Payward Q2 revenue hits $508M as EBITDA falls

Payward, the parent company of Kraken, reported $508 million in adjusted revenue for the second quarter of 2026, up 17% year over year, while adjusted EBITDA dropped sharply to $23 million. Summary Payward reported $508 million in Q2 adjusted revenue, rising 17% from the prior year period. Adjusted EBITDA fell to $23 million from $80 million reported for the second quarter previously. Total platform transaction volume declined 18% year over year to $310 billion during the quarter. Asset-based and other revenue represented 60% of total revenue, up from 55% one year earlier. Payward reported 6.6 million funded accounts, although its published metric definition changed from last year. The company disclosed the results on Aug. 14 as weaker spot trading weighed on activity despite growth across other financial products. The profitability decline was substantial. Kraken reported $80 million of adjusted EBITDA on $432 million of adjusted revenue in Q2 2025. Payward did not disclose net income in its latest release. Its earlier financial disclosures describe adjusted revenue and adjusted EBITDA as management measures that exclude certain expenses. Payward revenue grew while transaction vol...