Paymentus Holdings, Inc.
For the period ended Mar 31, 2026. Filed May 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 5, 2026
PAY$33.47+0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001193125-25-262925
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001193125-26-204469
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 92 previous paragraphs and 74 current paragraphs.
47 unchanged; 20 reworded; 6 added; 20 removed; 5 previous and 1 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
We continued to operate in an environment of elevated macroeconomic uncertainty during the first quarter of 2026. Although inflation has moderated from prior periods, consumer spending patterns and our cost structure remain affected by persistent pricing pressures, impending tariffs, and trade policy developments. Furthermore, heightened geopolitical instability stemming from the ongoing Iran war has exacerbated volatility in energy markets. Broader uncertainty relating to interest rates and these geopolitical tensions also continues to affect the operating environment.
Current report
Inflationary conditions and volatility in energy markets could indirectly affect our business by increasing customer bills, particularly in the utility sector, while also contributing to higher operating costs throughout the economy. Rapid increases in energy prices may place added pressure on household budgets, increase delinquencies, or alter payment timing patterns, which could adversely affect transaction mix and collections activity.
Current report
These conditions could affect consumer payment behavior in countervailing ways. Consumers experiencing financial strain may defer payments, shift to lower-cost payment methods, or make partial and more frequent payments. While deferrals and lower-cost methods could reduce our average revenue per transaction and overall payment volume, an increase in partial payment activity might increase overall transaction counts.
Current report
However, this dynamic may create a compounding effect on our unit economics. Any such increase in transaction volumes could trigger a proportional rise in our interchange, network, and processing fees. Because these elevated costs of revenue might offset the potential gains from higher transaction counts, this cycle could frequently yield flat net revenue growth. We may be unable to fully offset these interrelated pressures through pricing actions, as any such adjustments typically lag behind the impact of rising costs. As a result, an inability to fully offset these pressures in real-time might continue to adversely affect our margins, operating results, and financial condition.
Current report
Additionally, beyond these external economic pressures, our ability to scale efficiently depends on our capacity to quickly hire, train, and retain a high-performing workforce. We offer competitive wages and invest in employee well-being to meet our customers’ increasing needs and support our long-term growth. While employee-related costs naturally fluctuate, they have trended upward alongside our business expansion, and we expect this trajectory to continue as we scale.
Current report
The change in provision for income taxes as well as the increase in the Company's effective tax rate, which was 28.2% for the three months ended March 31, 2026, as compared to 22.4% for the same period in the prior year, were primarily due to higher pre-tax income, increased forecasted executive stock-based compensation in 2026 and more significant excess tax benefits on stock-based compensation in 2025.
Removed paragraphs (20)
Previous report
We continued to navigate significant economic uncertainty in the third quarter of 2025, a trend we expect to persist. Elevated inflation is the primary factor influencing consumer spending habits and increasing our own interchange and processing costs. Additional concerns stem from ongoing geopolitical tensions, the interest rate environment, and potential changes in trade policies.
Previous report
These macroeconomic pressures, particularly inflation, could affect consumer payment patterns in counteracting ways. On one hand, consumers facing economic strain might switch to lower-cost payment options or delay payments, which could reduce our average revenue per transaction and overall volume. On the other hand, a higher frequency of partial payments could increase our total transaction count, offering a potential offset. The net effect of these variables on our transaction revenues and financial performance remains uncertain.
Previous report
Additionally, elevated inflation presents a challenge due to the inherent time lag between experiencing cost impacts and fully implementing necessary pricing adjustments, which could potentially affect our near-term results. We actively monitor these dynamic conditions and are prepared to adjust our financial and operational approaches to ensure continued resilience.
Previous report
(1) Other income for the nine months ended September 30, 2024 includes a remeasurement adjustment relating to the purchase price of a prior acquisition.
Previous report
(2) Other income for the nine months ended September 30, 2024 includes a remeasurement adjustment relating to the purchase price of a prior acquisition.
Previous report
The provision for income taxes and the effective tax rate increased to 21.5% for three months ended September 30, 2025, from 0.03% in the prior year period. The 21.5% effective tax rate was in line with the U.S. federal statutory rate of 21%. The primary factors driving both the change from the prior year and the difference from the federal statutory rate in the current period were: (1) permanent differences relating to disallowed compensation under Internal Revenue Code ("IRC") Section 162(m), (2) the impact of state taxes, (3) discrete tax benefits from excess tax deductions on stock-based compensation, and (4) the finalization of prior year Canadian and U.S. research and development (R&D) credit claims during the period.
Previous report
The effective tax rate of 0.03% in the three months ended September 30, 2024, was primarily attributable to a single, non-recurring event: the determination to release a valuation allowance previously recorded against deferred tax assets in the U.S., which was due to the positive change in available evidence regarding the realizability of those assets.
Previous report
Revenue
Previous report
The increase in cost of revenue was directly attributable to higher revenue and transaction volumes, as these costs are predominantly variable and consist mainly of interchange and processor fees.
Previous report
Gross margin compression resulted from a customer mix shift toward high-volume enterprise billers with lower margins. This effect was partially mitigated by benefits from economies of scale.
Previous report
Research and Development Expenses
Previous report
Research and development expenses increased primarily due to an increase in employee-related costs, including benefits, driven by increased headcount, higher stock based compensation and increases in annual compensation, a rise in cloud computing services expenses, reflecting higher utilization of our cloud-based infrastructure and increased data processing demands, an increase in the amortization of capitalized internal-use software development costs and an increase in expenses related to third-party software and technology licenses.
Previous report
Sales and Marketing Expenses
Previous report
The increase in sales and marketing expenses was primarily due to increases in reseller commissions, including amortization of warrants, and marketing and advertising expenses, which were offset by lower employee-related costs.
Previous report
General and Administrative Expenses
Previous report
Interest income, net
Previous report
Income Taxes
Previous report
For the nine months ended September 30, 2025, the effective tax rate increased to 21.3% compared to 17.6% in the prior year period. The 21.3% rate for the current period was in line with the U.S. federal statutory rate of 21%. The change in the provision for income taxes and the variance from the federal statutory rate were primarily driven by a combination of factors, including (1) permanent differences for disallowed compensation pursuant to IRC Section 162(m), (2) the impact of state taxes, (3) discrete benefits recognized for excess tax deductions on stock-based compensation, and (4) the finalization of prior year Canadian and U.S. R&D credit claims during the period.
Previous report
The lower effective tax rate of 17.6% recorded in the comparative 2024 period was principally attributable to a significant, non-recurring tax event related to the determination to release a valuation allowance previously established against certain deferred tax assets in the U.S., which was due to the positive change in available evidence regarding the realizability of those assets.
Previous report
Net cash used in financing activities for the nine months ended September 30, 2024 consisted of $0.6 million of settlement of holdback liability relating to a prior acquisition, which was offset by $0.2 million of proceeds from the exercise of stock-based awards by employees.
Reworded paragraphs (20)
Previous wording
We are a leading provider of cloud-based bill payment technology and solutions. We deliver our next-generation product suite through a modern technology stack to more than 2,500 biller business and financial institution clients. Our platform was used by approximately 46 million consumers and businesses globally in December 2024 to pay their bills, make money movements and engage with our clients. We serve billers of all sizes that primarily provide non-discretionary services across a variety of industry verticals, including utilities, financial services, insurance, government, telecommunications, real estate management, education, consumer finance, healthcare and small business. We also serve financial institutions by providing them with a modern platform that their customers use for bill payment, account-to-account transfers and person-to-person transfers. By powering this comprehensive network of billers and financial institutions, each with their own set of bill payment requirements, we believe we have created an enviable feedback loop that enables us to continuously drive innovation, grow our business and uniquely improve the electronic bill payment experience for participants in the bill payment ecosystem.
Current wording
As a leading provider of cloud-based bill payment technology and solutions, we deliver our next-generation product suite through a modern technology stack to a broad and diverse base of business and financial institution clients. Our platform was used by approximately 53 million consumers and businesses globally in December 2025 to pay their bills, move money and engage with our clients. We serve billers of all sizes that primarily provide non-discretionary services across a variety of industry verticals, including utilities, financial services, insurance, government, telecommunications, real estate management, education, consumer finance, healthcare, business to business (B2B) and small business. We also serve financial institutions by providing them with a modern platform that their customers use for bill payment, account-to-account transfers and person-to-person transfers. By powering this comprehensive network of billers and financial institutions, each with their own set of bill payment requirements, we believe we have created an enviable feedback loop that enables us to continuously drive innovation, grow our business and uniquely improve the electronic bill payment experience for participants in the bill payment ecosystem.
Previous wording
We define transactions processed as the number of revenue generating payment transactions, such as checks, credit card and debit card transactions, automated clearing house, or ACH, items and emerging payment types, which are initiated and generally processed through our platform during a period. The number of transactions also includes account-to-account and person-to-person transfers. The increase in number of transactions processed during the three and nine months ended September 30, 2025 as compared to the same periods in 2024 was primarily driven by the addition of new billers and increased transactions from our existing billers.
Current wording
We define transactions processed as the number of revenue generating payment transactions, such as checks, credit card and debit card transactions, automated clearing house (ACH) items and emerging payment types, which are initiated and generally processed through our platform during a period. The number of transactions also includes account-to-account and person-to-person transfers. The increase in number of transactions processed during the three months ended March 31, 2026 as compared to the same period in 2025 was primarily driven by the addition of new billers and increased transactions from both new and existing billers.
Previous wording
We use supplemental measures of our performance that are derived from our consolidated financial information but which are not presented in our consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP. These supplemental non-GAAP measures include contribution profit, adjusted gross profit, adjusted EBITDA and free cash flow.
Current wording
We use supplemental measures of our performance that are derived from our consolidated financial information but which are not presented in our condensed consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP. These supplemental non-GAAP measures include contribution profit, adjusted gross profit, adjusted EBITDA and free cash flow.
Previous wording
We use non-GAAP measures to supplement financial information presented on a GAAP basis. We believe that excluding certain items from our GAAP results allows management and our board of directors to more fully understand our consolidated financial performance from period to period and helps management project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP measures provide our investors with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period-to-period comparisons. In particular, we exclude interchange and assessment fees in the presentation of contribution profit because we believe inclusion is less directly reflective of our operating performance as we do not control the payment method or channel used by consumers, which is the primary determinant of the amount of interchange and assessment fees. We use contribution profit to measure the amount available to fund our operations after interchange and assessment fees, which are directly linked to the number of transactions we process and thus our revenue and gross profit. There are limitations to the use of the non-GAAP measures presented in this report. Our non-GAAP measures may not be comparable to similarly titled measures of other companies; other companies, including companies in our industry, may calculate non-GAAP measures differently than we do, limiting the usefulness of those measures for comparative purposes. These non-GAAP measures should not be considered in isolation from or as a substitute for financial measures prepared in accordance with GAAP.
Current wording
We use non-GAAP measures to supplement financial information presented on a GAAP basis. We believe that excluding certain items from our GAAP results allows management and our board of directors to more fully understand our consolidated financial performance from period to period and helps management project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP measures provide our investors with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period-to-period comparisons. In particular, we exclude interchange, assessment and other network fees in the presentation of contribution profit because we believe inclusion is less directly reflective of our operating performance as we do not control the payment channel used by consumers, which is the primary determinant of the amount of interchange, assessment and other network fees. We use contribution profit to measure the amount available to fund our operations after interchange and assessment fees, which are directly linked to the number of transactions we process and thus our revenue and gross profit. There are limitations to the use of the non-GAAP measures presented in this report. Our non-GAAP measures may not be comparable to similarly titled measures of other companies; other companies, including companies in our industry, may calculate non-GAAP measures differently than we do, limiting the usefulness of those measures for comparative purposes. These non-GAAP measures should not be considered in isolation from or as a substitute for financial measures prepared in accordance with GAAP.
Previous wording
In general, contribution profit is driven by the number of transactions we process offset by network fees associated with processing those transactions. The amount of contribution profit per transaction may vary due to a variety of factors substantially outside of our control, including client size, type and industry as well as whether the client is a biller, financial institution or other partner. Contribution profit for the three and nine months ended September 30, 2025 increased approximately 22.8% and 23.7%, respectively, as compared to the same periods in 2024. The increase was driven by growth in transaction count and volume driven from both new and existing billers and financial institutions.
Current wording
In general, contribution profit is driven by the number of transactions we process offset by network fees associated with processing those transactions. The amount of contribution profit per transaction may vary due to a variety of factors substantially outside of our control, including client size, type and industry as well as whether the client is a biller, financial institution or other partner. Contribution profit for the three months ended March 31, 2026 increased approximately 25.2%, as compared to the same period in 2025. The increase was driven by growth in transaction count and volume driven from both new and existing billers and financial institutions.
Previous wording
Adjusted gross profit for the three and nine months ended September 30, 2025 increased 22.5% and 23.3%, respectively, as compared to the same periods in 2024. Adjusted gross profit improved in line with contribution profit. Adjusted gross profit as a percentage of contribution profit decreased slightly, as a result of changes in customer mix resulting primarily from the addition of large, high-volume enterprise billers with lower margins in our biller mix. This decline was partially offset by the realization of economies of scale. Adjusted gross profit is driven primarily by the same factors that impact gross profit with the exception of excluding the amortization and stock-based compensation recorded in cost of revenue. The increase in amortization was driven by additional capitalization of software development costs.
Current wording
Adjusted gross profit for the three months ended March 31, 2026 increased 27.3%, as compared to the same period in 2025. Adjusted gross profit is driven primarily by the same factors that impact gross profit with the exception of excluding the amortization and stock-based compensation recorded in cost of revenue. Adjusted gross profit improved in line with contribution profit. Adjusted gross profit as a percentage of contribution profit increased due to realization of economies of scale.
Previous wording
Adjusted EBITDA is a measure of profitability and generally is expected to move in line with revenue, contribution profit, gross profit and adjusted gross profit. Adjusted EBITDA increased 45.9% and 45.7% in the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024. The increase was primarily attributable to higher revenues generated from growth in transaction volumes from both new and existing billers and financial institutions. The rate of growth in Adjusted EBITDA exceeded the rate of growth in both contribution profit and adjusted gross profit, reflecting the operating leverage inherent in our business, as certain operating expenses are largely fixed and did not increase in proportion to the growth in revenue.
Current wording
Adjusted EBITDA is a measure of profitability and generally is expected to move in line with revenue, contribution profit, gross profit and adjusted gross profit. Adjusted EBITDA increased 41.5% in the three months ended March 31, 2026, as compared to the same period in 2025. The increase was primarily attributable to higher revenues driven by growth in transaction volumes from both new and existing billers and financial institutions. The rate of growth in Adjusted EBITDA exceeded the rate of growth in both contribution profit and adjusted gross profit, reflecting the operating leverage inherent in our business, as certain operating expenses are largely fixed and did not increase in proportion to the growth in revenue.
Previous wording
The increase in free cash flow for the three and nine months ended September 30, 2025, as compared to the same periods in 2024, was primarily driven by higher cash generated from operations.
Current wording
The decrease in free cash flow for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily driven by lower cash generated from operations, driven mainly by investment in working capital.
Previous wording
Gross margin decreased due to a shift in customer mix towards new, high-volume enterprise billers with lower margins. This impact was partially offset by improved economies of scale.
Current wording
While gross profit increased in tandem with revenue growth, gross margin remained flat, as a shift in customer mix towards high-volume enterprise billers with lower margins was offset by improved economies of scale.
Previous wording
Research and development expenses increased primarily due to an increase in employee-related costs, including benefits, driven by increased headcount and increases in annual compensation, a rise in cloud computing services expenses, reflecting higher utilization of our cloud-based infrastructure and increased data processing demands, and an increase in the amortization of capitalized internal-use software development costs.
Current wording
Research and development expenses increased primarily due to higher employee-related costs, including benefits, driven by headcount growth and annual compensation adjustments. The remaining variance was driven by a rise in cloud computing services expenses, reflecting greater utilization of our cloud-based infrastructure and expanded data processing demands, as well as higher amortization of capitalized internal-use software development costs.
Previous wording
The decrease in sales and marketing expenses was primarily due to a decrease in employee-related costs offset by reseller commissions, including amortization of warrants.
Current wording
The increase in sales and marketing expenses was primarily driven by higher reseller commissions and employee-related costs.
Previous wording
The increase in general and administrative expenses was primarily due to increases in employee-related costs, including higher stock-based compensation, professional and legal fees and insurance premiums of certain business policies.
Current wording
The increase in general and administrative expenses was primarily driven by higher stock-based compensation, elevated employee compensation and related costs, and greater professional and legal fees and insurance premiums related to certain business policies.
Previous wording
As of September 30, 2025, we had $287.9 million of unrestricted cash and cash equivalents. We believe that existing unrestricted cash and cash equivalents will be sufficient to support our working capital, capital expenditure requirements, and other commitments described in Note 8, for at least the next 12 months. Since inception, we have financed operations primarily through the sale of equity securities and revenue from payment transaction fees and subscriptions. Our principal uses of cash are funding operations and capital expenditures.
Current wording
As of March 31, 2026, we had $338.8 million of unrestricted cash and cash equivalents. We believe that existing unrestricted cash and cash equivalents will be sufficient to support our working capital, capital expenditure requirements, and other commitments described in Note 8, for at least the next 12 months. Since inception, we have financed operations primarily through the sale of equity securities and revenue from payment transaction fees. Our principal uses of cash are funding operations, which primarily consist of employee-related costs, payments to third parties to fulfill our payment transactions and payments to sales and marketing partners. Although this is subject to change based on market opportunities or changing priorities, we currently do not have any material planned capital expenditures or acquisitions in the next 12 months.
Previous wording
The following table summarizes our condensed consolidated cash flows.
Current wording
The following table summarizes our condensed consolidated statements of cash flows:
Previous wording
Our primary source of operating cash is revenue from payment transaction fees. Our primary uses of operating cash are personnel-related costs, payments to third parties to fulfill our payment transactions and payments to sales and marketing partners. Net cash provided by operating activities for the nine months ended September 30, 2025 was $117.0 million. Net income was $46.3 million, adjusted for non-cash charges of $52.4 million, consisting primarily of depreciation and amortization, stock-based compensation, amortization of capitalized contract acquisition costs and warrant cost, non-cash lease expense and provision for expected credit losses, which contributed positively to cash provided from operating activities. This was additionally supported by net cash inflows of $18.4 million provided by changes in our operating assets and liabilities.
Current wording
Our primary source of operating cash is revenue from payment transaction fees. Our primary uses of operating cash are personnel-related costs, payments to third parties to fulfill our payment transactions and payments to sales and marketing partners. Net cash provided by operating activities for the three months ended March 31, 2026 was $30.5 million. Net income was $20.9 million, adjusted for non-cash charges of $16.9 million, consisting primarily of depreciation and amortization, stock-based compensation, amortization of capitalized contract acquisition costs and warrant cost, non-cash lease expense and provision for expected credit losses, which contributed positively to cash provided from operating activities. This was offset by net cash outflows of $7.3 million due to changes in our operating assets and liabilities.
Previous wording
Net cash provided by operating activities for the nine months ended September 30, 2024 was $35.7 million. Net income was $31.0 million, adjusted for non-cash charges of $38.0 million consisting primarily of depreciation and amortization, stock-based compensation, amortization of capitalized contract acquisition costs and warrant cost, non-cash lease expense and provision for expected credit losses and credit adjustments, which contributed positively to cash provided from operating activities. This was offset by net cash outflows of $33.3 million due to changes in our operating assets and liabilities.
Current wording
Net cash provided by operating activities for the three months ended March 31, 2025 was $50.4 million. Net income was $13.8 million, adjusted for non-cash charges of $14.2 million consisting primarily of depreciation and amortization, stock-based compensation, amortization of capitalized contract acquisition costs and warrant cost, non-cash lease expense and provision for expected credit losses, which contributed positively to cash provided from operating activities. This was additionally supported by net cash inflows of $22.4 million provided by changes in our operating assets and liabilities.
Previous wording
Net cash used in investing activities for the nine months ended September 30, 2025 consisted of $27.4 million of capitalized internal-use software development costs, $0.3 million of purchases of property and equipment and $0.1 million cash outflow from net change in interest-bearing deposits.
Current wording
Net cash used in investing activities for the three months ended March 31, 2026 consisted of $9.5 million of capitalized internal-use software development costs and $0.1 million of purchases of property and equipment, which was offset by $0.1 million cash inflow from net change in interest-bearing deposits.
Previous wording
Net cash used in investing activities for the nine months ended September 30, 2024 consisted of $27.2 million of capitalized internal-use software development costs and $0.4 million of purchases of property and equipment.
Current wording
Net cash used in investing activities for the three months ended March 31, 2025 consisted of $9.3 million of capitalized internal-use software development costs and $0.1 million of purchases of property and equipment, which was offset by $1.1 million cash inflow from net change in interest-bearing deposits.
Previous wording
Net cash used in financing activities for the nine months ended September 30, 2025 consisted of $7.2 million of payments of taxes withheld on net settled vesting of restricted stock units, which was offset by $0.1 million of proceeds from the exercise of stock-based awards by employees.
Current wording
Net cash used in financing activities for the three months ended March 31, 2025 consisted primarily of $1.9 million of payments of taxes withheld on net settled vesting of restricted stock units, which was offset by $0.1 million of proceeds from the exercise of stock-based awards by employees.
Previous wording
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Our significant accounting policies are described in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies” to our consolidated financial statements included in our 2024 Form 10-K. Except for those disclosed in Note 2 "Summary of Significant Accounting Policies" of this Quarterly Report on Form 10-Q, there have been no material changes in our critical accounting policies and estimates since December 31, 2024.
Current wording
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Our significant accounting policies are described in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies” to our consolidated financial statements included in our 2025 Form 10-K. There have been no material changes in our critical accounting policies and estimates since December 31, 2025.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Net cash used in financing activities for the three months ended March 31, 2026 consisted primarily of $3.3 million of payments of taxes withheld on net settled vesting of restricted stock units.
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
The increase in revenue was primarily driven by an increase in the number of transactions processed, which was driven by both the implementation of new billers and increased transactions from our existing billers.
Previous report — wording carried elsewhere
The increase in general and administrative expenses was primarily due to increased employee-related costs, including stock-based compensation, professional and legal fees and insurance premiums of certain business policies.
Previous report — wording carried elsewhere
Comparison of the Nine Months Ended September 30, 2025 and 2024
Previous report — wording carried elsewhere
Cost of Revenue, Gross Profit and Gross Margin
Previous report — wording carried elsewhere
Interest income, net was stable as higher cash balances held with banks were offset by lower interest rates.