Boku Inc (LON:BOKU), a global network of local payment methods, has announced its unaudited interim results for the six months ended 30 June 2025, with a strong first half performance reflecting continued merchant and customer adoption globally. As the world shifts decisively towards LPMs, Boku is the trusted enabler, helping global technology leaders reach billions of new consumers through their preferred payment methods – making LPMs truly global.
Financial Highlights
| FINANCIAL HIGHLIGHTS | H1 2025 | H1 2024 | Movement |
| $’000 | $’000 | ||
| Direct Carrier Billing | 40,833 | 35,392 | +15% |
| – Payments | 34,230 | 31,498 | +9% |
| – Bundling | 6,603 | 3,894 | +70% |
| Digital Wallets & Account to Account | 22,504 | 11,892 | +89% |
| TOTAL REVENUE | 63,337 | 47,284 | +34% |
| Adjusted EBITDA | 21,755 | 14,213 | +53% |
| Adjusted EBITDA Margin | 34.3% | 30.1% | +4.2pp |
| Operating Profit/ (Loss) | 11,916 | (396) | – |
| 30 Jun 2025 | 31 Dec 2024 | Movement | |
| Group Cash Balances | 191,918 | 177,333 | +8% |
| Own Cash Balances | 87,291 | 80,249 | +9% |
| · | Total Group revenue for H1 2025 was $63.3 million, representing growth of 34% (H1 2024: $47.3 million). This represents 36% growth on a constant exchange rate (“CER”)1 basis. | |
| · | Direct Carrier Billing2 revenue, which includes Payments and Bundling, delivered combined growth of 15% on H1 2024, with Payments revenue increasing by 9% and Bundling revenue growing by 70%. | |
| · | Revenue from Digital Wallets2 and Account-to-Account (“A2A”) schemes2 increased by 89% on H1 2024, reflecting continued merchant and customer adoption together with a greater number of connections we have made between our merchants and LPMs. | |
| · | Adjusted EBITDA1 was $21.8 million, up 53% on the prior comparative period (H1 2024: $14.2 million), reflecting an adjusted EBITDA margin1 of 34.3% (H1 2024: 30.1%). | |
| · | c.$3 million of total Group revenue relates to specific launch phase pricing during H1 2025, which has since normalised and is not expected to recur in H2 2025. Excluding this element of revenue: | |
| o | Underlying revenue increased by 27% (29% on a CER basis); | |
| o | Revenue from Digital Wallets and A2A schemes increased by 61% (64% on a CER basis); and | |
| o | Adjusted EBITDA increased by 29%, with adjusted EBITDA margin remaining above 30%. | |
| · | Costs related to currency conversion services of $1.4 million have now been incorporated into the adjusted EBITDA alternative performance measure (APM), reflecting a refined methodology to better align revenue and associated costs. | |
| · | Boku delivered an operating profit of $11.9 million in H1 2025 (H1 2024: operating loss of $0.4 million). | |
| · | A higher Boku share price resulted in a fair value loss on the Amazon warrants of $2.8 million (H1 2024: fair value loss of $3.3 million). | |
| · | Interest income was $1.6 million in H1 2025 (H1 2024: $1.6 million). | |
| · | Total Group cash was $192 million at 30 June 2025 representing an increase of 8% from $177.3 million at 31 December 2024 (30 June 2024: $148.5 million). | |
| · | Boku’s own cash1 grew by 9% in the first six months to $87.3 million, up from $80.2 million at 31 December 2024 (30 June 2024: $75.2 million). This includes the impact of the repurchase of 5.8 million Boku shares during H1 2025 at a cost of $12.3 million. | |
Strategic and Operational Highlights
| · | Continued to enable global tech giants reach new consumers in new markets: | |
| o | More users: Monthly Active Users (“MAU”)2 increased by 20% to 95.5 million in June 2025, up from 79.6 million in June 2024, with more than 44 million new users added to the platform in the last 6 months (H1 2024: 39.9m). | |
| o | More payments: Total Payment Volume (“TPV”)2 increased by 28% to $7.4 billion (H1 2024: $5.8 billion). On a constant exchange rate2 basis, TPV was 26% higher than H1 2024. | |
| · | Delivered 60 new connections for our merchants enabling access to a broader base of customer accounts worldwide and facilitating their continued expansion. | |
| · | Successfully onboarded new merchants including a leading digital design platform and a global entertainment company. | |
| · | Take rate2 increased by 4 basis points to 0.85% (H1 2024: 0.81%), largely reflecting the impact of launch-phase pricing. Underlying take rate, excluding this, was stable half on half. | |
| · | Continued investment in our growth pillars, with particular focus on growing revenues, product innovation and driving operational efficiencies to support sustainable growth. | |
Outlook
With a positive start to H2 2025, the year-on-year revenue growth rate is expected to be at least in line with the underlying H1 growth rate of 27%, implying full-year revenue in line with upgraded consensus3 post the H1 2025 Trading Update announced on 24 July 2025.
As set out in that update, we are now including currency conversion costs within adjusted EBITDA. While adjusted EBITDA would be higher on a like-for-like basis, the inclusion of these costs means that full year adjusted EBITDA is expected to be in line with consensus3.
Previous medium-term guidance in relation to organic revenue growth exceeding 20% on a compound annual growth rate basis and achieving adjusted EBITDA margins in excess of 30%, remains unchanged.
Stuart Neal, Chief Executive Officer, commented:
“Boku’s strong momentum in the first half of 2025 reflects both the trust we’ve built with the world’s largest tech giants and the scale of our global network – driven by consistent execution, resilient infrastructure, and a seamless localised payments experience. As merchants expand across both mature and emerging markets, the rapid rise of Digital Wallets and Account-to-Account schemes underscores the accelerating shift beyond traditional card networks toward more flexible, mobile native local payment methods.
Our ability to deliver at scale continues to position Boku as the trusted partner for our merchants’ global growth. This is supported by our banking and treasury infrastructure, including progress towards fully automated settlements, and a growing suite of value-added services.
With a strong first half behind us and a positive start to H2, we remain firmly on track to meet expectations for the full year, as well as previously announced medium-term guidance of delivering organic revenue growth exceeding 20% on a compound annual growth rate basis and sustaining adjusted EBITDA margins above 30%. We look forward to sharing more on how our platform, innovation pipeline, and value-added services will drive our long-term growth journey to becoming the world’s best localised payments partner for global commerce at our Capital Markets Event in October.”
Capital Markets Event
As previously announced, the Company will be hosting a Capital Markets Event for institutional investors and research analysts on Thursday 16 October 2025, with presentations starting at 3pm at The Courthouse Hotel, 335-337 Old St, London, EC1V 9LL. Institutional investors and analysts interested in attending are invited to register their interest by contacting boku@investor-focus.co.uk.
1 These represent alternative performance measures (APMs) for the Group. Refer to the APM section at the end of this announcement for a summary of APMs used, together with their definitions
2 For a full list of definitions and abbreviations used by the Group, refer to the Glossary at the end of this announcement
3 In so far as the Board is aware, as at 29 September 2025, consensus expectations for the full year to 31 December 2025 was for revenue of $126.7m and adjusted EBITDA of $39.3m.
