authorization, and any applicable excise tax. On July 30, 2025, our Board of Directors amended the existing repurchase authorization to increase the authorized amount of repurchases to an aggregate amount not to exceed $300,000, which amount includes amounts that remained available to repurchase common stock under, but not any prior repurchases effected pursuant to, the existing repurchase program, and any applicable excise tax. The effective date of the amended authorization was August 6, 2025, and the amended authorization expires on December 31, 2027. The share repurchase program is intended to offset the impact of dilution from the issuance of new shares as part of employee compensation programs. Any share repurchases under this stock repurchase program may be made through open market transactions, privately negotiated transactions or other means including in accordance with Rule 10b-18 and/or Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and total amount of repurchases is subject to business and market conditions and the Company’s discretion.
21
NOTE 13 –SHAREHOLDERS’ EQUITY (continued):
During the three and six months ended June 30, 2026, the Company repurchased 3,222,347 and 17,565,934 shares of its common stock for $15,808 and $89,873 at a weighted average cost of $4.91 and $5.12 per share, respectively. During the six months ended June 30, 2026, the Company accrued a net excise tax of $480 related to share repurchase activity which was recorded in treasury stock at cost. The net accrual reflects a $71 partial reversal recorded during the three months ended June 30, 2026, related to excise tax accrued in the prior quarter. During the three and six months ended June 30, 2025, the Company repurchased 4,812,166 and 6,692,475 shares of its common stock for $32,703 and $49,681 at a weighted average cost of $6.80 and $7.43 per share, respectively. As of June 30, 2026, a total of $101,709 remained available for future repurchases of the Company’s common stock under the program. During the three months ended June 30, 2026, the Company suspended repurchases under the program in connection with the pending Merger Agreement, which includes customary covenants restricting the Company’s ability to repurchase its common stock without the prior written consent of Nuvei, and we expect to operate within these contractual limitations until the Merger is completed or the Merger Agreement is terminated.
Accumulated Other Comprehensive Income (Loss)
The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, for three and six months ended June 30, 2026 and 2025 were as follows:
Three Months Ended June 30, 2026
Unrealized gains (losses) on available-for-sale debt securities
Unrealized losses on cash flow hedges
Beginning balance
(966)
2,249
(14,417)
Other comprehensive loss before reclassifications
(6,331)
(3,738)
(10,235)
Amount of loss reclassified from AOCI
(1,943)
Net current period other comprehensive loss
(5,681)
Ending balance
(1,132)
(4,082)
(20,098)
Six Months Ended June 30, 2026
(855)
8,698
(14,120)
(12,780)
(3,783)
(16,840)
(2,195)
(5,978)
22
Three Months Ended June 30, 2025
Unrealized gains on available-for-sale debt securities
Unrealized gains (losses) on cash flow hedges
(411)
5,312
(8,760)
Other comprehensive income before reclassifications
1,996
7,643
9,705
(1,198)
Net current period other comprehensive income
6,445
(345)
7,308
(2,315)
Six Months Ended June 30, 2025
(242)
(322)
(12,045)
Other comprehensive income (loss) before reclassifications
7,630
11,401
18,928
(1,671)
Net current period other comprehensive income (loss)
9,730
NOTE 14 – COMMITMENTS AND CONTINGENCIES
The Company’s business is subject to various laws and regulations in the United States and other countries where the Company operates. Any regulatory action, tax or legal challenge against the Company for noncompliance with any regulatory or legal requirement could result in significant fines, penalties, or other enforcement actions, increased costs of doing business through adverse judgment or settlement, reputational harm, loss of banking or other operational relationships, the diversion of significant amounts of management time and operational resources, and could require changes in compliance requirements or impose limits on the Company’s ability to expand its product offerings, or otherwise harm or have a material adverse effect on the Company’s business. From time to time, the Company incurs insignificant fines and penalties in the ordinary course of business.
On September 28, 2021, the National Banking and Securities Commission (CNBV) and the Bank of Mexico revoked the banking license of a banking entity utilized by the Company due to the banking entity not meeting applicable capital requirements. As a result, the Company is unable to withdraw funds from the banking entity. The Company has reserved $2,250 for potential losses related to those funds above the recovered amount. The Company applied for and recovered the maximum statutory reimbursement through the deposit insurance provided by Mexican Institute for the Protection of Banking Services (IPAB), totaling $140. The Company has filed a claim in liquidation for the remaining funds; however, the percentage of the deposit that will be recovered in liquidation is not known at this time.
On August 3, 2026, the Company received a demand letter from a purported shareholder of the Company, alleging that the disclosures in the Company’s preliminary proxy statement, dated July 31, 2026, related to the Merger, were deficient, and demanding that the Company issue corrective disclosures. The Company believes the allegations in the demand letter are without merit.
From time to time, the Company is involved in other disputes or regulatory inquiries that arise in the ordinary course of business. These may include suits by its customers alleging, among other things, acting unfairly and/or not in conformity regarding pricing, rules or agreements, improper disclosure of the Company’s prices, rules, or policies or that the Company’s practices, prices, rules, policies, or customer agreements violate applicable law.
In addition to these types of disputes and regulatory inquiries, the operations of the Company are also subject to regulatory and/or legal review and/or challenges that tend to reflect the increasing global regulatory focus to which the industry in which the Company operates is subject and, when taken as a whole with other regulatory and legislative action, such actions could result in the imposition of costly new compliance burdens on the Company and may lead to increased costs and decreased transaction volume and revenue.
23
NOTE 14 – COMMITMENTS AND CONTINGENCIES (continued):
This includes the risk that tax authorities in various jurisdictions may challenge, and in some cases have challenged, the Company’s compliance with non-income tax obligations which could result in assessments, disputes, and additional compliance requirements affecting the Company and our customers.
Any claims or regulatory actions against the Company, whether meritorious or not, could be time consuming, result in costly litigation, settlement payments, damage awards (including statutory damages for certain causes of action in certain jurisdictions), fines, penalties, injunctive relief, or increased costs of doing business through adverse judgment or settlement, require the Company to change its business practices, require significant amounts of management time, result in the diversion of operational resources, or otherwise harm the business.
NOTE 15 – REVENUE
The following table presents revenue recognized from contracts with customers as well as revenue from other sources:
Three Months Ended June 30,
Six Months Ended June 30,
Revenue recognized at a point in time
218,313
199,560
425,212
384,893
Revenue recognized over time
2,018
936
3,170
1,866
Revenue from contracts with customers
220,331
200,496
428,382
386,759
Interest income on customer balances
52,105
58,334
103,642
116,306
Capital advance income
1,822
1,784
3,829
4,166
Revenue from other sources
53,927
60,118
107,471
120,472
Total revenues
Based on the information provided to and reviewed by the Company’s Chief Operating Decision Maker (“CODM”), the Company believes that the nature, amount, timing, and uncertainty of its revenue and cash flows and how they are affected by economic factors are most appropriately depicted through its primary regional markets. The following table presents the Company’s revenue disaggregated by primary regional market, with revenues being attributed to the country (in the region) in which the billing address of the transacting customer is located, with the exception of global bank transfer revenues, where revenues are disaggregated based on the billing address of the transaction funds source.
Three Months Ended
Primary regional markets
Greater China1
93,243
85,913
179,859
170,809
Europe, Middle East, and Africa2
68,250
67,396
133,001
126,289
Asia-Pacific2
60,775
53,762
118,960
105,022
Latin America2
25,772
28,883
51,819
56,756
North America3
26,218
24,660
52,214
48,355
(1)
Greater China is inclusive of mainland China, Hong Kong, Macao and Taiwan.
(2)
No single country included in any of these regions generated more than 10% of total revenue.
(3)
The United States is the Company’s country of domicile. Of North America revenues, the U.S. represents $25,275 and $23,477 during the three months ended June 30, 2026 and 2025, respectively, and $50,398 and $46,089 during the six months ended June 30, 2026 and 2025, respectively.
24
NOTE 16 - TRANSACTION COSTS
Composition of transaction costs, grouped by major classifications, is as follows:
Bank and processor fees
30,505
30,684
59,702
59,342
Network fees
4,170
7,358
7,987
13,826
Chargebacks and operational losses
2,272
1,076
3,601
3,450
Card costs
297
366
610
749
Capital advance costs, net of recoveries
(364)
661
(493)
1,729
802
421
1,477
819
Total transaction costs
NOTE 17 – SEGMENT INFORMATION
The Company determines operating segments based on how its CODM manages the business, makes operating decisions around the allocation of resources, and evaluates operating performance. The Company’s CODM are its Chief Executive Officer and Chief Financial Officer, who review its operating results on a consolidated basis. The Company operates in one segment and has one reportable segment.
The Company’s CODM use consolidated net income, as shown on the condensed consolidated statements of comprehensive income, as the measure of segment profitability. The CODM use net income to evaluate the Company’s ongoing operations and for internal planning and forecasting purposes. This analysis is used in making strategic investment decisions. The Company’s measure of segment assets is reported on the condensed consolidated balance sheets as total assets.
Revenue
Less:
Transaction cost1
(37,682)
(40,566)
(72,884)
(79,915)
Labor & related
(84,612)
(75,741)
(167,029)
(148,805)
(19,475)
(20,059)
(37,999)
(38,814)
3rd party contractors
(8,835)
(9,419)
(18,268)
(18,260)
IT & communication
(21,890)
(21,550)
(41,543)
(39,535)
Depreciation & amortization
(21,224)
(15,553)
(40,140)
(29,943)
Other operating expenses2
(63,607)
(47,649)
(111,036)
(92,563)
(8,747)
(10,370)
(18,388)
(17,562)
Other segment items3
(10,622)
(227)
(11,434)
(1,777)
(1) Refer to Note 16 for disaggregation of transaction cost into significant segment expense categories.
(2) Other operating expenses include miscellaneous, individually insignificant operating expenses. The Company’s CODM review these items in aggregate.
(3) Other segment items included in net income include finance income and expense, which primarily includes corporate interest income and foreign currency remeasurement gains and losses.
25
NOTE 18 – STOCK-BASED COMPENSATION
Stock Options
The following table summarizes the options to purchase shares of common stock activity under the Company’s equity incentive plans for the six months ended June 30, 2026:
Options
Outstanding at December 31, 2025
6,985,323
Granted
Exercised
(1,935,644)
Forfeited
(62,149)
Outstanding at June 30, 2026
4,987,530
Exercisable at June 30, 2026
4,515,351
The weighted average exercise price of the options outstanding as of June 30, 2026 was $3.26 per share.
Restricted and Performance Stock Units
The following table summarizes the restricted stock unit (“RSU”) and performance stock unit (“PSU”) activity under the Company’s equity incentive plan and other business arrangements associated with business acquisitions as of June 30, 2026:
Units
Outstanding December 31, 2025
22,316,131
15,595,402
Vested
(4,650,827)
Withhold to cover shares repurchased
(1,180,034)
(1,317,300)
Outstanding June 30, 2026
30,763,372
During the six months ended June 30, 2026 the number of shares reserved for issuance under the Company’s Omnibus Stock Incentive Plan was increased by 13,948,172 shares. In the six months ended June 30, 2026, the Company granted 14,190,205 RSUs under the Company's Omnibus Stock Incentive Plan, which are subject to time-vesting and continued service conditions.
In the same period, the Company granted 1,405,197 PSUs under the same Plan, which are subject to time-vesting, continued service conditions and achievement of specified company performance goals.
The Company withholds common stock shares associated with net share settlements to cover tax withholding obligations upon the vesting of restricted stock units under its employee equity incentive plan in the United States. During the three months ended June 30, 2026 and 2025, the Company withheld 425,808 and 492,509 shares for $2,101 and $3,373, respectively, and for the six months ended June 30, 2026 and 2025, the Company withheld 1,180,034 and 1,214,946 shares for $6,159 and $10,867, respectively. RSU vesting is shown net of this withholding on the condensed consolidated statements of shareholders’ equity and cash flows.
The Company collects cash from proceeds from certain international employees’ sales of common stock. The amount is held in a Company bank account until it is remitted to the employees. Due to the restrictions on the use of the funds in the bank account, we have classified the amount as short-term restricted cash, and a corresponding liability is included in Other payables in the condensed consolidated balance sheets. As of June 30, 2026, $1,728 of such funds were held.
Pursuant to the Merger Agreement, the Company may not issue or grant additional equity awards without the written consent of Nuvei or as otherwise contemplated by the Merger Agreement.
26
NOTE 18 – STOCK-BASED COMPENSATION (continued):
Employee Stock Purchase Plan
During the six months ended June 30, 2026, the number of shares reserved for issuance under the Company’s Employee Stock Purchase Plan (“ESPP”) was increased by 3,487,043 shares. As of June 30, 2026, approximately 4,698,072 shares were reserved for future issuance under the Company’s ESPP. The fair value attributable to the ESPP was $1,607 as of May 31, 2026, the beginning of the current offering period, and was measured using the Black-Scholes pricing model. The current offering period is expected to close November 29, 2026.
The expense associated with the ESPP recognized during the three and six months ended June 30, 2026 was $658 and $1,383, respectively.
Pursuant to the Merger Agreement, no new Offering Period or Purchase Period (as such terms are defined in the ESPP) shall commence, and no new participants shall be permitted to enroll in the ESPP, following the date of the Merger Agreement.
Impact on Results of Operations
The impact on the Company’s results of operations of recording stock-based compensation expense under the Company’s equity incentive plans and other stock-based consideration arrangements associated with business acquisitions, including the ESPP, were as follows:
2,242
3,279
4,432
5,866
5,582
5,228
10,602
10,281
4,219
4,732
8,331
9,533
7,432
6,820
14,634
13,134
Total stock-based compensation
19,475
20,059
Note that $462 and $697 in stock-based compensation awards were capitalized as part of internal-use software during the three months ended June 30, 2026 and 2025, respectively and $927 and $1,313 were capitalized during the six months ended June 30, 2026 and 2025, respectively.
NOTE 19 - INCOME TAXES
The Company’s provision for income taxes in the interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in the period.
The Company had an effective tax rate of 51.8% and 30.0% for the six months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026, the difference between the Company’s effective tax rate and the U.S. federal statutory rate of 21% was primarily driven by stock-based compensation, return-to-provision adjustments, uncertain tax positions, and transaction costs related to the proposed Merger by Nuvei, all of which is partially offset by the U.S. tax benefit for income derived from foreign customers.
For the six months ended June 30, 2025, the difference between the Company’s effective tax rate and the U.S. federal statutory rate of 21% primarily the result of an increase in the provision for uncertain tax positions and nondeductible stock-based compensation, partially offset by the U.S. tax benefit for income earned from foreign customers.
27
NOTE 19 - INCOME TAXES (continued):
The Company maintains a valuation allowance in jurisdictions where it is more likely than not that all or a portion of a deferred tax asset may not be realized. In determining whether a valuation allowance is warranted, the Company evaluates factors such as prior earnings history, expected future earnings and the reversal of existing taxable temporary differences. As of June 30, 2026, the Company maintains a full valuation allowance on deferred tax assets in Germany, as well as on deferred tax assets in Singapore and China related to the Skuad and PayEco acquisitions, respectively. Based on management assessment, it is more likely than not that these deferred tax assets will not be realized. The Company maintains its previous conclusion that a valuation allowance on deferred tax assets in the United States and Israel is not necessary.
NOTE 20 – NET EARNINGS PER SHARE
The Company’s basic net earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares of common stock outstanding for the period, without consideration of potentially dilutive securities. The diluted net earnings per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. Diluted net earnings per share is the same as basic net earnings per share in periods when the effects of potentially dilutive shares of common shares are anti-dilutive.
Basic and diluted net earnings per share attributable to common stockholders were calculated as follows:
(In thousands, except share and per share data)
Numerator:
Denominator:
Weighted average common shares outstanding —
Basic
Add:
Dilutive impact of RSUs, ESPP and options to purchase common stock
11,066,906
6,637,827
16,225,157
Dilutive impact of private warrants
795,285
840,313
Weighted average common shares – diluted
Diluted earnings per share
28
NOTE 20 – NET EARNINGS PER SHARE (continued):
Note that the following shares have been excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2026 and 2025 as their effect was antidilutive, conditions were not met, or they were not in the money in the reporting period.
RSUs
28,945,290
8,116,630
7,904,534
7,804,304
RSUs with market conditions
2,720,000
2,750,000
PSUs
1,405,197
895,103
955,534
Earn-out1
15,000,000
Options to purchase common stock
5,512,526
1,487,008
1,188,088
ESPP2
Total anti-dilutive securities
39,581,705
28,248,741
27,768,156
26,449,407
Note 1: As that term is defined in the Agreement and Plan of Reorganization dated February 3, 2021 (as amended) with FTAC Olympus Acquisition Corp. 15,000,000 Earn-out shares expired on June 25, 2026.
Note 2: As a result of the net loss for the three months ended June 30, 2026, 998,692 ESPP shares issued were excluded from the computation of diluted earnings per share as their effect was antidilutive.
29
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Throughout this section, unless otherwise noted, “we”, “us”, “our”, “Payoneer”, and the “Company” refer to Payoneer Global Inc.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q. Some of the information contained in this discussion and analysis, including information with respect to our future performance, liquidity and capital resources, and general and administrative functions, includes forward-looking statements that involve risks and uncertainties. You should review the sections titled “Cautionary Statement on Forward-Looking Statements” and “Risk Factors” for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
Overview
Payoneer is a financial technology company purpose-built to enable the world’s small and medium-sized businesses (“SMB(s)”) to grow and operate their businesses around the world by reliably and securely connecting them to the global digital economy. Payoneer was founded in 2005 and in the 20+ years since the Company’s founding, we have built a global financial stack that makes it easier for millions of SMBs and entrepreneurs, particularly in emerging markets, to access global demand and supply, pay and get paid, and manage their cross border and other financial operations needs from a single platform. Payoneer’s core value proposition is that we remove the complexity and barriers of doing business across borders for our customers. With a multi-currency Payoneer Account, businesses around the world can serve and transact with their global customers, suppliers, vendors, and partners as if they were local.
The Payoneer financial stack is comprised of a secure, regulated payment infrastructure platform that provides customers with a one stop, global, multi-currency account to serve their comprehensive cross-border accounts receivable (“AR”) and accounts payable (“AP”) needs, including multicurrency account capabilities and services such as funds management, expense management, workforce management, and working capital. Payoneer’s global platform is built with a focus on security, stability and redundancy. The Company leverages close to 100 banking and payment service providers globally to support transactions in over 7,000 trade corridors and enable same-day and real-time settlement in over 150 countries.
Payoneer serves SMBs located in more than 190 countries and territories and operating in a wide variety of industries, and we have nearly 2 million active customers. Customers include goods exporters selling cross-border to consumers and other businesses, services companies exporting their capabilities to international clients, independent professionals, creators, contractors, and business owners capitalizing on the digitization of the workplace and remote work, vacation rental hosts, and businesses working with suppliers and vendors in different countries. Payoneer’s customers sell their goods or services either via marketplaces or directly to other businesses (B2B), and/or to customers via webstores.
Payoneer has built a meaningful brand and efficient go-to-market engine that enables us to drive customer acquisition and growth through a diverse range of channels. We leverage our global partnerships and enterprise relationships, deep local knowledge and sales presence, product- and customer-driven network effects, and organic traffic to our onboarding channels.
Our customers have trusted the Payoneer platform to process $23.7 billion and $20.7 billion in volume during the three months ended June 30, 2026 and 2025, respectively, and $46.4 billion and $40.4 billion in volume during the six months ended June 30, 2026 and 2025, respectively.
Looking forward, we intend to continue to invest actively to enhance our global platform, deliver new products, extend our regulatory footprint, further automate our operations and increase new customer growth to deliver more value to customers around the world.
Key Developments and Trends
On June 12, 2026, the Company entered into an Agreement and Plan of Merger with Neon Maple Parent Inc., a corporation incorporated under the laws of Canada, and Panda Acquisition Sub Inc., a Delaware corporation and wholly owned indirect subsidiary of Nuvei, pursuant to which the Company will become a wholly owned subsidiary of Nuvei if the Merger is consummated. If the Merger is consummated, each share of Company Common Stock, subject to certain limitations, will be converted into the right to receive $7.40 in cash, without interest.
The proposed Merger represents a significant pending corporate transaction and remains subject to certain customary closing conditions, including approval by our stockholders, required regulatory approvals and government approvals, and other conditions set forth in the Merger Agreement. As a result, there can be no assurance that the Merger will be completed on the expected timeline or at all.
During the period until the transaction is completed or terminated, we expect to incur transaction-related costs and devote management attention and resources related to the proposed Merger. The proposed Merger may also affect our operating plans, capital allocation decisions, and liquidity depending on the timing of the outcome of the transaction. In addition, due to certain restrictions in the Merger Agreement on the conduct of our business prior to completing the Merger, we may be unable (without Nuvei’s prior written consent), during the pendency of the Merger, to pursue strategic transactions, undertake significant capital projects, undertake certain significant financing transactions and otherwise pursue other actions. For additional information regarding the Merger Agreement and related risks, see our Current Report on Form 8-K filed on June 15, 2026, Note 1, General Overview and Part II Item 1A, “Risk Factors” contained in this Quarterly Report on Form 10-Q.
Macroeconomic Conditions
We are focused on executing our strategy for growth and capturing the long-term opportunity of serving cross-border SMBs from around the world. However, macroeconomic conditions, including geopolitical and other global events that impact consumer and business spending and behavior, such as, but not limited to, the interest rate environment, inflation, evolving changes in global trade policies (including the imposition of tariffs), local political instability, global health crises, supply chain dislocations, regional and other conflicts, including the ongoing war in Ukraine, the U.S. and Israel’s war with Iran, Israel’s other conflicts in the Middle East and the volatility in the region, and disruptions and instability and regulatory changes in the banking sector may impact our customers, providers, banking partners and relationships and ultimately the amount of volume processed on our platform which may affect our results of operations. For example, the imposition of significant trade policy measures and tariffs by the U.S. government, including but not limited to tariffs on China, has introduced increased uncertainty and potential risks and opportunities for both our customers and our business. The long-term effects of these and any future trade actions on the global economy and our business remain uncertain. These developments could have a material adverse impact on our financial results in any given reporting period. We continue to monitor evolving trade policies and will evaluate potential impacts on our financial statements as more information becomes available.
Although the timing, magnitude and changes in interest rates remains uncertain, a decline in interest rates would negatively impact our interest income. In response, to reduce our sensitivity to declines in short term interest rates we have invested $1.8 billion of our customer funds in both available-for-sale debt securities and term deposits to reduce our sensitivity to declines in short term interest rates, and have purchased interest rate derivative contracts with respect to $2.2 billion in customer funds to provide a floor against the impact of interest rate declines below levels defined in the relevant interest rate derivative instruments.
Impact of Conflicts in the Middle East
In October 2025, a ceasefire between Israel and Hamas entered into effect, to end a two-year long war between them that started on October 7, 2023. Conflicts between Israel and Hezbollah, Iran and other proxies of the Iranian regime, however, continued into 2026, including the U.S. and Israel’s war with Iran that broke out in February 2026. During the ongoing conflicts in the region, we continued to operate our business and serve our customers around the world and, to date, our ability to support customers has not been materially impacted. We continue to monitor the situation closely and benefit from our broad geographic footprint, partially outsourced operations model, and a robust business continuity plan. Additionally, our technology infrastructure has redundancy in place outside of Israel. Approximately 47% of our global employee base is located in Israel, including approximately 74% of our research and development resources, as of June 30, 2026. As of June 30, 2026, an insignificant portion of our Israeli workforce were called to military reserve duty and we have contingencies in place to cover impacted roles and responsibilities.
Our revenue derived from customers based in Israel was insignificant for both the three and six months ended June 30, 2026 and 2025, respectively, and is included within revenues from Europe, Middle East, and Africa within Note 15 to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
The volatility in the region remains high, and the state of the conflict continues to evolve, which could continue to adversely affect economic conditions in Israel and in the broader region, and could impact revenues from customers located in Israel and the region. At this time, it is difficult to assess the full impact that the ongoing regional conflicts may have on our future results of operations. Any escalation, expansion, or a prolonged continuation of the conflicts, including a prolonged period of disruption in global oil supply, has the potential to impact our operations as well as negatively impact the broader global economy, including the e-commerce sector, and may have a material adverse effect on the results of our operations.
Impact of the war in Ukraine
The ongoing war between Ukraine and Russia, resulted in economic sanctions on Russia, Belarus, and certain territories in Ukraine. We provide services to customers in Ukraine and in jurisdictions that are or may be impacted by these economic sanctions. We do not provide services to customers in Russia, and we have limited our payment services to Belarus customers. We maintain a robust transaction monitoring program designed to comply with imposed sanctions and to monitor the impact the conflict may have on our results of operations. Our revenues in Ukraine have remained relatively stable as a percentage of our business. For the three and six months ended June 30, 2026, Ukraine and Belarus, combined, accounted for less than 10% of our revenue, of which Belarus accounted for less than 1% of our revenue. Further escalation of the conflict may have a material effect on our results of operations.
Recent Acquisitions
On January 19, 2026, the Company acquired a controlling equity interest and all of the voting shares of Boundless Technologies Limited, an Ireland-based Employer of Record (“EOR”) platform that helps businesses seamlessly and compliantly employ people around the world. This acquisition marks another step in Payoneer’s strategy to deliver a comprehensive financial stack for SMBs that operate internationally.
On April 9, 2025, Payoneer acquired 100% of the outstanding equity of PayEco Finance Information Holding Corporation, the parent company of EasyLink Payment Co., Ltd. (now Payoneer Payments (Guangdong) Co., Ltd.), a licensed China based payment service provider. The acquisition strengthens Payoneer’s global regulatory infrastructure and positions it to better serve China-based customers with enhanced and localized products and services.
On August 5, 2024, Payoneer acquired 100% of the outstanding equity of Skuad Pte. Ltd. (“Skuad”), a global workforce and payroll management company. The acquisition accelerates Payoneer’s strategy to deliver a comprehensive and integrated financial stack for SMBs that operate internationally.
Refer to Note 3 to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further information on these acquisitions.
32
Results of Operations
The period-to-period comparisons of our results of operations have been prepared using the historical periods in our condensed consolidated financial statements. The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and related Notes included within this Quarterly Report on Form 10-Q.
Increase/
(Decrease)
(in thousands except percentages)
%
(7)
(9)
(4)
36
34
(44)
(21)
**
(79)
(16)
(113)
(57)
Revenues were $274.3 million and $535.9 million for the three and six months ended June 30, 2026, an increase of $13.6 million and $28.6 million, or 5% and 6%, respectively, compared to the prior year period. This increase in revenue was primarily comprised of an increase in SMB revenue, including $10.5 million and $22.4 million from B2B SMBs, $4.4 million and $7.7 million from SMBs selling DTC, and $2.8 million and $7.1 million from SMBs that sell on marketplaces, for the three and six months ended June 30, 2026, respectively. This growth in SMB revenue was driven by continued adoption of our high value services, certain monetization initiatives, and ongoing growth in high value regions. This increase in revenues was partially offset by a decrease of $6.2 million and $12.7 million in interest income earned on customer balances for the three and six months ended June 30, 2026, respectively, resulting from modestly lower interest rates, and partially offset by an increase in customer balances held on our platform compared to the prior year period.
Transaction costs were $37.7 million and $72.9 million for the three and six months ended June 30, 2026, respectively, a decrease of $2.9 million and $7.0 million, or 7% and 9%, respectively, compared to the prior year periods. The decrease compared to the prior year periods were driven primarily by a decrease of $3.2 million and $5.8 million in Network fees, and $1.0 million and $2.2 million in Capital advance costs driven by lower capital advance losses, net of recoveries, for the three and six months ended June 30, 2026, respectively. The decrease in transaction costs outpaced the increase in total volume due to more favorable terms with financial institutions, payment processors and network providers.
Other operating expenses were $41.3 million for the three months ended June 30, 2026, a decrease of $1.4 million, or 3%, compared to the prior year period, driven primarily by a decrease of $2.3 million in information technology expenses. The decrease was partially offset by the impact in the prior period of a reduction of $1.5 million related to a regulatory reserve that did not recur.
Other operating expenses were $81.3 million for the six months ended June 30, 2026, a decrease of $3.1 million, or 4%, compared to the prior year period, driven primarily by a decrease of $3.2 million in information technology expenses, and a decrease of $1.0 million in employee compensation, benefits and other employee-related expenses. The decrease was partially offset by the impact in the prior period of a reduction of $1.5 million related to a regulatory reserve that did not recur.
33
Research and development expenses were $47.0 million for the three months ended June 30, 2026, an increase of $9.6 million, or 26%, compared to the prior year period, driven primarily by an increase of $11.3 million in employee compensation, benefits and other employee-related expenses and an increase of $2.5 million in information technology expenses. This increase was partially offset by an increase of $2.7 million in employee compensation costs capitalized as internal use software in connection with ongoing investments in our platform infrastructure and a decrease of $1.5 million in third-party contractor expenses.
Research and development expenses were $90.3 million for the six months ended June 30, 2026, an increase of $15.6 million, or 21%, compared to the prior year period, driven by an increase of $17.1 million in employee compensation, benefits and other employee-related expenses and an increase of $3.7 million in information technology expenses, partially offset by an increase of $5.9 million in employee compensation costs capitalized as internal use software in connection with ongoing investments in our platform infrastructure.
Sales and marketing expenses were $61.8 million and $119.9 million for the three and six months ended June 30, 2026, respectively, an increase of $4.5 million and $7.8 million, or 8% and 7%, respectively, compared to the prior year periods. The increase compared to the prior year period was driven primarily by an increase of $3.3 million and $5.4 million in expenditures on certain marketing efforts and an increase of $1.3 million and $2.6 million in employee compensation, benefits and other employee-related expenses for the three and six months ended June 30, 2026, respectively.
General and administrative expenses were $48.4 million for the three months ended June 30, 2026, an increase of $11.4 million, or 31%, compared to the prior year period, driven by an increase of $10.0 million in M&A related expenses primarily due to the proposed acquisition by Nuvei, an increase of $1.6 million in employee compensation, benefits and other employee-related expenses, and an increase of $1.0 million in indirect tax reserves. This increase was partially offset by a decrease of $2.2 million in third-party legal expenses.
General and administrative expenses were $84.4 million for the six months ended June 30, 2026, an increase of $17.5 million or 26%, compared to the prior year period, driven by an increase of $10.0 million in M&A related expenses primarily due to the proposed acquisition by Nuvei, an increase of $5.4 million in employee compensation, benefits and other employee-related expenses, an increase of $1.0 million in facilities expenses and an increase of $0.8 million in information technology expenses. This increase was partially offset by a decrease of $1.1 million in third-party legal expenses.
Depreciation and amortization expenses
Depreciation and amortization expenses were $21.2 million and $40.1 million for the three and six months ended June 30, 2026, an increase of $5.7 million and $10.2 million or 36% and 34%, respectively, compared to the prior year period, mainly driven by an increase in amortization of internal use of software and depreciation of new purchased fixed assets.
Financial income and expense, net
Financial expense, net was $10.6 million and $11.4 million for the three months and six months ended June 30, 2026, an increase of $10.4 million and $9.7 million compared to the prior year period, primarily driven by an increase in losses recognized related to exchange rates.
Income tax expense was $8.7 million for the three months ended June 30, 2026, a decrease of $1.6 million, or 16%, compared to the three months ended June 30, 2025. The decrease was primarily driven by a reduction in the provision for uncertain tax positions and decreased U.S. federal income tax expense due to decreased pre-tax income in the U.S. These decreases were partially offset by deferred tax expense recognized by foreign subsidiaries related to stock-based compensation.
Income tax expense was $18.4 million for the six months ended June 30, 2026, an increase of $0.8 million, or 5%, compared to the six months ended June 30, 2025. This increase was primarily driven by a reduction in deferred tax benefits related to U.S. capitalization of research and development costs and foreign subsidiary stock-based compensation; an increase in prior year taxes related to a U.S. return-to-provision benefit in the prior year period that did not reoccur in the current year period; and an unfavorable foreign subsidiary return-to-provision adjustment in the current year period. These increases were partially offset by a decrease in the provision for uncertain tax positions and a decrease in U.S. federal current tax expense due to decreased pre-tax income in the U.S.
Liquidity and Capital Resources
The following discussion of our liquidity and capital resources is based on the financial information derived from our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
We believe our existing cash and cash equivalents and cash flows from operating activities will be sufficient to meet our operating working capital, capital advance, and capital expenditure requirements for at least the next twelve months. Our future financing requirements will depend on many factors including our growth rate, the timing and extent of spending to support development of our platform and the ongoing expansion needs of sales and marketing activities.
Sources of Liquidity
As of June 30, 2026, we had $346.3 million of cash and cash equivalents.
Current and Future Cash Requirements
During the six months ended June 30, 2026, we repurchased 17,565,934 shares of our common stock for $90.4 million, including accrued taxes and fees. As of June 30, 2026, a total of $101.7 million, net of accrued but unpaid excise taxes, remained available for future repurchases of our common stock under the program. During the three months ended June 30, 2026, the Company suspended repurchases under the program in connection with the pending Merger Agreement, which includes customary covenants restricting the Company’s ability to repurchase its common stock without the prior written consent of Nuvei, and we expect to operate within these contractual limitations until the Merger is completed or the Merger Agreement is terminated. For a full description of our stock repurchase program, including authorized amounts and expirations, see Note 13 to the condensed consolidated financial statements.
Cash Flows
The following table presents a summary of cash flows from operating, investing, and financing activities for the following comparative periods.
Six months ended June 30,
(in thousands)
Change in cash, cash equivalents, restricted cash and customer funds
Operating Activities
Net cash provided by operating activities was $113.0 million for the six months ended June 30, 2026, a decrease of $11.4 million compared to $124.4 million for the six months ended June 30, 2025.
Impact of changes in operating assets and liabilities - $17.6 million net decrease to operating cash flows
During the six months ended June 30, 2026, changes in certain operating assets and liabilities resulted in net decrease in operating cash flows compared to the prior period:
These decreases were partially offset by increases in operating cash flows caused by changes in certain operating assets and liabilities during the six months ended June 30, 2026 compared to the prior period:
Impact of non-cash items - $29.1 million increase in operating cash flows compared to prior year period.
During the six months ended June 30, 2026, operating cash flows benefited from higher non-cash addbacks to net income compared to prior year, which consisted primarily of:
Partially offsetting these non-cash addbacks to net income was:
Impact of net income - $23.0 million current period over prior period decrease to operating cash flows
The decrease in net income of approximately $23.0 million contributed to the decrease in operating cash flows during the six months ended June 30, 2026, compared to the prior year period. The decrease was driven by a $41.1 million increase in operating expenses and a $9.7 million increase in Finance expense, net, due mainly to losses related to exchange rate revaluations. The decline was partially offset by an increase of $28.7 million in revenue during the current period compared to the prior year period.
Investing Activities
Net cash provided by investing activities was $50.4 million for the six months ended June 30, 2026, an increase of $183.9 million compared to net cash used in investing activities of $133.5 million for the six months ended June 30, 2025. The increase was primarily driven by:
Partially offsetting this increase in cash provided by investing activities was:
Financing Activities
Net cash used in financing activities was $255.6 million for the six months ended June 30, 2026, representing a decrease of $257.9 million compared to net cash provided by financing activities of $2.2 million for the six months ended June 30, 2025. The decrease was primarily driven by:
37
Key Metrics and Non-GAAP Financial Measures
Our management uses a variety of financial and operating metrics to evaluate our business, analyze our performance, and make strategic decisions. We believe these metrics and non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as management. However, certain of these measures are not financial measures calculated in accordance with GAAP and should not be considered as substitutes for financial measures that have been calculated in accordance with GAAP. We primarily review the following key performance indicators and non-GAAP measures when assessing our performance:
Volume
Volume refers to the total dollar value of transactions successfully completed or enabled by our platform, not including orchestration transactions1. For a customer that both receives and later sends payments, we count the volume only once. Volume serves as a key metric for overall business activity, as growing volume is one of the primary drivers for our revenue growth.
Three months ended June 30,
(in millions)
23,693
20,688
46,449
40,363
Volume grew 15% for the three months ended June 30, 2026 when compared to the three months ended June 30, 2025, and 15% for the six months ended June 30, 2026 when compared to the six months ended June 30, 2025, respectively, driven by strong growth in volume from B2B SMBs, growth in volumes processed for enterprise partners, including in the travel segment, and continued growth in volumes from SMBs selling on marketplaces.
We generate revenues mainly from transaction fees, which vary based on the type of service the customer utilizes. Transaction fee revenue principally consists of fees for withdrawals and usage. We also earn revenues in certain instances from volumes coming into the platform related to our B2B services and through our Checkout offering. We generate significant revenues from interest earned on customer funds held on our platform. In addition, we generate revenue from non-volume-based products and services which are based on a fixed fee. We believe that Revenue demonstrates our ability to monetize volume activity on our platform. Our revenues can be impacted by the following:
Management closely monitors volume and revenue to ensure that we continue to grow funds and business activity that enters into the platform, expanding our overall scale and the reach of our business.
Adjusted EBITDA
In addition to our financial results determined in accordance with GAAP, we believe Adjusted EBITDA, as a non-GAAP measure, is useful in evaluating our operating performance. We use Adjusted EBITDA to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that this non-GAAP financial measure, when taken together with the corresponding GAAP financial measures, provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted EBITDA is helpful to our investors as it is a metric used by management in assessing our operating performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measure as a tool for comparison. A reconciliation is provided below for our non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measure and the reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure, and not to rely on any single financial measure to evaluate our business.
EBITDA
38,157
45,630
87,094
89,339
Stock based compensation expenses(1)
M&A related expenses(2)
13,469
736
13,947
1,073
Restructuring charges(3)
257
1,766
2,630
71,358
66,425
140,806
131,856
(i) M&A related third-party costs, including bankers fees, legal, regulatory, consulting and other expenditures. These costs include expenses related to the Proposed Acquisition by Nuvei. For the three and six months ended June 30, 2026, M&A third-party costs were $10.8 million.
(ii) Changes to fair value and compensation expenses related to acquisition-related deferred payments and earn-outs. For the three and six months ended June 30, 2026, we recorded fair value adjustments and compensation expenses of $0.1 million and $0.6 million, respectively, related to 1) the non-recurring fair value adjustment of the Skuad contingent consideration liability and 2) the non-recurring fair value adjustment and compensation expense related to the Boundless deferred payment and earn-out, as discussed in Note 3 to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. For the three and six months ended June 30, 2025 amounts include $0.1 and $0.4 million, respectively, related to the non-recurring fair value adjustment of the Skuad contingent consideration liability, as discussed in Note 3 to our condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q.
(iii) Non-recurring acquisition-related compensation to employees and contractors. For the three and six months ended June 30, 2026, these expenses were $2.5 million.
Critical Accounting Policies and Estimates
For more information, see “Payoneer Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Form 10-K filed with the SEC on February 26, 2026.
Recent Accounting Pronouncements
A description of recently issued accounting pronouncements that may potentially impact our financial position, result of operations or cash flows is disclosed in Note 2 to our unaudited condensed consolidated financial statements included elsewhere within this Quarterly Report on Form 10-Q.
39
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We have operations both within the United States and globally, and we are exposed to market risks in the ordinary course of our business, including the effects of interest rate changes and foreign currency fluctuations. Information relating to quantitative and qualitative disclosures about these market risks is described below.
Interest Rate Sensitivity
The majority of our cash and cash equivalents and assets underlying customer funds were held in cash deposits and money market funds as of June 30, 2026, the fair value of which would not be materially affected by either an increase or decrease in interest rates, due mainly to the relatively short-term nature of these instruments. The fair value of our investments in term deposits and U.S. Treasury Securities, amounting to $1.8 billion, would be affected by changes in interest rates, and such changes could be material.
The Company has entered into interest rate floor contracts with respect to $2.2 billion in customer funds to limit the potential risk that declining interest rates would have on our revenues from interest income, though as of the periods ended June 30, 2026 and 2025, respectively, a hypothetical 1% increase or decrease in interest rates could have a material effect on our revenues and earnings.
Foreign Currency Risk
While most of our revenue is earned in U.S. dollars, our foreign currency exposure includes currencies of the countries in which our operations are located, including operating expenses denominated in New Israeli Shekels. To reduce that risk, we invest in foreign currency forward contracts and net purchased options, which are accounted for as cash flow hedges.
A hypothetical 10% strengthening or weakening of the U.S. dollar against the New Israeli Shekel would have had a material impact on unrealized gains (losses) recognized in AOCI at June 30, 2026.
Our foreign currency exposure also includes currencies in which our customer funds are held, or in which they are withdrawn or utilized, and may be subject to fluctuations due to changes in foreign currency exchange rates, particularly changes in the Euro, Japanese Yen, Chinese Yuan, Canadian Dollar, New Israeli Shekel, Philippine Peso, Indian Rupee, Mexican Peso, Pakistani Rupee, South Korean Won, Turkish Lira, New Zealand Dollar, Australian Dollar, British Pound, Indonesian Rupiah, Swiss Franc, and Polish Zloty. As of the six months ended June 30, 2026 and 2025, respectively, a hypothetical 10% increase or decrease in current exchange rates could have a material impact on our financial results.
In addition, some of our services include the opportunity for Payoneer to generate revenues from foreign exchange transactions as part of the payment delivery process. Our ability to generate such revenues is partially dependent on external factors such as market conditions, applicable regulations and our ability to negotiate with third-party financial institutions. The impact of these efforts to optimize foreign exchange can be material to revenues and earnings.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in company reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2026. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were effective.
During the most recently completed fiscal quarter, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
ITEM 1. LEGAL PROCEEDINGS
From time to time we are a party to various litigation matters incidental to the conduct of our business. Refer to Note 14 (Commitments and Contingencies) to the condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q.
For more information on risks related to litigation, see the section titled “Risk Factors — General Risks Related to Payoneer — We may be subject to various legal proceedings which could materially adversely affect our business, financial condition or results of operations” in our Annual Report on Form 10-K, filed with the SEC on February 26, 2026 and the risk factor titled “Risk Factors — We may be the target of securities class action and derivative lawsuits and other legal or regulatory proceedings, which could result in substantial costs and may delay or prevent the Merger from being completed” in this Quarterly Report on Form 10-Q.
ITEM 1A. RISK FACTORS
As of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K, filed with the SEC on February 26, 2026, other than as described below. Additionally, we may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.
The consummation of the Merger is subject to a number of conditions which, if not satisfied or waived, would adversely impact our ability to complete the Merger.
Under the terms of the Merger Agreement, the consummation of the Merger is subject to certain customary closing conditions, including, among others: (i) the adoption of the Merger Agreement and the approval of the transactions contemplated thereby by the affirmative vote (in person (virtually) or by proxy) of the holders of a majority of the voting power of the outstanding Company Common Stock entitled to vote thereon; (ii) the accuracy of the parties’ respective representations and warranties in the Merger Agreement, subject to specified materiality qualifications; (iii) compliance by the parties with their respective covenants in the Merger Agreement in all material respects; (iv) the absence of any law or order restraining, enjoining, or otherwise prohibiting the consummation of the Merger; (v) the expiration of the waiting period applicable to the Merger under the HSR Act and receipt of other approvals under specified antitrust, foreign investment and money transmitter and payment services license laws, including from specified U.S. money transmitter regulatory authorities and specified non-U.S. payment services regulatory authorities, including waiver of an ownership stability commitment made in connection with obtaining a specified payment services license; (vi) the Company shall have provided certain required notices and received certain required change in ownership and change-in-control approvals for certain governmental authorizations held by the Company and its subsidiaries; and (vii) the absence of a Company Material Adverse Effect (as defined in the Merger Agreement) on or after the date of the Merger Agreement that is continuing as of immediately prior to the closing. On July 28, 2026, early termination of the waiting period under the HSR Act applicable to the Merger was granted.
There can be no assurance that these conditions will be satisfied or waived, if permitted. Therefore, there can be no assurance with respect to the timing of the closing of the Merger, or that the Merger will be completed at all.
Failure to consummate the Merger, or delays in consummating the Merger, could adversely affect the market price of our common stock and our future business and financial results.
There can be no assurance that the conditions to closing of the Merger will be satisfied or waived or that the Merger will be consummated. In addition, satisfying the conditions to the closing of the Merger may take longer than we expect. If the Merger is not consummated, our ongoing business could be adversely affected and we will be subject to a variety of risks associated with the failure to consummate the Merger, including the following:
If the Merger is not consummated, these risks could materially affect our business and financial results and the market price of our common stock, including to the extent that the current market price of our common stock reflects, and is positively affected by, a market assumption that the Merger will be consummated. If the Merger is not consummated, including as a result of our stockholders failing to adopt the Merger Agreement, our stockholders will not receive any consideration in connection with the Merger. Instead, we will remain a public company, our common stock will continue to be listed and traded on the Nasdaq and registered under the Exchange Act, and we will be required to continue to file periodic reports with the SEC.
The Merger Agreement contains provisions that could discourage a potential competing acquirer from making a favorable proposal to us and, in specified circumstances, could require us to make a substantial termination payment to Nuvei.
The Merger Agreement contains certain provisions that restrict our ability to solicit, initiate, knowingly encourage or knowingly facilitate any proposals for, or that could reasonably lead to, alternative transactions with a third-party or, subject to certain exceptions, participate in discussions relating to an alternative transaction or a proposal or inquiry related thereto, furnish non-public information to third parties relating to an alternative transaction or a proposal or inquiry therefor, change our Board of Directors’ recommendation to our stockholders or enter into an agreement with respect to any proposal for an alternative transaction. In addition, Nuvei generally has an opportunity to negotiate a modification of the terms of the Merger Agreement in response to any competing acquisition proposal before our Board of Directors may effect a change in its recommendation with respect to the Merger.
We would be required to pay a termination fee of $89,000,000 to Nuvei in certain circumstances, including if the Company materially breaches its covenants not to solicit alternative business combination transactions, the Company’s Board effects a change of recommendation, or the Company terminates the Merger Agreement to enter into a definitive agreement with respect to a “superior proposal.”
These provisions could discourage a potential competing acquirer or merger partner that might have an interest in acquiring all or a significant portion of us or our assets from considering or proposing such a competing transaction, even if it were prepared to pay consideration with a higher per share cash or market value than the per share market value proposed to be received or realized in the transactions contemplated by the Merger Agreement with Nuvei. These provisions also might result in a potential competing acquirer or Merger partner proposing to pay a lower price to holders of our common stock than it might otherwise have proposed to pay because of the added expense of the termination payment that may become payable to Nuvei in certain circumstances under the Merger Agreement.
If the Merger Agreement is terminated and after the termination we seek another business combination, we may not be able to negotiate a transaction with another party on terms comparable to, or better than, the terms of the transactions contemplated by the Merger Agreement with Nuvei.
42
The pendency of the Merger could adversely affect our business and operations
In connection with the proposed Merger, some partners, banks, customers, vendors or others with whom we do business, may react unfavorably or delay or defer decisions concerning their business relationships or transactions with us, which could adversely affect our revenues, earnings, results of operations, cash flows and expenses, regardless of whether the Merger is consummated. In addition, due to certain restrictions in the Merger Agreement on the conduct of our business prior to completing the Merger, we may be unable (without Nuvei’s prior written consent), during the pendency of the Merger, to pursue strategic transactions, undertake significant capital projects, undertake certain significant financing transactions and otherwise pursue other actions, even if such actions would prove beneficial and this may cause us to forego certain opportunities we might otherwise pursue absent the Merger Agreement. In addition, the pendency of the Merger may make it more difficult for us to effectively retain and incentivize key personnel and may cause distractions from our strategy and day-today operations for our current employees and management.
We may be the target of securities class action and derivative lawsuits and other legal or regulatory proceedings, which could result in substantial costs and may delay or prevent the Merger from being completed.
Securities class action lawsuits and derivative lawsuits are often brought against public companies that have entered into merger agreements. Lawsuits or other proceedings may be brought challenging, among other things, the adequacy of the disclosures in the corresponding Proxy Statement, the process conducted by our Board of Directors, the terms of the Merger Agreement, alleged breaches of fiduciary duties by our directors and/or officers, or the fairness of the consideration in connection with the Merger. Even if such lawsuits or other legal or regulatory proceedings are without merit, defending against these claims can result in substantial costs and divert management time and resources. An adverse judgment in any such lawsuits or proceedings could result in monetary damages payable by the Company, which could have a negative impact on our liquidity, results of operations and financial condition. In addition, the pendency of such litigation could create uncertainty and negatively affect our relationships with partners, banks, customers, vendors and others with whom we do business, and could impair our ability to recruit and retain employees.
Additionally, if a plaintiff is successful in obtaining an injunction prohibiting completion of the Merger, then that injunction may delay or prevent the Merger from being completed, which may exacerbate the other risks described herein and adversely affect our business, results of operations and financial condition. Any such delay could also result in the Merger not being consummated before June 12, 2027, which could give rise to termination rights under the Merger Agreement. Even if we are ultimately successful in defending against such claims, the costs and distraction of litigation during the pendency of the Merger could materially and adversely affect our business, results of operations and financial condition, as well as the price of our common stock.
On August 3, 2026, the Company received a demand letter from a purported shareholder of the Company, alleging that the disclosures in the Company’s preliminary proxy statement, dated July 31, 2026, related to the Merger, were deficient, and demanding that the Company issue corrective disclosures. The Company believes the allegations in the demand letter are without merit. Additional demand letters may be received by the Company in connection with the Merger. If additional demand letters are received, absent new or different allegations that are material, the Company will not necessarily announce such additional demands.
The Merger may involve regulatory risks.
Consummation of the Merger is conditioned upon, among other things, the expiration of the waiting period applicable to the Merger under the HSR Act and receipt of other approvals under specified antitrust, foreign investment and money transmitter and payment services license laws, including from specified U.S. money transmitter regulatory authorities and specified non-U.S. payment services regulatory authorities, including waiver of an ownership stability commitment made in connection with obtaining a specified payment services license. These regulatory approvals may not be obtained on a timely basis or at all, and the granting of such approvals could involve the imposition of conditions that could adversely affect the Company or cause the parties to abandon the Merger. Under the Merger Agreement, the initial outside date for consummation of the Merger is June 12, 2027, subject to an automatic extension for three months in order to obtain required regulatory approvals. Delays in obtaining regulatory approvals could reduce the anticipated benefits of the Merger or result in additional costs. On July 28, 2026, early termination of the waiting period under the HSR Act applicable to the Merger was granted.
43
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None for the quarterly period ending June 30, 2026.
Share Repurchase Activities
The following table provides information with respect to repurchases made by the Company during the three months ended June 30, 2026. All repurchases listed below were made in the open market.
Period
Total Number of Shares Purchased1
Average Price Paid Per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs2
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs2
April 1, 2026 - April 30, 2026
3,222,347
$4.91
$ 101,709
3
May 1, 2026 - May 31, 2026
$-
June 1, 2026 - June 30, 2026
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements
None during the three months ended June 30, 2026.
ITEM 6. EXHIBITS
The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.
Exhibit No.
Description of Exhibit
2.1
Agreement and Plan of Merger, by and among Payoneer Global Inc., Neon Maple Parent Inc. and Panda Acquisition Sub Inc., dated as of June 12, 2026 (included as Exhibit 2.1 to the Company’s Form 8-K filed with the SEC on June 15, 2026).†
10.1
Form of Voting and Support Agreement, by and among Neon Maple Parent Inc. and certain stockholders of Payoneer Global Inc. (included as Exhibit 10.1 to the Company’s Form 8-K filed with the SEC on June 15, 2026).
10.2
Caplan Letter Agreement, dated as of June 12, 2026.*
31.1
Certification of Chief Executive Officer pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Exchange Act of 1934.*
31.2
Certification of Chief Financial Officer pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Exchange Act of 1934.*
32.1
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
32.2
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
101.INS
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH
XBRL Taxonomy Extension Schema Document
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
XBRL Taxonomy Extension Label Linkbase Document
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
*
Filed herewith.
Furnished herewith.
†
Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby undertakes to furnish copies of any of the omitted schedules upon request by the Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant)
By:
/s/ John Caplan
John Caplan
Chief Executive Officer
(Principal Executive Officer)
/s/ Bea Ordonez
Bea Ordonez
Chief Financial Officer
(Principal Financial Officer)
Date: August 6, 2026