This article first appeared on GuruFocus .
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EBITDA:Tripled, with a 258% growth, reaching 26.6 million in the quarter.
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Revenue:Increased by 37% year-on-year, with a 63% growth in net revenue from shopping in Brazil.
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EBITDA Margin:Achieved 21.4%, showing significant growth from the previous year.
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Net Income:Reported at 14.2 million, reflecting a 61% growth.
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Net Revenue:Consolidated net revenue reached 123.7 million, a 37% increase.
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Accounts Opened:Over 1 million accounts opened in a single month for the first time in company history.
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Shopping Brazil Revenue:Grew 63% year-on-year, reaching 98.2 million.
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Financial Services Revenue:Decreased by 40% due to negotiations with BV Bank.
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Cash and Cash Equivalents:Reached 87.6 million in October 2025, with a cash generation of 25.3% from June to October.
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Bitcoin Strategy:Invested 9.2 million in Bitcoin, with a position of 604.69 BTC.
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Release Date: November 06, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Meliuz SA ( BSP:CASH3 ) reported a significant growth in EBITDA, tripling it with a 258% increase compared to the previous year.
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The company achieved a 37% year-on-year growth in revenue, with a notable 63% increase in net revenue from its shopping operations in Brazil.
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Meliuz SA surpassed a milestone by opening over 1 million accounts in a single month, marking a historical achievement for the company.
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The company is consistently among the top five most downloaded shopping apps in Brazil, demonstrating strong market presence and user engagement.
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Meliuz SA has maintained a low customer acquisition cost, which is significantly below the average of other shopping players, showcasing efficient marketing strategies.
Negative Points
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The net revenue from financial services experienced a 40% decline due to negotiations with BV Bank, impacting overall financial performance.
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Despite the growth in revenue, there was a negative cash variation of 4.2 million in Q3 2025, attributed to accounts receivable.
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The company's strategy to invest in Bitcoin has led to a cash allocation of 9.2 million, which may pose risks due to cryptocurrency volatility.
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There is a mismatch between the timing of sales and revenue recognition, leading to potential discrepancies in financial reporting.
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The focus on long-term strategies, such as Bitcoin investments and share buybacks, may divert resources from immediate operational needs.
Q & A Highlights
Q: What factors contributed to the strong performance in Q3, and how do you view the seasonality between Q3 and Q4? A: Gabriel Loures Araujo, CEO, explained that Q3's strong performance was due to consistent growth in user base and revenue across quarters. The company views this as a marathon, not a sprint, with improvements in user experience benefiting all quarters. While Q4, including Black Friday, is typically the strongest period, new business lines may not follow the same seasonality, potentially reducing its impact over time.
Q: Can you clarify the revenue growth in Q3 despite similar GMV trends, and how do you decide between share buybacks and Bitcoin investments? A: Marcio Loures Penna, Investor Relations, noted that while GMV grew, revenue growth was driven by other business lines like Melius ads and Melius Prime, which are not directly tied to GMV. Regarding capital allocation, the focus is on increasing Bitcoin yield per share. The company uses operational cash for Bitcoin purchases and share buybacks, with the latter reducing shares in circulation and enhancing Bitcoin yield.
Q: How do you expect GMV and new verticals to perform in the future? A: Gabriel Loures Araujo, CEO, emphasized that GMV is expected to grow sustainably, akin to a snowball effect, as new user cohorts continue to purchase over time. While GMV is important, the focus is on sustainable growth with a good take rate and cross-selling opportunities. The company aims to be the largest loyalty shopping platform in Brazil, not just the largest e-commerce platform.
Q: What are the main contributors to the growth of new verticals, and what are your expectations for them? A: The company did not provide a detailed breakdown of revenue per product but expects new verticals to continue growing sustainably. The focus is on creating value for shopping beyond e-commerce, aiming for long-term growth and becoming the largest loyalty shopping platform in Brazil.
Q: How does the company plan to manage its Bitcoin strategy and share buyback plan? A: The strategy involves using operational cash to buy Bitcoin and repurchase shares, thereby increasing Bitcoin yield per share. The company believes its current business is undervalued, and the buyback plan aims to capitalize on this by reducing shares in circulation and enhancing shareholder value through increased Bitcoin yield.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
