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Paymentus Holdings Inc. Class A (PAY+0.72%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $871.7 million for 2024, up from $614.5 million in 2023. This increase was primarily driven by a rise in the number of transactions processed.
Cost of revenue for the year was $633.6 million, resulting in a gross profit of $238.2 million. The gross margin decreased to 27.3% from 29.7% in 2023, attributed to changes in customer mix.
Operating expenses totaled $193.3 million, with research and development expenses at $51.3 million, sales and marketing expenses at $105.1 million, and general and administrative expenses at $36.9 million.
Net income for 2024 was $44.2 million, compared to $22.3 million in 2023, reflecting a significant increase in profitability.
The company processed approximately 597 million transactions in 2024, a 30.3% increase from the previous year.
Paymentus ended the year with $205.9 million in cash and cash equivalents, and total assets of $576.2 million.
The filing outlines various risks, including economic and inflationary pressures, competition, and regulatory compliance challenges.
Paymentus continues to focus on expanding its platform and partner network, investing in sales, marketing, and research and development to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Paymentus Holdings Inc. Class A annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.