Kraken parent Payward reports $487m Q3 total platform margin and drops Adjusted Revenue as headline metric
MARKETSPaywardcoinbrief/daily · 1 source
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What happened
Payward, the parent of Kraken, published Q3 highlights on 13 November led by total platform margin (TPM) of $487 million, up 12% on Q2 but down 12% year on year. The company says it no longer uses Adjusted Revenue to judge results, though it still shows that figure, which was $553 million for Q3. Adjusted EBITDA was $60 million, against $23 million in Q2 and $181 million a year earlier.
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What to do
- Compare the new total platform margin figure only with Payward's restated numbers, since the metric is not the same as the old Adjusted Revenue.
- Note that the Q3 figures are unaudited and the company has not said when, or whether, its confidential IPO filing will proceed.
Written by AI from the sources, checked against them
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