Payoneer Global Inc. Revenue Disclosure
NOTE 19 – REVENUE
The following table presents revenue recognized from contracts with customers as well as revenue from other sources:
Year Ended December 31, | |||||||||
| 2025 | | 2024 | | 2023 | ||||
Revenue recognized at a point in time | $ | 809,581 | $ | 707,644 | $ | 573,902 | |||
Revenue recognized over time | 3,832 |
| 2,650 |
| 16,925 | ||||
Revenue from contracts with customers | $ | 813,413 | $ | 710,294 | $ | 590,827 | |||
Interest income on customer balances | $ | 231,614 | $ | 256,846 | $ | 230,634 | |||
Capital advance income | 7,747 | 10,576 | 9,642 | ||||||
Revenue from other sources | $ | 239,361 | $ | 267,422 | $ | 240,276 | |||
Total revenues | $ | 1,052,774 | $ | 977,716 | $ | 831,103 | |||
Based on the information provided to and reviewed by the Company’s 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.
NOTE 19 – REVENUE (continued):
Note that in 2024, the Company has updated the definition of its primary regional markets to align with the view used by Management. This update eliminates South Asia, Middle East and North Africa as a separate region and instead includes revenues from South Asia in the Asia-Pacific region and Middle East and North Africa in the Europe, Middle East, and Africa region. The update has been applied to all periods reflected in the table below.
Year Ended December 31, | |||||||||
| 2025 | | 2024 | | 2023 | ||||
Primary regional markets |
| |
| |
| | |||
Greater China(1) | $ | 354,100 | $ | 340,846 | $ | 287,944 | |||
Europe, Middle East, and Africa(2) | 264,508 | 253,096 | 225,703 | ||||||
Asia-Pacific(2) | 221,221 | 186,582 | 142,737 | ||||||
Latin America(2) |
| 111,424 |
| 100,324 |
| 77,285 | |||
North America(3) |
| 101,521 |
| 96,868 |
| 97,434 | |||
Total revenues | $ | 1,052,774 | $ | 977,716 | $ | 831,103 | |||
| (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 $97,221, $95,794 and $93,371 during the years ended December 31, 2025, 2024 and 2023. |
The following table represents a roll forward of deferred customer acquisition costs:
Opening balance as of December 31, 2024 | | $ | 10,401 |
Additions to deferred customer acquisition costs |
| 9,372 | |
Amortization of deferred customer acquisition costs |
| (9,176) | |
Ending balance as of December 31, 2025 | $ | 10,597 | |
Opening balance as of December 31, 2023 | $ | 9,613 | |
Additions to deferred customer acquisition costs |
| 11,787 | |
Amortization of deferred customer acquisition costs |
| (10,999) | |
Ending balance as of December 31, 2024 | $ | 10,401 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.