Boku Inc (LON: BOKU), a global network of local payment solutions, has announced the following unaudited trading update for the financial year ended 31 December 2024.
Financial Highlights
· Group revenue for 2024 is expected to be in excess of $99 million, representing growth of c.20% compared to $82.7 million in the prior year. This represents c.24% growth on a constant currency* basis.
· Adjusted EBITDA** is anticipated to be in excess of $31 million, up c.22% on the prior year (2023: $25.8 million), reflecting a margin of approximately 31.7%, in line with our commitment to maintain the adjusted EBITDA margin above 30% while we invest in our products and infrastructure.
· Total Group cash of approximately $177 million at 31 December 2024, up from $150.9 million at 31 December 2023.
· Of total group cash, Boku’s own cash was approximately $80 million at 31 December 2024 (2023: $70.4 million) and includes the impact of the repurchase of 4.7 million shares in the year at a cost of $10.7 million.
Operational Highlights
· The financial performance in 2024 has been driven by expanded access for the Group’s merchants to a growing global user base, facilitated by an increasing number of relevant local payment method connections.
· Monthly Active Users (MAUs)*** increased by 31% to 88.4 million in December 2024, compared to 67.4 million in December 2023.
· Total Payment Volume (TPV)**** grew to c.$12.4 billion representing growth of c.18% year-on-year (2023: 10.5 billion), driven by increasing active user numbers. This represents c23% growth on a constant currency basis.
· Continued strong growth in new users of digital wallets and A2A connections.
· Delivery on strategic initiatives, such as Boku’s previously announced first e-commerce launch in Japan for which the Group has developed a number of new features within its platform.
The Company expects to announce its audited results for the year ended 31 December 2024 on 18 March 2025, at which time it will provide further details on its financial and operational performance.
Stuart Neal, Chief Executive Officer, commented:
“We are extremely pleased with the progress achieved in 2024. Boku’s strong performance underscores the successful execution of our strategic vision to become the best network for local payment methods. With a growing merchant base, an expanding global footprint, and continued investments in scalable infrastructure, we are well-positioned to capitalise on the significant opportunities in the cross-border e-commerce market. As the demand for local payment methods continues to rise, Boku is uniquely equipped to drive sustained revenue growth and deliver long-term value for our shareholders.”
*Constant currency calculated by applying the monthly average foreign exchange rates in 2023 to the actual 2024 monthly results.
**Adjusted EBITDA is a non-IFRS measure defined as earnings before interest, tax, depreciation, amortisation, non-recurring income, share based payment expense, foreign exchange gains/(losses) and exceptional items.
*** MAU data includes all users who successfully processed a payment or had an active bundle during the last month of the period.
**** TPV is the $ value of transactions processed by the Boku platform and includes transactions from Direct Carrier Billing (DCB), Bundling, eWallets and A2A payments.
