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11/14/2026

Payward's $60 Million EBITDA Shows Recovery and Annual Pressure

What happened: Kraken parent Payward reported third-quarter adjusted EBITDA of $60 million, up 163% from the previous quarter but down approximately 66% from $178.

Payward's $60 Million EBITDA Shows Recovery and Annual Pressure

What happened: Kraken parent Payward reported third-quarter adjusted EBITDA of $60 million, up 163% from the previous quarter but down approximately 66% from $178.6 million a year earlier. Transaction volume reached $353 billion, rising 22% quarter over quarter while falling 30% annually, and funded accounts increased 37% year over year to 7.1 million. Payward also named AI its fifth business pillar, outlined app-level agent capabilities for early 2027, and described a personal finance agent requiring client approval for each trade.

Why it matters: The comparison period changes the earnings narrative: Payward recovered sequentially while remaining substantially below its year-earlier profitability and trading volume. Account growth therefore deserves separate treatment from trading activity, because a larger funded customer base did not prevent the annual volume contraction. The AI roadmap and planned US prediction markets suggest an effort to broaden engagement, but the supplied results do not disclose their revenue contribution or establish whether these products can offset weaker trading activity.

Source: The Block.