0001104659-26-123314 | 10-Q | XBRL Viewer

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REVENUE - Revenue Recognized From Contracts With Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
REVENUE
Revenue from contracts with customers	$ 220,433	$ 209,686	$ 648,815	$ 596,445
Interest income on customer balances	54,747	59,531	158,389	175,837
Capital advance income	1,758	1,633	5,587	5,799
Revenue from other sources	56,505	61,164	163,976	181,636
Total revenues	276,938	270,850	812,791	778,081
Revenue recognized at a point in time
REVENUE
Revenue from contracts with customers	218,313	208,696	643,525	593,589
Revenue recognized over time
REVENUE
Revenue from contracts with customers	$ 2,120	$ 990	$ 5,290	$ 2,856

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

GOODWILL AND INTANGIBLE ASSETS (Details) $ in Thousands	9 Months Ended
GOODWILL AND INTANGIBLE ASSETS (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Goodwill Roll-forward
Beginning balance	$ 77,785
Goodwill Acquired	8,517
Foreign Currency Translation Adjustments	(229)
Ending balance	$ 86,073

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

ACQUISITIONS - Business combination recognized amounts of identifiable assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Jan. 19, 2026	Dec. 31, 2025
ACQUISITIONS
Goodwill	$ 86,073		$ 77,785
Boundless
ACQUISITIONS
Cash and cash equivalents		$ 4,737
Accounts receivables		35
Other assets		867
Intangible assets		3,701
Deferred tax assets		568
Property, plant and software		2
Trade payables		(1,430)
Outstanding operating balances		(2,655)
Other payables		(709)
Deferred tax liabilities		(457)
Total identifiable net assets		4,659
Goodwill		8,517
Total		$ 13,176

OTHER LONG-TERM LIABILITIES

9 Months Ended

Sep. 30, 2026

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES

NOTE 12 – OTHER LONG-TERM LIABILITIES

Composition of other long-term liabilities, grouped by major classifications, is as follows:


		September 30,			December 31,
		2026			2025
Long-term lease liabilities		$	73,987		$	65,084
Reserves for uncertain income tax positions			64,086			57,083
Other tax provisions			12,476			11,098
PayEco acquisition deferred payment liability			—			7,220
Severance pay liabilities			2,544			2,906
Other			3,365			—
Total other long-term liabilities		$	156,458		$	143,391

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		9 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) item	Sep. 30, 2025 USD ($)
SEGMENT INFORMATION
Number of operating segments \| item			1
Number of reportable segments \| item			1
Revenues	$ 276,938	$ 270,850	$ 812,791	$ 778,081
Transaction cost	(41,636)	(42,483)	(114,520)	(122,398)
Stock-based compensation	(18,726)	(17,799)	(56,725)	(56,613)
Depreciation & amortization	(21,375)	(16,140)	(61,515)	(46,083)
Other operating expenses	(41,117)	(40,386)	(122,388)	(124,747)
Income taxes	(16,363)	(16,388)	(34,751)	(33,950)
Net income	14,917	14,123	32,049	54,180
Single reportable segment
SEGMENT INFORMATION
Revenues	276,938	270,850	812,791	778,081
Transaction cost	(41,636)	(42,483)	(114,520)	(122,398)
Labor & related	(86,646)	(78,963)	(253,675)	(227,767)
Stock-based compensation	(18,726)	(17,799)	(56,725)	(56,613)
3rd party contractors	(9,886)	(8,488)	(28,154)	(26,749)
IT & communication	(22,769)	(20,154)	(64,312)	(59,689)
Depreciation & amortization	(21,375)	(16,140)	(61,515)	(46,083)
Other operating expenses	(50,808)	(50,476)	(161,844)	(143,039)
Income taxes	(16,363)	(16,388)	(34,751)	(33,950)
Other segment items	6,188	(5,836)	(5,246)	(7,613)
Net income	$ 14,917	$ 14,123	$ 32,049	$ 54,180
Description of other segment items			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.

GENERAL OVERVIEW

9 Months Ended

Sep. 30, 2026

GENERAL OVERVIEW

GENERAL OVERVIEW

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.

Pending 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, and on September 14, 2026, the stockholders of the Company approved to adopt the Merger Agreement and the transactions contemplated thereby, including the Merger, upon the terms and subject to the conditions of the Merger Agreement.

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. 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 $165,000 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 $275,000.

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 nine months ended September 30, 2026, the Company has incurred $2,699 and $13,351, respectively of such costs. These costs were included in general and administrative expenses on the condensed consolidated statement of comprehensive income. In addition, upon and subject to the closing of the Merger, the Company will be required to pay the remaining portion of the fees to its financial advisor in connection with the Merger, in the amount estimated at $38,840. We have not recognized this expense as of September 30, 2026 and will recognize the expense upon consummation of the Merger.

During the three months ended September 30, 2026 and in accordance with the Merger Agreement, the Company awarded $15,891 in short-term cash incentive awards to certain employees who remain employed upon completion of the Merger. These amounts are payable only upon consummation of the Merger and therefore have not been recognized as of September 30, 2026. In addition, the Company awarded $17,696 in long-term cash incentive awards to certain employees who remain employed at the time of vesting whereby 25% vests at the earlier of the completion of the Merger or February 15, 2028. The remaining vesting occurs in twelve quarterly installments. $250 was recognized during the three months ended September 30, 2026.

OTHER PAYABLES (Tables)

9 Months Ended

Sep. 30, 2026

OTHER PAYABLES

Schedule of composition of Other payables, grouped by major classifications


		September 30,			December 31,
		2026			2025
Employee related compensation		$	85,562		$	78,567
Commissions payable			18,289			19,115
Accrued expenses			14,606			17,428
Lease liability			10,860			7,249
Deferred revenue			9,697			5,354
PayEco acquisition deferred payment liability			5,821			—
Income tax payable			3,937			4,014
Boundless acquisition deferred payment liability			1,965			—
Skuad acquisition earnout liability			—			8,453
Other			1,804			4,388
Total Other payables		$	152,541		$	144,568

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Treasury Stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings	Total
Beginning balance at Dec. 31, 2024	$ 3,960	$ (193,724)	$ 821,196	$ (12,609)	$ 105,967	$ 724,790
Treasury shares, beginning balance (in shares) at Dec. 31, 2024		(35,872,339)
Common shares, beginning balance (in shares) at Dec. 31, 2024	395,965,588
Exercise of options, warrants and vested RSUs, net of taxes paid related to settlement of equity awards	$ 113		(8,089)			(7,976)
Exercise of options, warrants and vested RSUs, net of taxes paid related to settlement of equity awards (in shares)	11,376,622
Stock-based compensation			58,476			58,476
ESPP shares issued	$ 7		3,921			3,928
ESPP shares issued (in shares)	678,351
Common stock repurchased, net of excise tax		$ (94,254)				(94,254)
Common stock repurchased, net of excise tax (shares)		(13,312,218)
Unrealized gain (loss) on available-for-sale debt securities, net				10,696		10,696
Tax benefit (expense) on unrealized losses (gains) on available-for-sale debt securities, net				(2,374)		(2,374)
Unrealized gain (loss) on cash flow hedges, net				2,477		2,477
Tax benefit (expense) on unrealized losses (gains) on cash flow hedges, net				(488)		(488)
Unrealized gain (loss) on interest rate floor, net				1,948		1,948
Tax (benefit) expense on unrealized (losses) gains on interest rate floor, net				(369)		(369)
Foreign currency translation adjustments				(547)		(547)
Net income					54,180	54,180
Ending balance at Sep. 30, 2025	$ 4,080	$ (287,978)	875,504	(1,266)	160,147	750,487
Treasury stock, ending balance (in shares) at Sep. 30, 2025		(49,184,557)
Common shares, ending balance (in shares) at Sep. 30, 2025	408,020,561
Beginning balance at Jun. 30, 2025	$ 4,048	$ (243,405)	859,590	4,648	146,024	770,905
Treasury shares, beginning balance (in shares) at Jun. 30, 2025		(42,564,814)
Common shares, beginning balance (in shares) at Jun. 30, 2025	404,801,165
Exercise of options, warrants and vested RSUs, net of taxes paid related to settlement of equity awards	$ 32		(2,436)			(2,404)
Exercise of options, warrants and vested RSUs, net of taxes paid related to settlement of equity awards (in shares)	3,219,396
Stock-based compensation			18,350			18,350
Common stock repurchased, net of excise tax		$ (44,573)				(44,573)
Common stock repurchased, net of excise tax (shares)		(6,619,743)
Unrealized gain (loss) on available-for-sale debt securities, net				892		892
Tax benefit (expense) on unrealized losses (gains) on available-for-sale debt securities, net				(200)		(200)
Unrealized gain (loss) on cash flow hedges, net				(1,668)		(1,668)
Tax benefit (expense) on unrealized losses (gains) on cash flow hedges, net				320		320
Unrealized gain (loss) on interest rate floor, net				(6,190)		(6,190)
Tax (benefit) expense on unrealized (losses) gains on interest rate floor, net				1,376		1,376
Foreign currency translation adjustments				(444)		(444)
Net income					14,123	14,123
Ending balance at Sep. 30, 2025	$ 4,080	$ (287,978)	875,504	(1,266)	160,147	750,487
Treasury stock, ending balance (in shares) at Sep. 30, 2025		(49,184,557)
Common shares, ending balance (in shares) at Sep. 30, 2025	408,020,561
Beginning balance at Dec. 31, 2025	$ 4,118	$ (368,867)	896,294	(6,277)	179,159	$ 704,427
Treasury shares, beginning balance (in shares) at Dec. 31, 2025		(63,121,771)				63,121,771
Common shares, beginning balance (in shares) at Dec. 31, 2025	411,826,086
Exercise of options, and vested RSUs, net of taxes paid related to settlement of equity awards	$ 87		(3,718)			$ (3,631)
Exercise of options, and vested RSUs, net of taxes paid related to settlement of equity awards (in shares)	8,638,435
Stock-based compensation			58,018			58,018
ESPP shares issued	$ 10		4,404			4,414
ESPP shares issued (in shares)	998,692
Common stock repurchased, net of excise tax		$ (90,207)				(90,207)
Common stock repurchased, net of excise tax (shares)		(17,565,934)
Unrealized gain (loss) on available-for-sale debt securities, net				(34,441)		(34,441)
Tax benefit (expense) on unrealized losses (gains) on available-for-sale debt securities, net				7,564		7,564
Unrealized gain (loss) on cash flow hedges, net				(4,152)		(4,152)
Tax benefit (expense) on unrealized losses (gains) on cash flow hedges, net				805		805
Unrealized gain (loss) on interest rate floor, net				(11,158)		(11,158)
Tax (benefit) expense on unrealized (losses) gains on interest rate floor, net				2,236		2,236
Foreign currency translation adjustments				(215)		(215)
Net income					32,049	32,049
Ending balance at Sep. 30, 2026	$ 4,215	$ (459,074)	954,998	(45,638)	211,208	$ 665,709
Treasury stock, ending balance (in shares) at Sep. 30, 2026		(80,687,705)				80,687,705
Common shares, ending balance (in shares) at Sep. 30, 2026	421,463,213
Beginning balance at Jun. 30, 2026	$ 4,194	$ (459,220)	937,577	(25,312)	196,291	$ 653,530
Treasury shares, beginning balance (in shares) at Jun. 30, 2026		(80,687,705)
Common shares, beginning balance (in shares) at Jun. 30, 2026	419,411,249
Exercise of options, and vested RSUs, net of taxes paid related to settlement of equity awards	$ 21		(1,671)			(1,650)
Exercise of options, and vested RSUs, net of taxes paid related to settlement of equity awards (in shares)	2,051,964
Stock-based compensation			19,092			19,092
Excise tax related to repurchase program		$ 146				146
Unrealized gain (loss) on available-for-sale debt securities, net				(17,986)		(17,986)
Tax benefit (expense) on unrealized losses (gains) on available-for-sale debt securities, net				3,889		3,889
Unrealized gain (loss) on cash flow hedges, net				(2,795)		(2,795)
Tax benefit (expense) on unrealized losses (gains) on cash flow hedges, net				536		536
Unrealized gain (loss) on interest rate floor, net				(5,081)		(5,081)
Tax (benefit) expense on unrealized (losses) gains on interest rate floor, net				1,049		1,049
Foreign currency translation adjustments				62		62
Net income					14,917	14,917
Ending balance at Sep. 30, 2026	$ 4,215	$ (459,074)	$ 954,998	$ (45,638)	$ 211,208	$ 665,709
Treasury stock, ending balance (in shares) at Sep. 30, 2026		(80,687,705)				80,687,705
Common shares, ending balance (in shares) at Sep. 30, 2026	421,463,213

OTHER PAYABLES (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Other Payables, current
Employee related compensation	$ 85,562	$ 78,567
Accrued expenses	14,606	17,428
Commissions payable	18,289	19,115
Lease liability	10,860	7,249
Deferred revenue	9,697	5,354
Income tax payable	3,937	4,014
Other	1,804	4,388
Total Other payables	152,541	144,568
PayEco
Other Payables, current
Current portion of acquisition earnout liability	5,821
Boundless
Other Payables, current
Current portion of acquisition earnout liability	$ 1,965
Skuad
Other Payables, current
Current portion of acquisition earnout liability		$ 8,453

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2026
SIGNIFICANT ACCOUNTING POLICIES
Principles of consolidation, basis of presentation and accounting principles:	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 nine months ended September 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.
Use of estimates in the preparation of financial statements:	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.
Functional currency and translation:	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 remeasured 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 financial income or expense. During the three months ended September 30, 2026, the Company recognized $4,937 of transaction gains. During the nine months ended September 30, 2026, the Company recognized $8,291 of transaction losses. 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 financial income or expense in the consolidated statements of comprehensive income.
Out-of-period adjustment:	d. Out-of-period adjustment: During the three months ended September 30, 2026, the Company recorded an out-of-period adjustment of $5.8 million in Financial income (expense), net related to a mismatch in the reconciliation of certain transactions. The Company concluded that the error was not material to the previously issued condensed consolidated financial statements.
Recently issued accounting pronouncements:	e. Recently issued accounting pronouncements: The Company did not adopt any new standards or updates issued by the Financial Accounting Standards Board (“FASB”) during the nine months ended September 30, 2026. FASB Standards issued, but not adopted as of September 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.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
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-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance	$ 1,391	$ 501
Capital advance receivables, allowance	$ 3,572	$ 3,953
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	380,000,000	380,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	3,800,000,000	3,800,000,000
Common stock, shares issued	421,463,213	411,826,086
Common stock, shares outstanding	340,775,508	348,704,315
Treasury stock, shares	80,687,705	63,121,771

CAPITAL ADVANCE ("CA") RECEIVABLES

9 Months Ended

Sep. 30, 2026

CAPITAL ADVANCE ("CA") RECEIVABLES

CAPITAL ADVANCE ("CA") RECEIVABLES

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 nine months ended September 30, 2026 and 2025, the Company has purchased and collected the following principal amounts associated with CA receivables, including foreign exchange adjustments:


	Nine Months Ended
	September 30,
	2026		2025
Beginning CA receivables, gross	$	47,618	$	61,197
CA extended to customers		214,995		234,710
Change in revenue receivables		(236)		(587)
CA collected from customers		(209,824)		(245,772)
Charge-offs, net of recoveries		(246)		(2,905)
Ending CA receivables, gross	$	52,307	$	46,643
Allowance for CA losses		(3,572)		(4,258)
CA receivables, net	$	48,735	$	42,385

NOTE 4 – CAPITAL ADVANCE (“CA”) RECEIVABLES (continued):

The following are current and overdue balances that are segregated into the timing of expected collections at September 30, 2026:


					Due in less		Due in 30‑60		Due in 60‑90		Due in more
Total			Overdue		than 30 days		days		days		than 90 days
$	52,307		1,184		14,160		12,657		19,840		4,466

The following are current and overdue balances that are segregated into the timing of expected collections at December 31, 2025:


					Due in less		Due in 30‑60		Due in 60‑90		Due in more
Total			Overdue		than 30 days		days		days		than 90 days
$	47,618		987		13,017		10,123		19,307		4,184

As of September 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%.

FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2026

FAIR VALUE

Schedule of financial assets and liabilities measured at fair value on a recurring basis


	September 30, 2026
	Level 1		Level 2		Level 3		Total
Financial Assets:
U.S. Treasury Securities (included within Customer funds)¹	$	1,411,366	$	—	$	—	$	1,411,366
Derivative assets (included within Other current assets)
Interest rate floors²	$	—	$	457	$	—	$	457
Foreign currency forwards		—		436		—		436
Total current derivative assets	$	—	$	893	$	—	$	893
Derivative assets (included within Other non-current assets)
Interest rate floors²	$	—	$	7,929	$	—	$	7,929
Total financial assets	$	1,411,366	$	8,822	$	—	$	1,420,188
Financial Liabilities:
Foreign currency forwards	$	—	$	1,736	$	—	$	1,736
Boundless acquisition deferred payment liability (included within Other payables)		—		—		1,965		1,965
PayEco deferred payment liability (included within Other payables)		—		—		5,821		5,821
Total financial liabilities	$	—	$	1,736	$	7,786	$	9,522


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets:
U.S. Treasury Securities (included within Customer funds)	$	1,306,623	$	—	$	—	$	1,306,623
Derivative assets (included within Other current assets)
Interest rate floors²	$	—	$	1,688	$	—	$	1,688
Foreign currency forwards		—		2,852		—		2,852
Total current derivative assets	$	—	$	4,540	$	—	$	4,540
Derivative assets (included within Other non-current assets)
Interest rate floors²	$	—	$	24,846	$	—	$	24,846
Total financial assets	$	1,306,623	$	29,386	$	—	$	1,336,009
Financial Liabilities:
Skuad acquisition earnout liability (included within Other payables)	$	—	$	—	$	8,453	$	8,453
PayEco deferred payment liability (included within Other long-term liabilities)	$	—	$	—	$	7,220	$	7,220
Total financial liabilities	$	—	$	—	$	15,673	$	15,673

NET EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2026

NET EARNINGS PER SHARE

Schedule of basic and diluted net earnings per share attributable to common stockholders


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2026			2025			2026			2025

		(In thousands, except share and per share data)
Numerator:
Net income		$	14,917		$	14,123		$	32,049		$	54,180
Denominator:
Weighted average common shares outstanding —
Basic			340,346,575			368,266,611			341,040,041			372,726,412
Add:
Dilutive impact of RSUs, ESPP and options to purchase common stock			9,694,755			8,824,839			9,827,051			15,155,419
Dilutive impact of private warrants			—			542,073			—			737,414
Weighted average common shares – diluted			350,041,330			377,633,523			350,867,092			388,619,245
Net income per share attributable to common stockholders — Basic earnings per share		$	0.04		$	0.04		$	0.09		$	0.15
Diluted earnings per share		$	0.04		$	0.04		$	0.09		$	0.14

Schedule of excluded potential common shares


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2026			2025			2026			2025
RSUs			4,713,884			7,997,605			6,484,882			7,551,699
RSUs with market conditions			2,600,000			2,750,000			2,600,000			2,750,000
PSUs			772,858			895,103			772,858			895,103
Earn-out¹			-			15,000,000			15,000,000			15,000,000
Options to purchase common stock			118,088			1,487,008			1,188,088			417,008
Total anti-dilutive securities			8,204,830			28,129,716			26,045,828			26,613,810

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.

TRANSACTION COSTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
TRANSACTION COSTS (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
TRANSACTION COSTS
Bank and processor fees	$ 33,861	$ 31,626	$ 93,564	$ 90,968
Network fees	4,069	8,249	12,056	22,075
Chargebacks and operational losses	2,289	1,544	5,890	4,994
Card costs	286	370	897	1,119
Capital advance costs, net of recoveries	422	222	(71)	1,951
Other	709	472	2,184	1,291
Total transaction costs	$ 41,636	$ 42,483	$ 114,520	$ 122,398

NET EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2026

NET EARNINGS PER SHARE

NET EARNINGS PER SHARE

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:


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2026			2025			2026			2025

		(In thousands, except share and per share data)
Numerator:
Net income		$	14,917		$	14,123		$	32,049		$	54,180
Denominator:
Weighted average common shares outstanding —
Basic			340,346,575			368,266,611			341,040,041			372,726,412
Add:
Dilutive impact of RSUs, ESPP and options to purchase common stock			9,694,755			8,824,839			9,827,051			15,155,419
Dilutive impact of private warrants			—			542,073			—			737,414
Weighted average common shares – diluted			350,041,330			377,633,523			350,867,092			388,619,245
Net income per share attributable to common stockholders — Basic earnings per share		$	0.04		$	0.04		$	0.09		$	0.15
Diluted earnings per share		$	0.04		$	0.04		$	0.09		$	0.14

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 nine months ended September 30, 2026 and 2025 as their effect was antidilutive, conditions were not met, or they were not in the money in the reporting period.


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2026			2025			2026			2025
RSUs			4,713,884			7,997,605			6,484,882			7,551,699
RSUs with market conditions			2,600,000			2,750,000			2,600,000			2,750,000
PSUs			772,858			895,103			772,858			895,103
Earn-out¹			-			15,000,000			15,000,000			15,000,000
Options to purchase common stock			118,088			1,487,008			1,188,088			417,008
Total anti-dilutive securities			8,204,830			28,129,716			26,045,828			26,613,810

DERIVATIVES AND HEDGING (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
DERIVATIVES AND HEDGING (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
DERIVATIVES AND HEDGING
Amount of unrealized gains (losses) on derivative instruments designated as cash flow hedges in OCI, net of tax	$ (6,291)	$ (6,162)	$ (12,269)	$ 3,568
Reduction in revenue related to interest rate floors	2,667	1,119	6,991	1,781
Reduction in operating expenses related to foreign currency derivatives	73	$ 3,565	7,150	$ 6,274
Amount of unrealized losses related to interest rate floor cash flow hedges currently included in AOCI expected to be reclassified into earnings within the next 12 months	11,748		11,748
Amount of unrealized losses related to foreign currency cash flow hedges currently included in AOCI expected to be reclassified into earnings within the next 12 months	1,300		$ 1,300
Maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions			49 months
Interest rate floors
DERIVATIVES AND HEDGING
Asset collateral return obligation	$ 8,200		$ 8,200		$ 27,260

REVENUE

9 Months Ended

Sep. 30, 2026

REVENUE

REVENUE

NOTE 15 – REVENUE

The following table presents revenue recognized from contracts with customers as well as revenue from other sources:


		Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026		2025
Revenue recognized at a point in time		$	218,313		$	208,696		$	643,525	$	593,589
Revenue recognized over time			2,120			990			5,290		2,856
Revenue from contracts with customers		$	220,433		$	209,686		$	648,815	$	596,445
Interest income on customer balances		$	54,747		$	59,531		$	158,389	$	175,837
Capital advance income			1,758			1,633			5,587		5,799
Revenue from other sources		$	56,505		$	61,164		$	163,976	$	181,636
Total revenues		$	276,938		$	270,850		$	812,791	$	778,081

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						Nine Months Ended
		September 30,						September 30,
		2026			2025			2026			2025
Primary regional markets
Greater China¹		$	95,157		$	91,159		$	275,016		$	261,968
Europe, Middle East, and Africa²			68,623			68,234			201,624			194,523
Asia-Pacific²			60,840			57,183			179,800			162,205
Latin America²			24,566			27,972			76,385			84,728
North America³			27,752			26,302			79,966			74,657
Total revenues		$	276,938		$	270,850		$	812,791		$	778,081

(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 $26,769 and $25,165 during the three months ended September 30, 2026 and 2025, respectively, and $77,618 and $71,254 during the nine months ended September 30, 2026 and 2025, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

NET EARNINGS PER SHARE - Anti-Dilutive effect (Details) - shares		3 Months Ended		9 Months Ended
	Jun. 25, 2026	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities		8,204,830	28,129,716	26,045,828	26,613,810
Earn-out shares expired	15,000,000
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities		4,713,884	7,997,605	6,484,882	7,551,699
RSU's with market conditions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities		2,600,000	2,750,000	2,600,000	2,750,000
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities		772,858	895,103	772,858	895,103
Earn-out
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities			15,000,000	15,000,000	15,000,000
Employee Stock Option Member
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities		118,088	1,487,008	1,188,088	417,008

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2026

SEGMENT INFORMATION

Schedule of segment information


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Revenue	$	276,938		$	270,850		$	812,791		$	778,081
Less:
Transaction cost¹		(41,636)			(42,483)			(114,520)			(122,398)
Labor & related		(86,646)			(78,963)			(253,675)			(227,767)
Stock-based compensation		(18,726)			(17,799)			(56,725)			(56,613)
3rd party contractors		(9,886)			(8,488)			(28,154)			(26,749)
IT & communication		(22,769)			(20,154)			(64,312)			(59,689)
Depreciation & amortization		(21,375)			(16,140)			(61,515)			(46,083)
Other operating expenses²		(50,808)			(50,476)			(161,844)			(143,039)
Income taxes		(16,363)			(16,388)			(34,751)			(33,950)
Other segment items³		6,188			(5,836)			(5,246)			(7,613)
Net income	$	14,917		$	14,123		$	32,049		$	54,180

⁽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.

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2026	Oct. 30, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
Document Transition Report	false
Entity Registrant Name	Payoneer Global Inc.
Entity Incorporation, State or Country Code	DE
Securities Act File Number	001-40547
Entity Tax Identification Number	86-1778671
Entity Address, Address Line One	195 Broadway, 27th floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10007
City Area Code	212
Local Phone Number	600-9272
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PAYO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		340,918,977
Entity Central Index Key	0001845815
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Amendment Flag	false

OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
OTHER LONG-TERM LIABILITIES
Long term lease liabilities	$ 73,987	$ 65,084
Reserves for uncertain income tax positions	64,086	57,083
Other tax provisions	12,476	11,098
PayEco acquisition deferred payment liability		7,220
Severance pay liabilities	2,544	2,906
Other	3,365
Total other long-term liabilities	$ 156,458	$ 143,391

WARRANTS AND SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2026

WARRANTS AND SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

NOTE 13 – WARRANTS AND 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.

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 the Company expects to operate within these contractual limitations until the Merger is completed or the Merger Agreement is terminated. The Company did not make any repurchases of its common stock during the three months ended September 30, 2026. During the nine months ended September 30, 2026, the Company repurchased 17,565,934 shares of its common stock for $89,873 at a weighted average cost of $5.12 per share. During the nine months ended September 30, 2026, the Company accrued a net excise tax of $334 related to share repurchase activity which was recorded in treasury stock at cost. The net accrual reflects a $146 partial reversal recorded during the three months ended September 30, 2026, related to excise tax accrued in the prior quarter. During the three and nine months ended September 30, 2025, the Company repurchased 6,619,743 and 13,312,218 shares of its common stock for $44,573 and $94,254 at a weighted average cost of $6.73 and $7.08 per share, respectively. As of September 30, 2026, a total of $101,855 remained available for future repurchases of the Company’s common stock under the program.

Warrants

In September 2015, the Company issued equity classified private warrants to a non-employee, in association with a commercial services agreement. The warrants entitled the holder to purchase shares of Common Stock at an exercise price of $1.79 per share, after specified adjustments, and were scheduled to expire 10 years from the issuance and to be commensurately automatically exercised if not exercised prior.

Pursuant to the warrant agreement, and in connection with the business combination with FTAC Olympus Acquisition Corp. in 2021, the warrant holder was eligible to receive consideration payable in cash and Common Stock upon exercise. The warrants were automatically exercised in September 2025, resulting in the Company paying $1,332 in cash and net issuing 676,934 shares of Common Stock. Prior to the exercise, 1,792,994 warrants were outstanding, out of which 1,080,707 were vested. The Company did not recognize additional expenses related to these warrants for the nine months ended September 30, 2025.

NOTE 13 –WARRANTS AND SHAREHOLDERS’ EQUITY (continued):

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 nine months ended September 30, 2026 and 2025 were as follows:


	Three Months Ended September 30, 2026
	Foreign currency translation adjustments		Unrealized losses on available-for-sale debt securities		Unrealized gains (losses) on cash flow hedges		Total
Beginning balance	$	(1,132)		(4,082)		(20,098)	$	(25,312)
Other comprehensive gain (loss) before reclassifications		62		(14,097)		(8,312)		(22,347)
Amount of loss reclassified from AOCI		—		—		2,021		2,021
Net current period other comprehensive gain (loss)		62		(14,097)		(6,291)		(20,326)
Ending balance	$	(1,070)	$	(18,179)	$	(26,389)	$	(45,638)


	Nine Months Ended September 30, 2026
	Foreign currency translation adjustments		Unrealized gains (losses) on available-for-sale debt securities		Unrealized losses on cash flow hedges		Total
Beginning balance	$	(855)		8,698		(14,120)	$	(6,277)
Other comprehensive loss before reclassifications		(215)		(26,877)		(12,095)		(39,187)
Amount of gain reclassified from AOCI		—		—		(174)		(174)
Net current period other comprehensive loss		(215)		(26,877)		(12,269)		(39,361)
Ending balance	$	(1,070)	$	(18,179)	$	(26,389)	$	(45,638)


	Three Months Ended September 30, 2025
	Foreign currency translation adjustments		Unrealized gains on available-for-sale debt securities		Unrealized (losses) on cash flow hedges		Total
Beginning balance	$	(345)	$	7,308	$	(2,315)	$	4,648
Other comprehensive income (loss) before reclassifications		(444)		692		(4,148)		(3,900)
Amount of gain reclassified from AOCI		—		—		(2,014)		(2,014)
Net current period other comprehensive income (loss)		(444)		692		(6,162)		(5,914)
Ending balance	$	(789)	$	8,000	$	(8,477)	$	(1,266)


	Nine Months Ended September 30, 2025
	Foreign currency translation adjustments		Unrealized gains (losses) on available-for-sale debt securities		Unrealized gains (losses) on cash flow hedges		Total
Beginning balance	$	(242)	$	(322)	$	(12,045)	$	(12,609)
Other comprehensive income (loss) before reclassifications		(547)		8,322		7,253		15,028
Amount of gain reclassified from AOCI		—		—		(3,685)		(3,685)
Net current period other comprehensive income (loss)		(547)		8,322		3,568		11,343
Ending balance	$	(789)	$	8,000	$	(8,477)	$	(1,266)

FAIR VALUE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
FAIR VALUE (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Financial Assets:
U.S. Treasury Bills (included within Customer funds)	$ 4,986		$ 4,986
Total current derivative assets, Fair Value	436		436		$ 2,852
Financial Liabilities:
PayEco deferred payment liability					7,220
Boundless
Financial Liabilities:
Acquisition deferred payment liability and earnout liability (included within other payables)	1,965		1,965
Skuad
Financial Liabilities:
Acquisition deferred payment liability and earnout liability (included within other payables)					8,453
Payments for earn-out liability			8,738
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Financial Liabilities:
Unrealized loss on contingent consideration	0	$ 124	285	$ 499
Location, Statement of Income, Balance [Axis]: us-gaap:InterestIncomeExpenseNonoperatingNet
Financial Liabilities:
Unrealized loss on deferred payments	259	$ 243	542	$ 243
Interest rate floors
Financial Liabilities:
Asset collateral return obligation	8,200		8,200		27,260
Recurring
Financial Assets:
U.S. Treasury Securities (included within Customer funds)	1,411,366		1,411,366		1,306,623
Total current derivative assets, Fair Value	893		893		4,540
Total financial assets	1,420,188		1,420,188		1,336,009
Financial Liabilities:
PayEco deferred payment liability	5,821		5,821		7,220
Total financial liabilities	9,522		9,522		15,673
Recurring \| Boundless
Financial Liabilities:
Acquisition deferred payment liability and earnout liability (included within other payables)	1,965		1,965
Recurring \| Skuad
Financial Liabilities:
Acquisition deferred payment liability and earnout liability (included within other payables)					8,453
Recurring \| Interest rate floors
Financial Assets:
Total current derivative assets, Fair Value	457		457		1,688
Total non current derivative assets	7,929		7,929		24,846
Recurring \| Foreign currency forwards
Financial Assets:
Total current derivative assets, Fair Value	436		436		2,852
Financial Liabilities:
Foreign currency forwards	1,736		1,736
Recurring \| Level 1
Financial Assets:
U.S. Treasury Securities (included within Customer funds)	1,411,366		1,411,366		1,306,623
Total financial assets	1,411,366		1,411,366		1,306,623
Recurring \| Level 2
Financial Assets:
Total current derivative assets, Fair Value	893		893		4,540
Total financial assets	8,822		8,822		29,386
Financial Liabilities:
Total financial liabilities	1,736		1,736
Recurring \| Level 2 \| Interest rate floors
Financial Assets:
Total current derivative assets, Fair Value	457		457		1,688
Total non current derivative assets	7,929		7,929		24,846
Recurring \| Level 2 \| Foreign currency forwards
Financial Assets:
Total current derivative assets, Fair Value	436		436		2,852
Financial Liabilities:
Foreign currency forwards	1,736		1,736
Recurring \| Level 3
Financial Liabilities:
PayEco deferred payment liability	5,821		5,821		7,220
Total financial liabilities	7,786		7,786		15,673
Recurring \| Level 3 \| Boundless
Financial Liabilities:
Acquisition deferred payment liability and earnout liability (included within other payables)	$ 1,965		$ 1,965
Recurring \| Level 3 \| Skuad
Financial Liabilities:
Acquisition deferred payment liability and earnout liability (included within other payables)					$ 8,453

STOCK-BASED COMPENSATION - Employee Stock Purchase Plan (Details) - ESPP - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2026	May 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common shares reserved		3,487,043
Shares were reserved for future issuance	4,698,072	4,698,072
Fair value attributable to ESPP			$ 1,607
ESPP expense recognized	$ 804	$ 2,187

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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+ Details

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2026

GOODWILL AND INTANGIBLE ASSETS

Schedule of goodwill balance and adjustments to those balances


							Foreign
							Currency
		December 31,			Goodwill		Translation		September 30,
		2025			Acquired		Adjustments		2026
Total goodwill		$	77,785		8,517		(229)		$	86,073

Schedule of composition of intangible assets, grouped by major classifications


		September 30, 2026							December 31, 2025
		Gross Carrying Value		Accumulated Amortization		Net Carrying Value			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Internal use software		$	287,544		(179,142)	$	108,402		$	236,770	$	(134,466)	$	102,304
Acquired developed technology			20,269		(18,935)		1,334			20,269		(17,650)		2,619
Customer relationships			10,242		(1,756)		8,486			6,683		(910)		5,773
Payment license			97,357		—		97,357			97,357		—		97,357
Intangible assets, net		$	415,412	$	(199,833)	$	215,579		$	361,079	$	(153,026)	$	208,053

Schedule of expected future intangible asset amortization excluding capitalized internal use software


Fiscal years
Remaining 2026	$	14,818
2027		47,036
2028		27,131
2029		6,150
2030 and thereafter		4,702
Total	$	99,837

- Definition

Tabular disclosure of goodwill.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Subparagraph (a)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Insider Trading Arrangements - Michael Fridman

3 Months Ended

Sep. 30, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement


			Plans
	Action	Date	Rule 10b5-1*	Non-Rule 10b5-1**	Number of Shares to be Sold	Expiration
Michal Fridman, SVP, Finance	Adoption	September 8, 2026	X		(1)	December 31, 2027

* Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)

** Not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)

(1)

Under this trading arrangement, up to 49,375 shares of common stock may be sold. In addition, common stock may be sold in amounts which represent the net amount of shares remaining following a withholding of shares to cover tax obligations upon the vesting of 61,316 restricted stock units on various dates during the plan. The number of net shares to be sold to accomplish this purpose cannot be reliably determined at this time, as it will depend upon the share price on the vest date.

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

Sep. 08, 2026

Expiration Date

Dec. 31, 2027

Aggregate Available

49,375

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 362,635	$ 415,537
Restricted cash	2,586	6,090
Customer funds	7,364,658	7,544,541
Accounts receivable (net of allowance of $1,391 and $501 at September 30, 2026 and December 31, 2025, respectively)	12,842	10,412
Capital advance receivables (net of allowance of $3,572 and $3,953 at September 30, 2026 and December 31, 2025, respectively)	48,735	43,665
Other current assets	90,866	90,671
Total current assets	7,882,322	8,110,916
Non-current assets:
Property, equipment and software, net	48,923	32,437
Goodwill	86,073	77,785
Intangible assets, net	215,579	208,053
Customer funds	175,000	350,000
Restricted cash	25,539	23,604
Deferred tax assets, net	73,244	56,898
Severance pay fund	866	856
Operating lease right-of-use assets	60,646	62,257
Other assets	26,582	33,783
Total assets	8,594,774	8,956,589
Current liabilities:
Trade payables	55,054	44,611
Outstanding operating balances	7,539,658	7,894,541
Other payables	152,541	144,568
Total current liabilities	7,747,253	8,083,720
Non-current liabilities:
Deferred tax liabilities, net	25,354	25,051
Other long-term liabilities	156,458	143,391
Total liabilities	7,929,065	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 September 30, 2026 and December 31, 2025
Common stock, $0.01 par value, 3,800,000,000 and 3,800,000,000 shares authorized; 421,463,213 and 411,826,086 shares issued and 340,775,508 and 348,704,315 shares outstanding at September 30, 2026 and December 31, 2025, respectively	4,215	4,118
Treasury stock at cost, 80,687,705 and 63,121,771 shares as of September 30, 2026 and December 31, 2025, respectively	(459,074)	(368,867)
Additional paid-in capital	954,998	896,294
Accumulated other comprehensive loss	(45,638)	(6,277)
Retained earnings	211,208	179,159
Total shareholders' equity	665,709	704,427
Total liabilities and shareholders' equity	$ 8,594,774	$ 8,956,589

CUSTOMER FUNDS AND INVESTMENTS - Available-for-sale debt securities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2026 USD ($)
Available-for-sale debt securities
One year or less	$ 351,188
After one year through five years	1,055,192
U.S. treasury securities
Available-for-sale debt securities
Gross unrealized gains, net of tax	102
Gross unrealized loss, net of tax	18,281
Less than 12 months, Gross Unrealized Losses	23,340
Less than 12 months, Fair Value	$ 1,285,280

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

SIGNIFICANT ACCOUNTING POLICIES - Out-of-period adjustment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Out-of-period adjustment
Financial income (expense), net	$ 6,188	$ (5,836)	$ (5,246)	$ (7,613)
Error correction, adjustment
Out-of-period adjustment
Financial income (expense), net	$ 5,800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

TRANSACTION COSTS

9 Months Ended

Sep. 30, 2026

TRANSACTION COSTS

TRANSACTION COSTS

NOTE 16 - TRANSACTION COSTS

Composition of transaction costs, grouped by major classifications, is as follows:


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2026			2025			2026			2025
Bank and processor fees		$	33,861		$	31,626		$	93,564		$	90,968
Network fees			4,069			8,249			12,056			22,075
Chargebacks and operational losses			2,289			1,544			5,890			4,994
Card costs			286			370			897			1,119
Capital advance costs, net of recoveries			422			222			(71)			1,951
Other			709			472			2,184			1,291
Total transaction costs		$	41,636		$	42,483		$	114,520		$	122,398

CAPITAL ADVANCE ("CA") RECEIVABLES - Allowance for CA losses (ALCAL) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
CAPITAL ADVANCE ("CA") RECEIVABLES
Percentage of loss rate to the allowance for CA losses	0.64%	2.12%

OTHER CURRENT ASSETS

9 Months Ended

Sep. 30, 2026

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS

NOTE 8 - OTHER CURRENT ASSETS

Composition of Other current assets, grouped by major classifications, is as follows:


		September 30,			December 31,
		2026			2025
Income receivable		$	49,092		$	43,690
Prepaid expenses			27,613			26,087
Prepaid income taxes			4,135			6,530
Derivative assets			436			2,852
Other			9,590			11,512
Total Other current assets		$	90,866		$	90,671

CAPITAL ADVANCE ("CA") RECEIVABLES - Timing of expected collections (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Financing Receivable, Past Due [Line Items]
Total	$ 52,307	$ 47,618	$ 46,643	$ 61,197
Overdue
Financing Receivable, Past Due [Line Items]
Total	1,184	987
Due in less than 30 days
Financing Receivable, Past Due [Line Items]
Total	14,160	13,017
Due in 30-60 days
Financing Receivable, Past Due [Line Items]
Total	12,657	10,123
Due in 60-90 days
Financing Receivable, Past Due [Line Items]
Total	19,840	19,307
Due in more than 90 days
Financing Receivable, Past Due [Line Items]
Total	$ 4,466	$ 4,184

- Definition

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+ Details

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2026

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

NOTE 10 –GOODWILL AND INTANGIBLE ASSETS

Goodwill

Refer to Note 3 for details around goodwill acquired during the nine months ended September 30, 2026. The following table presents the goodwill balance and adjustments related to those balances during the nine months ended September 30, 2026.


							Foreign
							Currency
		December 31,			Goodwill		Translation		September 30,
		2025			Acquired		Adjustments		2026
Total goodwill		$	77,785		8,517		(229)		$	86,073

Intangible Assets

Composition of intangible assets, grouped by major classifications, is as follows:


		September 30, 2026							December 31, 2025
		Gross Carrying Value		Accumulated Amortization		Net Carrying Value			Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Internal use software		$	287,544		(179,142)	$	108,402		$	236,770	$	(134,466)	$	102,304
Acquired developed technology			20,269		(18,935)		1,334			20,269		(17,650)		2,619
Customer relationships			10,242		(1,756)		8,486			6,683		(910)		5,773
Payment license			97,357		—		97,357			97,357		—		97,357
Intangible assets, net		$	415,412	$	(199,833)	$	215,579		$	361,079	$	(153,026)	$	208,053

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 September 30, 2026.

Amortization expense for the three months ended September 30, 2026 and 2025 was $16,205 and $13,451 respectively, and $47,464 and $38,701 for the nine months ended September 30, 2026 and 2025, respectively.

During the three months ended September 30, 2026, the Company did not recognize any impairment related to internal use software assets. During the nine months ended September 30, 2026, the Company recognized $460 of impairment related to abandoned internal use software assets. During the three and nine months ended September 30, 2025, the Company recognized an insignificant amount of impairment related to internal use software assets.

NOTE 10 –GOODWILL AND INTANGIBLE ASSETS (continued):

Expected future finite-lived intangible asset amortization as of September 30, 2026, excluding capitalized internal use software of $18,385 not yet placed in service as of that date, was as follows:


Fiscal years
Remaining 2026	$	14,818
2027		47,036
2028		27,131
2029		6,150
2030 and thereafter		4,702
Total	$	99,837

CAPITAL ADVANCE ("CA") RECEIVABLES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
CAPITAL ADVANCE ("CA") RECEIVABLES
Beginning CA receivables, gross	$ 47,618	$ 61,197
CA extended to customers	214,995	234,710
Change in revenue receivables	(236)	(587)
CA collected from customers	(209,824)	(245,772)
Charge-offs, net of recoveries	(246)	(2,905)
Ending CA receivables, gross	52,307	46,643
Allowance for CA losses	(3,572)	(4,258)	$ (3,953)
CA receivables, net	$ 48,735	$ 42,385

CUSTOMER FUNDS AND INVESTMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025
CUSTOMER FUNDS AND INVESTMENTS
Cash and cash equivalents	$ 5,783,278	$ 6,062,918
Available-for-sale debt securities	1,406,380	1,306,623
Term deposits, current	175,000	175,000
Total current customer funds	7,364,658	7,544,541	$ 6,772,912
Term deposits - non-current	175,000	350,000
Total non-current customer funds	175,000	350,000	350,000
Customer funds shown in the condensed consolidated balance sheets	$ 7,539,658	$ 7,894,541	$ 7,122,912

STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 18,726	$ 17,799	$ 56,725	$ 56,613
Capitalized amount in compensation costs	366	553	1,293	1,866
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	6,969	5,860	21,603	18,994
Location, Statement of Income, Balance [Axis]: us-gaap:OtherOperatingIncomeExpenseNet
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,866	2,331	6,298	8,197
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	5,915	4,914	16,517	15,195
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 3,976	$ 4,694	$ 12,307	$ 14,227

ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2026

ACQUISITIONS

Schedule of 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
Total	$	13,176

Summary of recognized amounts of identifiable assets acquired and liabilities assumed


	Amounts Recognized as of Acquisition Date
Cash and cash equivalents	$	4,737
Accounts receivable		35
Other assets		867
Intangible assets		3,701
Deferred tax assets		568
Property, plant and software		2
Trade payables		(1,430)
Outstanding operating balances		(2,655)
Other payables		(709)
Deferred tax liabilities		(457)
Total identifiable net assets	$	4,659
Goodwill	$	8,517
Total	$	13,176

Summary of the Company's basis in acquired assets


	Amounts Recognized as of Acquisition Date
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

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS - Intangible assets, net (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 19, 2026	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
INTANGIBLE ASSETS
Intangible assets, Gross Carrying Value		$ 415,412		$ 415,412		$ 361,079
Finite lived intangible assets, Accumulated Amortization		(199,833)		(199,833)		(153,026)
Intangible assets, Net Carrying Value		215,579		215,579		208,053
Amortization expense		16,205	$ 13,451	47,464	$ 38,701
Payment license
INTANGIBLE ASSETS
Indefinite lived intangible assets		97,357		97,357		97,357
Internal use software
INTANGIBLE ASSETS
Finite lived intangible assets, Gross Carrying Value		287,544		287,544		236,770
Finite lived intangible assets, Accumulated Amortization		(179,142)		(179,142)		(134,466)
Finite lived intangible assets, Net Carrying Value		108,402		108,402		102,304
Impairment of intangible assets		0		460
Acquired developed technology
INTANGIBLE ASSETS
Finite lived intangible assets, Gross Carrying Value		20,269		20,269		20,269
Finite lived intangible assets, Accumulated Amortization		(18,935)		(18,935)		(17,650)
Finite lived intangible assets, Net Carrying Value		1,334		1,334		2,619
Customer relationships
INTANGIBLE ASSETS
Finite lived intangible assets, Gross Carrying Value		10,242		10,242		6,683
Finite lived intangible assets, Accumulated Amortization		(1,756)		(1,756)		(910)
Finite lived intangible assets, Net Carrying Value		$ 8,486		$ 8,486		$ 5,773
Customer relationships \| Boundless Technologies Limited
INTANGIBLE ASSETS
Assets acquired	$ 3,657
Estimated useful lives (in years)	7 years

INCOME TAXES (Details)	9 Months Ended
INCOME TAXES (Details)	Sep. 30, 2026	Sep. 30, 2025
INCOME TAXES
Effective income tax rate	52.00%	38.60%
U.S. federal statutory rate	21.00%	21.00%

REVENUE (Tables)

9 Months Ended

Sep. 30, 2026

REVENUE

Schedule of revenue recognized from contracts with customers as well as revenue from other sources


		Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026		2025
Revenue recognized at a point in time		$	218,313		$	208,696		$	643,525	$	593,589
Revenue recognized over time			2,120			990			5,290		2,856
Revenue from contracts with customers		$	220,433		$	209,686		$	648,815	$	596,445
Interest income on customer balances		$	54,747		$	59,531		$	158,389	$	175,837
Capital advance income			1,758			1,633			5,587		5,799
Revenue from other sources		$	56,505		$	61,164		$	163,976	$	181,636
Total revenues		$	276,938		$	270,850		$	812,791	$	778,081

Schedule of revenue disaggregated by primary geographical market


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2026			2025			2026			2025
Primary regional markets
Greater China¹		$	95,157		$	91,159		$	275,016		$	261,968
Europe, Middle East, and Africa²			68,623			68,234			201,624			194,523
Asia-Pacific²			60,840			57,183			179,800			162,205
Latin America²			24,566			27,972			76,385			84,728
North America³			27,752			26,302			79,966			74,657
Total revenues		$	276,938		$	270,850		$	812,791		$	778,081

(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 $26,769 and $25,165 during the three months ended September 30, 2026 and 2025, respectively, and $77,618 and $71,254 during the nine months ended September 30, 2026 and 2025, respectively.

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands		3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Sep. 28, 2021 USD ($)	Sep. 30, 2026 lawsuit
CNBV and Bank of Mexico
COMMITMENTS AND CONTINGENCIES
Maximum amount of exposure	$ 2,250
Deposit insurance provided by IPAB	$ 140
Merger lawsuits
COMMITMENTS AND CONTINGENCIES
Number of lawsuits filed \| lawsuit		2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Reflects the estimated amount of loss from the specified contingency as of the balance sheet date.

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+ Details

SIGNIFICANT ACCOUNTING POLICIES - Functional currency and translation (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2026
SIGNIFICANT ACCOUNTING POLICIES
Transaction gains recorded as other financial income	$ 4,937
Transaction losses recorded as other financial expense		$ 8,291

ACQUISITIONS

9 Months Ended

Sep. 30, 2026

ACQUISITIONS

ACQUISITIONS

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
Total	$	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 $4,000 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.

NOTE 3 – ACQUISITIONS (continued):

The following table summarizes the recognized amounts of identifiable assets acquired and liabilities assumed:


	Amounts Recognized as of Acquisition Date
Cash and cash equivalents	$	4,737
Accounts receivable		35
Other assets		867
Intangible assets		3,701
Deferred tax assets		568
Property, plant and software		2
Trade payables		(1,430)
Outstanding operating balances		(2,655)
Other payables		(709)
Deferred tax liabilities		(457)
Total identifiable net assets	$	4,659
Goodwill	$	8,517
Total	$	13,176

The excess purchase price consideration over the fair value of net tangible and identifiable assets acquired was recorded as goodwill.

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 nine months ended September 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:


	Amounts Recognized as of Acquisition Date
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.

NOTE 3 – ACQUISITIONS (continued):

Skuad

During the nine months ended September 30, 2026, Payoneer paid $8,738, representing the remaining amount of the earn-out as the performance criteria had been met.

- Definition

The entire disclosure for business combination.

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+ Details

OTHER PAYABLES

9 Months Ended

Sep. 30, 2026

OTHER PAYABLES

OTHER PAYABLES

NOTE 11 - OTHER PAYABLES

Composition of Other payables, grouped by major classifications, is as follows:


		September 30,			December 31,
		2026			2025
Employee related compensation		$	85,562		$	78,567
Commissions payable			18,289			19,115
Accrued expenses			14,606			17,428
Lease liability			10,860			7,249
Deferred revenue			9,697			5,354
PayEco acquisition deferred payment liability			5,821			—
Income tax payable			3,937			4,014
Boundless acquisition deferred payment liability			1,965			—
Skuad acquisition earnout liability			—			8,453
Other			1,804			4,388
Total Other payables		$	152,541		$	144,568

CAPITAL ADVANCE ("CA") RECEIVABLES (Tables)

9 Months Ended

Sep. 30, 2026

CAPITAL ADVANCE ("CA") RECEIVABLES

Schedule of purchased and collected principal amounts associated with Capital Advance (CA) receivables


	Nine Months Ended
	September 30,
	2026		2025
Beginning CA receivables, gross	$	47,618	$	61,197
CA extended to customers		214,995		234,710
Change in revenue receivables		(236)		(587)
CA collected from customers		(209,824)		(245,772)
Charge-offs, net of recoveries		(246)		(2,905)
Ending CA receivables, gross	$	52,307	$	46,643
Allowance for CA losses		(3,572)		(4,258)
CA receivables, net	$	48,735	$	42,385

Schedule of current and overdue balances CAs that are segregated into the timing of expected collections

The following are current and overdue balances that are segregated into the timing of expected collections at September 30, 2026:


					Due in less		Due in 30‑60		Due in 60‑90		Due in more
Total			Overdue		than 30 days		days		days		than 90 days
$	52,307		1,184		14,160		12,657		19,840		4,466

The following are current and overdue balances that are segregated into the timing of expected collections at December 31, 2025:


					Due in less		Due in 30‑60		Due in 60‑90		Due in more
Total			Overdue		than 30 days		days		days		than 90 days
$	47,618		987		13,017		10,123		19,307		4,184

OTHER LONG-TERM LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2026

OTHER LONG-TERM LIABILITIES

Summary of composition of other long-term liabilities, grouped by major classifications


		September 30,			December 31,
		2026			2025
Long-term lease liabilities		$	73,987		$	65,084
Reserves for uncertain income tax positions			64,086			57,083
Other tax provisions			12,476			11,098
PayEco acquisition deferred payment liability			—			7,220
Severance pay liabilities			2,544			2,906
Other			3,365			—
Total other long-term liabilities		$	156,458		$	143,391

STOCK-BASED COMPENSATION - Summary of RSU and PSU activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
RSU and PSU Units
Proceeds from international employees' sales of common stock			$ 488
Omnibus Stock Incentive Plan
RSU and PSU Units
Number of common shares reserved			13,948,172
Restricted stock units
RSU and PSU Units
Withhold to cover shares repurchased	(372,090)	(385,965)	(1,552,124)	(1,600,911)
Withhold to cover shares repurchased, value	$ 2,650	$ 2,611	$ 8,809	$ 13,478
Restricted stock units \| Omnibus Stock Incentive Plan
RSU and PSU Units
Granted			14,190,205
Restricted and performance stock units
RSU and PSU Units
Outstanding at beginning of period			22,316,131
Granted			15,595,402
Vested			(6,253,160)
Withhold to cover shares repurchased			(1,552,124)
Forfeited			(1,976,154)
Outstanding at end of period	28,130,095		28,130,095
Performance stock units \| Omnibus Stock Incentive Plan
RSU and PSU Units
Granted			1,405,197

OTHER CURRENT ASSETS (Tables)

9 Months Ended

Sep. 30, 2026

OTHER CURRENT ASSETS

Schedule of composition of other current assets, grouped by major classifications


		September 30,			December 31,
		2026			2025
Income receivable		$	49,092		$	43,690
Prepaid expenses			27,613			26,087
Prepaid income taxes			4,135			6,530
Derivative assets			436			2,852
Other			9,590			11,512
Total Other current assets		$	90,866		$	90,671

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Revenues	$ 276,938	$ 270,850	$ 812,791	$ 778,081
Transaction costs	41,636	42,483	114,520	122,398
Other operating expenses	41,117	40,386	122,388	124,747
Research and development expenses	49,962	39,864	140,256	114,522
Sales and marketing expenses	59,924	59,489	179,806	171,527
General and administrative expenses	37,832	36,141	122,260	103,061
Depreciation and amortization	21,375	16,140	61,515	46,083
Total operating expenses	251,846	234,503	740,745	682,338
Operating income	25,092	36,347	72,046	95,743
Financial expense:
Financial income (expense), net	6,188	(5,836)	(5,246)	(7,613)
Income before income taxes	31,280	30,511	66,800	88,130
Income taxes	16,363	16,388	34,751	33,950
Net income	14,917	14,123	32,049	54,180
Other comprehensive income (loss)
Unrealized gain (loss) on available-for-sale debt securities, net	(17,986)	892	(34,441)	10,696
Tax benefit (expense) on unrealized gain (loss) on available-for-sale debt securities, net	3,889	(200)	7,564	(2,374)
Unrealized gain (loss) on cash flow hedges, net	(2,795)	(1,668)	(4,152)	2,477
Tax benefit (expense) on unrealized gain (loss) on cash flow hedges, net	536	320	805	(488)
Unrealized gain (loss) on interest rate floor, net	(5,081)	(6,190)	(11,158)	1,948
Tax benefit (expense) on unrealized gain (loss) on interest rate floor, net	1,049	1,376	2,236	(369)
Foreign currency translation adjustments	62	(444)	(215)	(547)
Other comprehensive income (loss)	(20,326)	(5,914)	(39,361)	11,343
Comprehensive income (loss)	$ (5,409)	$ 8,209	$ (7,312)	$ 65,523
Per Share Data
Net income per share attributable to common stockholders - Basic earnings per share (in dollars per share)	$ 0.04	$ 0.04	$ 0.09	$ 0.15
- Diluted earnings per share (in dollars per share)	$ 0.04	$ 0.04	$ 0.09	$ 0.14
Weighted average common shares outstanding - Basic (in shares)	340,346,575	368,266,611	341,040,041	372,726,412
Weighted average common shares outstanding - Diluted (in shares)	350,041,330	377,633,523	350,867,092	388,619,245

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash Flows from Operating Activities
Net income	$ 32,049	$ 54,180
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	61,515	46,083
Deferred taxes	(5,314)	(11,761)
Stock-based compensation expenses	56,725	56,613
Interest on certificate of deposits	7,269	(7,525)
Interest and amortization of premium/discount on investments	3,734	(3,868)
Net realized (gains) losses on derivative instruments	(160)	(4,905)
Foreign currency re-measurement (gain) loss	1,014	(4,965)
Changes in operating assets and liabilities:
Other current assets	(5,114)	10,340
Trade payables	6,912	2,882
Deferred revenue	4,343	258
Accounts receivable, net	(2,395)	(2,405)
Capital advance extended to customers	(215,376)	(235,407)
Capital advance collected from customers	210,306	249,264
Other payables	1,744	1,394
Other long-term liabilities	15,493	13,086
Operating lease right-of-use assets	7,603	7,610
Other assets	9	1,016
Net cash provided by operating activities	180,357	171,890
Cash Flows from Investing Activities
Purchase of property, equipment and software	(25,522)	(12,285)
Capitalization of internal use software	(50,791)	(43,886)
Severance pay fund distributions, net	(10)	(56)
Customer funds in transit, net	61,423	(56,747)
Purchases of investments in available-for-sale debt securities	(411,932)	(351,824)
Maturities of investments in available-for-sale debt securities	274,000	253,500
Settlement of cash flow hedges	7,150	6,687
Maturities of investments in term deposits	175,000	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	22,839	(162,692)
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	910	(3,237)
Outstanding operating balances, net	(357,538)	136,622
Receipts of collateral on interest rate derivatives	44,330	89,550
Payments of collateral on interest rate derivatives	(63,390)	(90,010)
Consideration related to previous acquisitions	(6,519)	455
Payment on exercise of warrants		(1,332)
Common stock repurchased	(92,524)	(95,029)
Net cash provided by (used in) financing activities	(474,731)	37,019
Effect of exchange rate changes on cash and cash equivalents	(1,153)	5,177
Net change in cash, cash equivalents, restricted cash and customer funds	(272,688)	51,394
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	6,144,019	5,709,604
Supplemental information of investing and financing activities not involving cash flows:
Property, equipment, and software acquired but not paid	5,021	505
Internal use software capitalized but not paid	8,869	6,201
Right of use assets obtained in exchange for new operating lease liabilities	$ 3,690	$ 34,440

CUSTOMER FUNDS AND INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2026

CUSTOMER FUNDS AND INVESTMENTS

Schedule of assets underlying customer funds


	September 30,		December 31,
	2026		2025
Cash and cash equivalents	$	5,783,278	$	6,062,918
Available-for-sale debt securities		1,406,380		1,306,623
Term deposits		175,000		175,000
Total current customer funds	$	7,364,658	$	7,544,541
Term deposits - non-current		175,000		350,000
Total non-current customer funds	$	175,000	$	350,000
Total customer funds	$	7,539,658	$	7,894,541

OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
OTHER CURRENT ASSETS
Income receivable	$ 49,092	$ 43,690
Prepaid expenses	27,613	26,087
Prepaid income taxes	4,135	6,530
Derivative assets	436	2,852
Other	9,590	11,512
Total Other current assets	$ 90,866	$ 90,671

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2026

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

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.

As of the date this Quarterly Report on Form 10-Q, two lawsuits relating to the Merger (the “Lawsuits”) have been filed by purported stockholders of the Company as individual actions and allege that the Company’s Proxy Statement dated August 11, 2026 (the “Proxy Statement”), related to the Merger, was materially incomplete due to certain misrepresentations and omissions in violation of New York common law. In addition, the Company has received demand letters from purported stockholders of the Company (i) alleging that the Proxy Statement was materially incomplete due to certain misrepresentations and omissions and demanding corrective disclosures to address such allegations or (ii) demanding access to the Company’s books and records to investigate certain aspects of the Merger (the “Letters”). The Company cannot predict the outcome of the Lawsuits, Letters or other lawsuits and demand letters it may receive. The Company believes that the claims asserted in the Lawsuits and Letters are without merit. However, in order to render moot the unmeritorious disclosure claims and alleviate the costs, risks and uncertainties inherent in potential litigation, the Company voluntarily supplemented the Proxy Statement as described in the Form 8-K filed by the Company on September 8, 2026.

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.

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.

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2026

SEGMENT INFORMATION

SEGMENT INFORMATION

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.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Revenue	$	276,938		$	270,850		$	812,791		$	778,081
Less:
Transaction cost¹		(41,636)			(42,483)			(114,520)			(122,398)
Labor & related		(86,646)			(78,963)			(253,675)			(227,767)
Stock-based compensation		(18,726)			(17,799)			(56,725)			(56,613)
3rd party contractors		(9,886)			(8,488)			(28,154)			(26,749)
IT & communication		(22,769)			(20,154)			(64,312)			(59,689)
Depreciation & amortization		(21,375)			(16,140)			(61,515)			(46,083)
Other operating expenses²		(50,808)			(50,476)			(161,844)			(143,039)
Income taxes		(16,363)			(16,388)			(34,751)			(33,950)
Other segment items³		6,188			(5,836)			(5,246)			(7,613)
Net income	$	14,917		$	14,123		$	32,049		$	54,180

⁽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.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
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+ Details

INCOME TAXES

9 Months Ended

Sep. 30, 2026

INCOME TAXES

INCOME TAXES

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 52.0% and 38.6% for the nine months ended September 30, 2026 and 2025, respectively. For the nine months ended September 30, 2026, the difference between the Company’s effective tax rate and the U.S. federal statutory rate of 21% was primarily driven by a U.S. federal minimum tax on certain payments made to the Company’s foreign affiliates, stock-based compensation, return-to-provision adjustments, uncertain tax positions, and non-deductible M&A expenses required to be capitalized for U.S. tax purposes, all of which is partially offset by the U.S. tax benefit for income derived from foreign customers.

For the nine months ended September 30, 2025, the difference between the Company’s effective tax rate and the U.S. federal statutory rate of 21% was 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.

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 September 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.

- Definition

The entire disclosure for income tax.

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+ Details

WARRANTS AND SHAREHOLDERS' EQUITY - Share Repurchase Program and Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Jul. 30, 2025	Dec. 07, 2023	May 07, 2023
WARRANTS AND SHAREHOLDERS' EQUITY
Amount authorized for stock repurchase program						$ 250,000	$ 80,000
Treasury stock, shares, acquired	0	6,619,743	17,565,934	13,312,218
Treasury stock, value, acquired, cost method		$ 44,573	$ 89,873	$ 94,254
Shares acquired, average cost per share		$ 6.73	$ 5.12	$ 7.08
Share repurchase activity, excise tax			$ 334
Reversal of excise tax	$ 146
Stock repurchase program, remaining authorized repurchase amount	$ 101,855		$ 101,855
Maximum
WARRANTS AND SHAREHOLDERS' EQUITY
Amount authorized for stock repurchase program					$ 300,000

- Definition

Number of shares that have been repurchased during the period and are being held in treasury.

+ References

+ Details

WARRANTS AND SHAREHOLDER'S EQUITY - Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2015	Sep. 30, 2025
WARRANTS AND SHAREHOLDERS' EQUITY
Payment on exercise of warrants			$ 1,332
Private warrants
WARRANTS AND SHAREHOLDERS' EQUITY
Exercise price of warrants		$ 1.79
Payment on exercise of warrants	$ 1,332
Common stock issued by warrants	676,934		676,934
Term of warrants		10 years
Outstanding warrants	1,792,994		1,792,994
Vested warrants	1,080,707
Transaction costs incurred for the repurchase of warrants	$ 0

FAIR VALUE

9 Months Ended

Sep. 30, 2026

FAIR VALUE

FAIR VALUE

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 September 30, 2026 and December 31, 2025:


	September 30, 2026
	Level 1		Level 2		Level 3		Total
Financial Assets:
U.S. Treasury Securities (included within Customer funds)¹	$	1,411,366	$	—	$	—	$	1,411,366
Derivative assets (included within Other current assets)
Interest rate floors²	$	—	$	457	$	—	$	457
Foreign currency forwards		—		436		—		436
Total current derivative assets	$	—	$	893	$	—	$	893
Derivative assets (included within Other non-current assets)
Interest rate floors²	$	—	$	7,929	$	—	$	7,929
Total financial assets	$	1,411,366	$	8,822	$	—	$	1,420,188
Financial Liabilities:
Foreign currency forwards	$	—	$	1,736	$	—	$	1,736
Boundless acquisition deferred payment liability (included within Other payables)		—		—		1,965		1,965
PayEco deferred payment liability (included within Other payables)		—		—		5,821		5,821
Total financial liabilities	$	—	$	1,736	$	7,786	$	9,522


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets:
U.S. Treasury Securities (included within Customer funds)	$	1,306,623	$	—	$	—	$	1,306,623
Derivative assets (included within Other current assets)
Interest rate floors²	$	—	$	1,688	$	—	$	1,688
Foreign currency forwards		—		2,852		—		2,852
Total current derivative assets	$	—	$	4,540	$	—	$	4,540
Derivative assets (included within Other non-current assets)
Interest rate floors²	$	—	$	24,846	$	—	$	24,846
Total financial assets	$	1,306,623	$	29,386	$	—	$	1,336,009
Financial Liabilities:
Skuad acquisition earnout liability (included within Other payables)	$	—	$	—	$	8,453	$	8,453
PayEco deferred payment liability (included within Other long-term liabilities)	$	—	$	—	$	7,220	$	7,220
Total financial liabilities	$	—	$	—	$	15,673	$	15,673

Note 1: U.S. Treasury Securities (included within customer funds) includes $4,986 of Treasury Bills that are classified as cash and cash equivalents, as they had remaining maturities of three months or less at the date of purchase.

Note 2: As of September 30, 2026 and December 31, 2025, the Company recognized an obligation to return cash collateral related to its interest rate floors of $8,200 and $27,260, respectively, which was offset against the gross derivative balances shown in the table above.

NOTE 7 – FAIR VALUE (continued):

The Company’s foreign currency derivative instruments and interest rate floors are valued using pricing models that take into account the contract terms and relevant currency and interest rates.

As of September 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 nine months ended September 30, 2026, the Company recognized $0 and $285, respectively, and during the three and nine months ended September 30, 2025, the Company recognized $124 and $499, 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 nine months ended September 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 nine months ended September 30, 2026, the Company recognized $259 and $542, respectively, in loss and during the three and nine months ended September 30, 2025, the Company recognized $243 in loss related to the imputed interest associated with the liability, included within Financial income (expense), net on the condensed consolidated statements of comprehensive income.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

DERIVATIVES AND HEDGING - Gross notional amount and fair value of outstanding derivative instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
DERIVATIVES AND HEDGING
Total current derivative assets, Fair Value	$ 436	$ 2,852
Designated as hedge accounting instruments
DERIVATIVES AND HEDGING
Total current derivative assets, Fair Value	893	4,540
Total derivative assets, Fair Value	8,822	29,386
Total derivative liabilities, Fair Value	1,736
Interest rate floors \| Designated as hedge accounting instruments
DERIVATIVES AND HEDGING
Total current derivative assets, Fair Value	$ 457	$ 1,688
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Total non current derivative assets, Fair Value	$ 7,929	$ 24,846
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Foreign currency forwards \| Designated as hedge accounting instruments
DERIVATIVES AND HEDGING
Total current derivative assets, Fair Value	$ 436	$ 2,852
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Total current derivative liabilities, Fair value	$ 1,736
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current

PROPERTY, EQUIPMENT AND SOFTWARE (Tables)

9 Months Ended

Sep. 30, 2026

PROPERTY, EQUIPMENT AND SOFTWARE

Schedule of composition of property, equipment and software, grouped by major classifications


		September 30,			December 31,
		2026			2025
Computers, software and peripheral equipment		$	54,581		$	43,345
Leasehold improvements			27,149			21,289
Furniture and office equipment			15,109			8,712
Property, equipment and software			96,839			73,346
Accumulated depreciation			(47,916)			(40,909)
Property, equipment and software, net		$	48,923		$	32,437

GENERAL OVERVIEW (Details) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended
	Jun. 12, 2026 USD ($) $ / shares	Sep. 30, 2026 USD ($) installment $ / shares	Sep. 30, 2026 USD ($) $ / shares	Dec. 31, 2025 $ / shares
GENERAL OVERVIEW
Common stock, par value \| $ / shares		$ 0.01	$ 0.01	$ 0.01
Merger Agreement With Neon Maple Parent Inc And Panda Acquisition Sub Inc
GENERAL OVERVIEW
Common stock, par value \| $ / shares	$ 0.01
Acquisition share price \| $ / shares	$ 7.4
Period of automatic extension	3 months
Amount of termination fee receivable	$ 165,000
Amount of maximum damages	$ 275,000
Cash incentive awards, long-term		$ 250
Merger Agreement With Neon Maple Parent Inc And Panda Acquisition Sub Inc \| At Merger Closing
GENERAL OVERVIEW
Cash incentive awards, short-term		15,891
Cash incentive awards, long-term		$ 17,696
Cash incentive award vesting percentage, long-term		25.00%
Number of installments for vesting of the remaining long-term cash incentive award \| installment		12
Unrecognized estimated acquisition-related costs due at successful closing		$ 38,840
Merger Agreement With Neon Maple Parent Inc And Panda Acquisition Sub Inc \| Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
GENERAL OVERVIEW
Acquisition-related costs		$ 2,699	$ 13,351

SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2026

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

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 nine months ended September 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.

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 remeasured 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 financial income or expense. During the three months ended September 30, 2026, the Company recognized $4,937 of transaction gains. During the nine months ended September 30, 2026, the Company recognized $8,291 of transaction losses. 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 financial income or expense in the consolidated statements of comprehensive income.

d. Out-of-period adjustment:

During the three months ended September 30, 2026, the Company recorded an out-of-period adjustment of $5.8 million in Financial income (expense), net related to a mismatch in the reconciliation of certain transactions. The Company concluded that the error was not material to the previously issued condensed consolidated financial statements.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued):

e. Recently issued accounting pronouncements:

The Company did not adopt any new standards or updates issued by the Financial Accounting Standards Board (“FASB”) during the nine months ended September 30, 2026.

FASB Standards issued, but not adopted as of September 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.

REVENUE - Primary Geographical Market (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
REVENUE
Total revenues	$ 276,938	$ 270,850	$ 812,791	$ 778,081
Greater China
REVENUE
Total revenues	95,157	91,159	275,016	261,968
Europe, Middle East, and Africa
REVENUE
Total revenues	68,623	68,234	201,624	194,523
Asia-Pacific
REVENUE
Total revenues	60,840	57,183	179,800	162,205
Latin America
REVENUE
Total revenues	24,566	27,972	76,385	84,728
North America
REVENUE
Total revenues	27,752	26,302	79,966	74,657
United States
REVENUE
Total revenues	$ 26,769	$ 25,165	$ 77,618	$ 71,254

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

GOODWILL AND INTANGIBLE ASSETS - Future intangible asset (Details) $ in Thousands	Sep. 30, 2026 USD ($)
INTANGIBLE ASSETS
Capitalized internal use software not yet placed in service	$ 18,385
Excluding capitalized internal use software
INTANGIBLE ASSETS
Remaining 2026	14,818
2027	47,036
2028	27,131
2029	6,150
2030 and thereafter	4,702
Finite lived intangible assets, Net Carrying Value	$ 99,837

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2026	Sep. 30, 2025
Reconciliation of cash, cash equivalents, restricted cash and customer funds
Cash and cash equivalents	$ 362,635	$ 479,448
Current restricted cash	2,586	8,659
Non-current restricted cash	25,539	20,916
Customer funds
Current customer funds	7,364,658	6,772,912
Non-current customer funds	175,000	350,000
Customer funds shown in the condensed consolidated balance sheets	7,539,658	7,122,912
Less: Customer funds in transit	(30,019)	(109,506)
Less: Customer funds invested in available-for-sale debt securities	(1,406,380)	(1,287,825)
Less: Customer funds invested in term deposits	(350,000)	(525,000)
Net customer funds shown in the condensed consolidated statements of cash flows	5,753,259	5,200,581
Total cash, cash equivalents, restricted cash and customer funds shown in the condensed consolidated statements of cash flows	$ 6,144,019	$ 5,709,604

WARRANTS AND SHAREHOLDER'S EQUITY - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Accumulated Other Comprehensive Loss
Beginning balance	$ 653,530	$ 770,905	$ 704,427	$ 724,790
Net current period other comprehensive gain (loss)	(20,326)	(5,914)	(39,361)	11,343
Ending balance	665,709	750,487	665,709	750,487
Foreign currency translation adjustments
Accumulated Other Comprehensive Loss
Beginning balance	(1,132)	(345)	(855)	(242)
Other comprehensive gain (loss) before reclassifications	62	(444)	(215)	(547)
Net current period other comprehensive gain (loss)	62	(444)	(215)	(547)
Ending balance	(1,070)	(789)	(1,070)	(789)
Unrealized gains on available-for-sale debt securities
Accumulated Other Comprehensive Loss
Beginning balance	(4,082)	7,308	8,698	(322)
Other comprehensive gain (loss) before reclassifications	(14,097)	692	(26,877)	8,322
Net current period other comprehensive gain (loss)	(14,097)	692	(26,877)	8,322
Ending balance	(18,179)	8,000	(18,179)	8,000
Unrealized losses on cash flow hedges
Accumulated Other Comprehensive Loss
Beginning balance	(20,098)	(2,315)	(14,120)	(12,045)
Other comprehensive gain (loss) before reclassifications	(8,312)	(4,148)	(12,095)	7,253
Amount of gain (loss) reclassified from AOCI	2,021	(2,014)	(174)	(3,685)
Net current period other comprehensive gain (loss)	(6,291)	(6,162)	(12,269)	3,568
Ending balance	(26,389)	(8,477)	(26,389)	(8,477)
Total
Accumulated Other Comprehensive Loss
Beginning balance	(25,312)	4,648	(6,277)	(12,609)
Other comprehensive gain (loss) before reclassifications	(22,347)	(3,900)	(39,187)	15,028
Amount of gain (loss) reclassified from AOCI	2,021	(2,014)	(174)	(3,685)
Net current period other comprehensive gain (loss)	(20,326)	(5,914)	(39,361)	11,343
Ending balance	$ (45,638)	$ (1,266)	$ (45,638)	$ (1,266)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

DERIVATIVES AND HEDGING

9 Months Ended

Sep. 30, 2026

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING

NOTE 6 – DERIVATIVES AND HEDGING

The following table summarizes the fair value of outstanding derivative instruments at September 30, 2026 and December 31, 2025.


	Balance Sheet Location		September 30, 2026		December 31, 2025
Derivative assets designated as hedge accounting instruments:
Interest rate floors		Other Current Assets	$	457	$	1,688
Foreign currency forwards		Other Current Assets		436		2,852
Total current derivative assets			$	893	$	4,540
Interest rate floors		Other Non-Current Assets		7,929		24,846
Total derivative assets			$	8,822	$	29,386
Derivative liabilities designated as hedge accounting instruments:
Foreign currency forwards		Other payables	$	1,736	$	-
Total derivative liabilities			$	1,736	$	-

During the three months ended September 30, 2026 and 2025, the Company recognized $6,291 and $6,162 in unrealized losses, net of tax, respectively on derivative instruments designated as cash flow hedges in OCI. During the nine months ended September 30, 2026 and 2025, the Company recognized $12,269 in unrealized losses, net of tax and $3,568, in unrealized gains, net of tax, on derivative instruments designated as cash flow hedges in OCI, respectively.

During the three months ended September 30, 2026 and 2025, the Company recognized reductions to revenue of $2,667 and $1,119, respectively, and during the nine months ended September 30, 2026 and 2025 the Company recognized reductions to revenue of $6,991 and $1,781, respectively, related to its interest rate floors. During the three months ended September 30, 2026 and 2025, the Company also recognized reductions to operating expenses of $73 and $3,565, respectively, and during the nine months ended September 30, 2026 and 2025, the Company also recognized reductions to operating expenses of $7,150 and $6,274, respectively, related to its foreign currency derivatives.

As of September 30, 2026, the Company estimated that $11,748 of unrealized losses related to interest rate floor cash flow hedges currently included in AOCI are expected to be reclassified as reductions to revenue within the next 12 months. As of September 30, 2026, the Company estimated that $1,300 of net unrealized losses 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 September 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 49 months. During the three and nine months ended September 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 September 30, 2026 and December 31, 2025, the Company recognized an obligation to return cash collateral related to interest rate floors of $8,200 and $27,260, respectively, which was offset against the gross derivative balances shown in the table above.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

ACQUISITIONS - Asset acquisition (Details) - Payeco Finance $ in Thousands	Apr. 09, 2025 USD ($)
Asset Acquisition [Line Items]
Equity percentage acquired, asset acquisition	100.00%
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
Deferred Payments Due On April 9, 2026
Asset Acquisition [Line Items]
Deferred payments term	12 months
Deferred Payments Due On April 9, 2027
Asset Acquisition [Line Items]
Deferred payments term	24 months

ACQUISITIONS - Business combination consideration transferred (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Jan. 19, 2026	Sep. 30, 2026	Dec. 31, 2025
Boundless
ACQUISITIONS
Cash	$ 11,216
Fair value of deferred payment liability payable in 6 and 12 months after acquisition	1,803
Other	157
Total	$ 13,176
Earnout compensation expense, requisite service period	14 months
Acquisition-related costs		$ 520	$ 1,384
Skuad
ACQUISITIONS
Payments for earn-out liability		$ 8,738
Deferred Payments Due on July 19, 2026 \| Boundless
ACQUISITIONS
Deferred payments term	6 months
Deferred Payments Due on January 19, 2027 \| Boundless
ACQUISITIONS
Deferred payments term	12 months
Maximum \| Boundless
ACQUISITIONS
Post-combination compensation expense	$ 4,000

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2026

STOCK-BASED COMPENSATION

Summary of stock option activity


		Options
Outstanding at December 31, 2025		6,985,323
Granted		—
Exercised		(2,385,275)
Forfeited		(66,174)
Outstanding at September 30, 2026		4,533,874
Exercisable at September 30, 2026		4,128,570

Summary of restricted and performance stock unit activity


		Units
Outstanding December 31, 2025		22,316,131
Granted		15,595,402
Vested		(6,253,160)
Withhold to cover shares repurchased		(1,552,124)
Forfeited		(1,976,154)
Outstanding September 30, 2026		28,130,095

Schedule of stock-based compensation expense


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2026			2025			2026			2025
Other operating expenses		$	1,866		$	2,331		$	6,298		$	8,197
Research and development expenses			5,915			4,914			16,517			15,195
Sales and marketing expenses			3,976			4,694			12,307			14,227
General and administrative expenses			6,969			5,860			21,603			18,994
Total stock-based compensation		$	18,726		$	17,799		$	56,725		$	56,613

DERIVATIVES AND HEDGING (Tables)

9 Months Ended

Sep. 30, 2026

DERIVATIVES AND HEDGING

Schedule of gross notional amount and fair value of outstanding derivative instruments


	Balance Sheet Location		September 30, 2026		December 31, 2025
Derivative assets designated as hedge accounting instruments:
Interest rate floors		Other Current Assets	$	457	$	1,688
Foreign currency forwards		Other Current Assets		436		2,852
Total current derivative assets			$	893	$	4,540
Interest rate floors		Other Non-Current Assets		7,929		24,846
Total derivative assets			$	8,822	$	29,386
Derivative liabilities designated as hedge accounting instruments:
Foreign currency forwards		Other payables	$	1,736	$	-
Total derivative liabilities			$	1,736	$	-

PROPERTY, EQUIPMENT AND SOFTWARE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
PROPERTY, EQUIPMENT AND SOFTWARE
Property, equipment and software	$ 96,839		$ 96,839		$ 73,346
Accumulated depreciation	(47,916)		(47,916)		(40,909)
Property, equipment and software, net	48,923		48,923		32,437
Depreciation expense	5,170	$ 2,687	13,591	$ 7,382
Cost of depreciated property, equipment and software disposals	716	$ 2,647	6,549	$ 2,826
Computers, software and peripheral equipment
PROPERTY, EQUIPMENT AND SOFTWARE
Property, equipment and software	54,581		54,581		43,345
Leasehold improvements
PROPERTY, EQUIPMENT AND SOFTWARE
Property, equipment and software	27,149		27,149		21,289
Furniture and office equipment
PROPERTY, EQUIPMENT AND SOFTWARE
Property, equipment and software	$ 15,109		$ 15,109		$ 8,712

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

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+ Details

CUSTOMER FUNDS AND INVESTMENTS

9 Months Ended

Sep. 30, 2026

CUSTOMER FUNDS AND INVESTMENTS

CUSTOMER FUNDS AND INVESTMENTS

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 September 30, 2026 and December 31, 2025:


	September 30,		December 31,
	2026		2025
Cash and cash equivalents	$	5,783,278	$	6,062,918
Available-for-sale debt securities		1,406,380		1,306,623
Term deposits		175,000		175,000
Total current customer funds	$	7,364,658	$	7,544,541
Term deposits - non-current		175,000		350,000
Total non-current customer funds	$	175,000	$	350,000
Total customer funds	$	7,539,658	$	7,894,541

As of September 30, 2026, the estimated fair value of the available-for-sale debt securities included $102 in unrealized gains and $18,281 in unrealized losses, net of tax. The gross unrealized losses of $23,340 related to assets with a fair value of $1,285,280 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 September 30, 2026, the Company did not sell any available-for-sale debt securities or incur any realized gains or losses.

As of September 30, 2026, $351,188 of the Company’s available-for-sale debt securities were due to mature within one year or less, and $1,055,192 were due to mature between one and five years.

PROPERTY, EQUIPMENT AND SOFTWARE

9 Months Ended

Sep. 30, 2026

PROPERTY, EQUIPMENT AND SOFTWARE

PROPERTY, EQUIPMENT AND SOFTWARE

NOTE 9 – PROPERTY, EQUIPMENT AND SOFTWARE

Composition of property, equipment and software, grouped by major classifications, is as follows:


		September 30,			December 31,
		2026			2025
Computers, software and peripheral equipment		$	54,581		$	43,345
Leasehold improvements			27,149			21,289
Furniture and office equipment			15,109			8,712
Property, equipment and software			96,839			73,346
Accumulated depreciation			(47,916)			(40,909)
Property, equipment and software, net		$	48,923		$	32,437

Depreciation expense for the three months ended September 30, 2026 and 2025 was $5,170 and $2,687, respectively, and $13,591 and $7,382, for the nine months ended September 30, 2026 and 2025, respectively.

NOTE 9 – PROPERTY, EQUIPMENT AND SOFTWARE (continued):

During the three and nine months ended September 30, 2026, the Company disposed of Leasehold improvements, Furniture and office equipment and Computers, software and peripheral equipment with a cost of $716 and $6,549, respectively, that were fully depreciated. During the three and nine months ended September 30, 2025, the Company disposed of computers, software, and peripheral equipment with a cost of $2,647 and $2,826, respectively, that were fully depreciated.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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+ Details

WARRANTS AND SHAREHOLDER'S EQUITY (Tables)

9 Months Ended

Sep. 30, 2026

WARRANTS AND SHAREHOLDERS' EQUITY

Schedule of changes in the balances of each component of accumulated other comprehensive income (loss), net of tax


	Three Months Ended September 30, 2026
	Foreign currency translation adjustments		Unrealized losses on available-for-sale debt securities		Unrealized gains (losses) on cash flow hedges		Total
Beginning balance	$	(1,132)		(4,082)		(20,098)	$	(25,312)
Other comprehensive gain (loss) before reclassifications		62		(14,097)		(8,312)		(22,347)
Amount of loss reclassified from AOCI		—		—		2,021		2,021
Net current period other comprehensive gain (loss)		62		(14,097)		(6,291)		(20,326)
Ending balance	$	(1,070)	$	(18,179)	$	(26,389)	$	(45,638)


	Nine Months Ended September 30, 2026
	Foreign currency translation adjustments		Unrealized gains (losses) on available-for-sale debt securities		Unrealized losses on cash flow hedges		Total
Beginning balance	$	(855)		8,698		(14,120)	$	(6,277)
Other comprehensive loss before reclassifications		(215)		(26,877)		(12,095)		(39,187)
Amount of gain reclassified from AOCI		—		—		(174)		(174)
Net current period other comprehensive loss		(215)		(26,877)		(12,269)		(39,361)
Ending balance	$	(1,070)	$	(18,179)	$	(26,389)	$	(45,638)


	Three Months Ended September 30, 2025
	Foreign currency translation adjustments		Unrealized gains on available-for-sale debt securities		Unrealized (losses) on cash flow hedges		Total
Beginning balance	$	(345)	$	7,308	$	(2,315)	$	4,648
Other comprehensive income (loss) before reclassifications		(444)		692		(4,148)		(3,900)
Amount of gain reclassified from AOCI		—		—		(2,014)		(2,014)
Net current period other comprehensive income (loss)		(444)		692		(6,162)		(5,914)
Ending balance	$	(789)	$	8,000	$	(8,477)	$	(1,266)


	Nine Months Ended September 30, 2025
	Foreign currency translation adjustments		Unrealized gains (losses) on available-for-sale debt securities		Unrealized gains (losses) on cash flow hedges		Total
Beginning balance	$	(242)	$	(322)	$	(12,045)	$	(12,609)
Other comprehensive income (loss) before reclassifications		(547)		8,322		7,253		15,028
Amount of gain reclassified from AOCI		—		—		(3,685)		(3,685)
Net current period other comprehensive income (loss)		(547)		8,322		3,568		11,343
Ending balance	$	(789)	$	8,000	$	(8,477)	$	(1,266)

NET EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Numerator:
us-gaap:NetIncomeLoss	$ 14,917	$ 14,123	$ 32,049	$ 54,180
Denominator:
Weighted average common shares outstanding - Basic (in shares)	340,346,575	368,266,611	341,040,041	372,726,412
Dilutive impact of RSUs, ESPP and options to purchase common stock	9,694,755	8,824,839	9,827,051	15,155,419
Dilutive impact of private warrants		542,073		737,414
Weighted average common shares - diluted	350,041,330	377,633,523	350,867,092	388,619,245
Net income per share attributable to common stockholders - Basic earnings per share (in dollars per share)	$ 0.04	$ 0.04	$ 0.09	$ 0.15
Diluted earnings per share (in dollars per share)	$ 0.04	$ 0.04	$ 0.09	$ 0.14

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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-Topic 260
-SubTopic 10
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+ Details

STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) - Stock options	9 Months Ended
	Sep. 30, 2026 $ / shares shares
Options to purchase shares of common stock activity
Outstanding at beginning of period	6,985,323
Exercised	(2,385,275)
Forfeited	(66,174)
Outstanding at end of period	4,533,874
Exercisable at end of period	4,128,570
Weighted average exercise price \| $ / shares	$ 3.36

- Definition

Number of share options (or share units) exercised during the current period.

+ References

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-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

TRANSACTION COSTS (Tables)

9 Months Ended

Sep. 30, 2026

TRANSACTION COSTS

Schedule of composition of transaction costs, grouped by major classifications


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2026			2025			2026			2025
Bank and processor fees		$	33,861		$	31,626		$	93,564		$	90,968
Network fees			4,069			8,249			12,056			22,075
Chargebacks and operational losses			2,289			1,544			5,890			4,994
Card costs			286			370			897			1,119
Capital advance costs, net of recoveries			422			222			(71)			1,951
Other			709			472			2,184			1,291
Total transaction costs		$	41,636		$	42,483		$	114,520		$	122,398

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2026

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

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 nine months ended September 30, 2026:


		Options
Outstanding at December 31, 2025		6,985,323
Granted		—
Exercised		(2,385,275)
Forfeited		(66,174)
Outstanding at September 30, 2026		4,533,874
Exercisable at September 30, 2026		4,128,570

The weighted average exercise price of the options outstanding as of September 30, 2026 was $3.36 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 September 30, 2026:


		Units
Outstanding December 31, 2025		22,316,131
Granted		15,595,402
Vested		(6,253,160)
Withhold to cover shares repurchased		(1,552,124)
Forfeited		(1,976,154)
Outstanding September 30, 2026		28,130,095

During the nine months ended September 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 nine months ended September 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 September 30, 2026 and 2025, the Company withheld 372,090 and 385,965 shares for $2,650 and $2,611, respectively, and for the nine months ended September 30, 2026 and 2025, the Company withheld 1,552,124 and 1,600,911 shares for $8,809 and $13,478, 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 September 30, 2026, $488 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.

NOTE 18 – STOCK-BASED COMPENSATION (continued):

Employee Stock Purchase Plan

During the nine months ended September 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 September 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 nine months ended September 30, 2026 was $804 and $2,187, 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:


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2026			2025			2026			2025
Other operating expenses		$	1,866		$	2,331		$	6,298		$	8,197
Research and development expenses			5,915			4,914			16,517			15,195
Sales and marketing expenses			3,976			4,694			12,307			14,227
General and administrative expenses			6,969			5,860			21,603			18,994
Total stock-based compensation		$	18,726		$	17,799		$	56,725		$	56,613

Note that $366 and $553 in stock-based compensation awards were capitalized as part of internal-use software during the three months ended September 30, 2026 and 2025, respectively and $1,293 and $1,866 were capitalized during the nine months ended September 30, 2026 and 2025, respectively.