Kraken parent Payward reports $487m Q3 total platform margin and drops Adjusted Revenue as headline metric
- Severity
- Low
- Sources
- 1
What happened
Payward's Q3 release led with total platform margin of $487m, up 12% on the $436m it now shows for Q2 and down 12% year on year. TPM deducts the cost of crypto delivered to buyers and staking rewards paid to clients, and Payward says it made the change so all pass-through amounts are treated consistently. On the old Adjusted Revenue basis, Q3 was $553m, up 11% QoQ and down 15% YoY, and Q2 was recast to $498m from $508m. Adjusted EBITDA was $60m (Q2: $23m; Q3 2025: $181m), volume was $353bn (up 22% QoQ, down 30% YoY) and funded accounts reached 7.1m. The figures are not audited and TPM is non-GAAP; Payward confidentially filed draft IPO papers with the SEC in November 2025.
For experienced traders · Written by AI from 1 source · Wrong?
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