Boku (AIM:BOKU), a global network of local payment methods, said full-year 2026 revenue is now expected at $135 to $142 million and adjusted EBITDA at $38 to $42 million, both significantly below the consensus market expectations of $155 million and $49.9 million respectively.
The AIM-listed company reported first-half revenues of approximately $66.5 million, up around 11% against the underlying prior-year figure of $59.9 million, once non-recurring launch-phase pricing of $3.4 million is stripped from the H1 2025 comparator.
Two headwinds drove the shortfall: local authorities in a single, unspecified market suspended two Direct Carrier Billing connections, and several new connections and merchant onboarding programmes ran behind schedule.
Adjusted EBITDA for the first half came in at approximately $19.3 million, a margin of around 29% against an underlying 30.6% in the same period last year, with cost efficiency gains partly cushioning the revenue drag.
Total payment volume reached approximately $8.3 billion in the half, up around 12%, and blended take rates held broadly stable at 80 basis points.
Against the operational setbacks, Boku signed its first contract with Stripe, marking the first use of its channel partnership product, with two merchants already live, and processed initial transactions on Brazil's PIX platform and India's UPI network.
"Our financial performance in the first half of 2026 was affected by a number of specific factors," said chief executive Stuart Neal, adding that cost efficiencies from investments in back-office systems had partially offset the impact.
