Last checked at 
(Sharecast News) - Boku reported a strong financial and operational performance for 2024 on Tuesday, with total revenue rising 20% to $99.3m, or 24% on a constant exchange rate basis.
The AIM-traded firm said growth was driven by an 11% increase in direct carrier billing (DCB) revenue to $73.3m and a 56% rise in revenue from other local payment methods (LPMs) to $26m, which now accounted for 26% of total revenue.
Adjusted EBITDA increased 22% to $31.4m, with an adjusted EBITDA margin of 31.6%, exceeding the company's 30% target.
Operating profit declined 37% to $6.2m due to foreign exchange losses and increased share-based payment expenses linked to a rising share price.
Total cash balances rose 18% to $177.3m, while the company said it remained debt-free.
User engagement continued to expand, with monthly active users growing 29% to 87.1 million in December.
Total payment volumes reached $12.4bn, up 18% year-on-year, with local payment method adoption growing by over 50%.
The company said it also completed more than 100 new payment connections, including its first e-commerce launch in Japan and the addition of BLIK in Poland.
Boku said it had started 2025 strongly, adding that it expected revenue growth above 20% for the year, significantly ahead of consensus estimates.
Over the medium term, the firm said it anticipated a compound annual revenue growth rate above 20% and a progressively improving EBITDA margin exceeding 30% from 2026.
"Boku's strong financial health and positive momentum reaffirms our position as a leader in local payment methods (LPMs)," said chief executive officer Stuart Neal.
"With robust organic revenue and adjusted EBITDA growth, we continue to invest in capabilities that will drive future business expansion.
"Our deepening partnerships with global tech giants highlight the growing need for them to offer broader payment options to consumers beyond traditional payment cards."
Neal said that by consistently delivering for those merchants at scale with reliability, compliance, and innovation, Boku had strengthened its role as a key partner in their own market expansion.
"We are excited to be on the path to becoming the world's best localised payments partner for global commerce."
Reporting by Josh White for Sharecast.com.
