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$PICS Q1 2026 earnings: Credit Shift Drives Top-Line Surge, But IPO Math Masks True Profitability PicPay delivered explosive top-line growth in its first quarter as a public company. Revenue surged 70% YoY to R$ 3.5 billion, and the credit portfolio doubled. However, the true story is the aggressive pivot toward secured credit, which kept the cost of risk stable at 3.7% despite massive portfolio expansion. While YoY adjusted net income grew 92%, it actually contracted sequentially from Q4 2025. ROE also compressed to 15.5% due to IPO capital dilution, meaning management now faces the pressure of efficiently deploying this new capital to restore historic return levels. Guidance suggests a return to sequential profit growth in Q2. Full article with charts - link in bio 🐂 𝐁𝐮𝐥𝐥 𝐂𝐚𝐬𝐞 • 𝐒𝐞𝐜𝐮𝐫𝐞𝐝 𝐂𝐫𝐞𝐝𝐢𝐭 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲 𝐢𝐬 𝐖𝐨𝐫𝐤𝐢𝐧𝐠 — The pivot to collateralized credit is paying off spectacularly. The credit portfolio hit R$ 28 billion ( 116% YoY) without blowing up the risk metrics. Cost of risk remains perfectly stable at 3.7%. • 𝐌𝐚𝐬𝐬𝐢𝐯𝐞 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐋𝐞𝐯𝐞𝐫𝐚𝐠𝐞 — Average revenue per active customer (ARPAC) reached R$ 80.7, which is nearly 4x the R$ 20.3 cost to serve. The platform is scaling highly efficiently. 🐻 𝐁𝐞𝐚𝐫 𝐂𝐚𝐬𝐞 • 𝐒𝐞𝐪𝐮𝐞𝐧𝐭𝐢𝐚𝐥 𝐏𝐫𝐨𝐟𝐢𝐭 𝐂𝐨𝐧𝐭𝐫𝐚𝐜𝐭𝐢𝐨𝐧 — Despite adding roughly R$ 500 million in sequential quarterly revenue, adjusted net income actually fell from R$ 188.2 million in 25Q4 to R$ 169 million in 26Q1. • 𝐑𝐎𝐄 𝐃𝐢𝐥𝐮𝐭𝐢𝐨𝐧 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞 — ROE dropped to 15.5% from 24.4% in 25Q4. While management attributes this purely to the mathematical dilution of the IPO capital injection, the clock is ticking to deploy these funds profitably. ⚖️ 𝐕𝐞𝐫𝐝𝐢𝐜𝐭: 🟢 Bullish. The sequential drop in profit is a slight concern, but the structural fundamentals are phenomenal. Generating R$ 3.5B in revenue with a stable cost of risk and projecting immediate profit re-acceleration in Q2 makes the temporary ROE dilution a highly acceptable trade-off. 𝐊𝐞𝐲 𝐓𝐡𝐞𝐦𝐞𝐬 🟢🟢 𝐂𝐨𝐥𝐥𝐚𝐭𝐞𝐫𝐚𝐥𝐢𝐳𝐞𝐝 𝐂𝐫𝐞𝐝𝐢𝐭 𝐄𝐧𝐠𝐢𝐧𝐞 𝐀𝐜𝐜𝐞𝐥𝐞𝐫𝐚𝐭𝐞𝐬 [NEW] Collateralized credit revenues grew an astounding 272% YoY. Currently, 54% of PicPay's R$ 28 billion credit portfolio is composed of secured products (public/private payroll-deducted loans, FGTS anticipation, and secured-limit cards). This explains why the company managed to grow loan volumes by 116% YoY while keeping the cost of risk completely flat at 3.7%. 🟢 𝐇𝐮𝐛𝐀𝐈 𝐃𝐞𝐥𝐢𝐯𝐞𝐫𝐢𝐧𝐠 𝐓𝐚𝐧𝐠𝐢𝐛𝐥𝐞 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐋𝐞𝐯𝐞𝐫𝐚𝐠𝐞 [NEW] The company's proprietary HubAI platform is drastically reducing marginal costs. Currently, 100% of customer service chat interactions begin with AI, and the WhatsApp-integrated assistant handles major Pix and bill payment volumes. This tech infrastructure is the direct reason why PicPay's cost to serve is a mere R$ 20.3, a fraction of traditional banking competitors. 🟢 𝐍𝐨𝐧-𝐂𝐫𝐞𝐝𝐢𝐭 𝐄𝐜𝐨𝐬𝐲𝐬𝐭𝐞𝐦 𝐌𝐨𝐧𝐞𝐭𝐢𝐳𝐚𝐭𝐢𝐨𝐧 Management successfully diversified revenue streams, reducing reliance on credit risk. Non-credit revenues (wallet, acquiring, float, and insurance) increased 47% YoY to R$ 1.6 billion. The integration of high-engagement non-financial offerings like travel hubs and World Cup-related entertainment is keeping users inside the app longer, generating R$ 1.1 billion in gross profit. 🔴 𝐒𝐞𝐪𝐮𝐞𝐧𝐭𝐢𝐚𝐥 𝐌𝐚𝐫𝐠𝐢𝐧 𝐒𝐪𝐮𝐞𝐞𝐳𝐞 𝐂𝐨𝐧𝐭𝐫𝐚𝐝𝐢𝐜𝐭𝐬 𝐓𝐨𝐩-𝐋𝐢𝐧𝐞 𝐍𝐚𝐫𝐫𝐚𝐭𝐢𝐯𝐞 [NEW] Management touted 'profitable growth' and beating guidance, but the raw numbers show a sequential profitability disconnect. Q1 26 Net Revenue grew sequentially to R$ 3.5B (from R$ 3.01B in Q4 25), yet Adjusted Net Income fell to R$ 169M (from R$ 188M in Q4 25). This indicates temporary margin compression or heavily loaded Q1 expenses that weren't fully explained in the press release. ⚪ 𝐖𝐚𝐥𝐥𝐞𝐭 𝐓𝐏𝐕 𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐬 𝐋𝐚𝐠𝐠𝐢𝐧𝐠 𝐭𝐡𝐞 𝐁𝐫𝐨𝐚𝐝𝐞𝐫 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 Digital wallet total payment volume (TPV) rose 24% YoY to R$ 134 billion. While a 24% growth rate is objectively solid, it severely lags the 70% YoY revenue growth and the 116% YoY credit portfolio growth. If the wallet is the 'primary engine for acquisition', its decelerating relative growth could foreshadow higher customer acquisition costs down the line. ⚪ 𝐑𝐎𝐄 𝐂𝐨𝐦𝐩𝐫𝐞𝐬𝐬𝐢𝐨𝐧 𝐔𝐧𝐝𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐜𝐫𝐮𝐭𝐢𝐧𝐲 [NEW] ROE dropped significantly to 15.5%. The company rightfully notes this is a mathematical effect of the Q1 IPO cash injection inflating the equity base. However, management promised a 'gradual recovery' to the previous 20% level. The macroeconomic environment in Brazil (interest rates, Pix regulatory changes) will heavily dictate whether they can deploy this new capital at their historical 20% return rates. 𝐎𝐭𝐡𝐞𝐫 𝐊𝐏𝐈𝐬 𝐀𝐜𝐭𝐢𝐯𝐞 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬: 44.3 million Accelerating engagement. Total user base reached 68.6 million ( 11% YoY), but active accounts hit 44.3 million ( 10% YoY). Adding 1.5 million net new active customers sequentially in a saturated Brazilian digital banking market proves the ecosystem's stickiness. 𝐍𝐞𝐭 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐈𝐧𝐜𝐨𝐦𝐞 (𝐍𝐈𝐈): R$ 1.7 billion Up 76% YoY. Demonstrates fantastic scale and pricing discipline in the credit portfolio, particularly considering the massive shift toward theoretically lower-yielding, safer secured loans. NII outpaced revenue growth (70%). 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞 𝟐𝟔𝐐𝟐 𝐀𝐝𝐣𝐮𝐬𝐭𝐞𝐝 𝐍𝐞𝐭 𝐈𝐧𝐜𝐨𝐦𝐞: R$ 245 million Accelerating. Implies a powerful 45% sequential QoQ rebound from Q1's R$ 169 million. This suggests whatever expenses compressed Q1 margins were likely front-loaded or temporary. 𝟐𝟔𝐐𝟐 𝐓𝐨𝐭𝐚𝐥 𝐂𝐫𝐞𝐝𝐢𝐭 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨: R$ 31.0 billion Accelerating. Implies 11% sequential QoQ growth, matching the aggressive expansion seen over the last year. Management expects to achieve this while keeping the cost of risk flat. 𝟐𝟔𝐐𝟐 𝐂𝐨𝐬𝐭 𝐨𝐟 𝐑𝐢𝐬𝐤: 3.7% to 3.9% Stable to slightly decelerating. Maintaining risk below 4.0% while growing the portfolio by double-digits sequentially is the cornerstone of PicPay's current bull thesis. 𝟐𝟔𝐐𝟐 𝐍𝐞𝐭 𝐑𝐞𝐯𝐞𝐧𝐮𝐞: R$ 3.6 billion Stable. Represents a modest R$ 100 million sequential increase from Q1's R$ 3.5 billion, indicating that Q2's massive projected net income jump will come from operating leverage rather than purely top-line expansion. 𝐊𝐞𝐲 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐌𝐚𝐫𝐠𝐢𝐧 𝐒𝐪𝐮𝐞𝐞𝐳𝐞 𝐂𝐥𝐚𝐫𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 Revenues grew by nearly R$ 500 million sequentially from Q4 to Q1, yet adjusted net income dropped. What specific expense lines drove this QoQ contraction, and why is guidance projecting such a sharp recovery in Q2? 𝐈𝐏𝐎 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐃𝐞𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭 With ROE dipping to 15.5% post-IPO, what is the exact timeline and capital deployment roadmap (beyond Kovr) to push ROE back above the 20% threshold? 𝐖𝐚𝐥𝐥𝐞𝐭 𝐓𝐏𝐕 𝐃𝐢𝐬𝐜𝐨𝐧𝐧𝐞𝐜𝐭 Wallet TPV is growing at 24% YoY, heavily trailing revenue and credit growth. Is the wallet reaching saturation in Brazil, and are you increasingly reliant purely on cross-selling credit to drive the top line?

Mimi hubai luku zangu kwa my plugs shop hiyo duka mimi naonaga somebody is making money from donated clothes. Tuliwahi shop huko for my friend guesswhat nguo inanuka tuh madree @polokimani

Definitely use HubAI.

-OH GOD I LOVE KITSUNE DESIGNS HNNNG♡ Also im so used to seeing white foxes i love the choice of scarlet and blue. The dress cut sings to my soul 🥴 -Hero for hire/ at a cost. She would 100% be in the Hubai region, managing various shrines and temples and would only get involved in dire situations where not only mass populations were at risk, but more importantly the graves of the lost were at risk. -Ren and she would find platonic romance is calm nights by Hubai temples, helping Topaz rest and cleaning the demigod shrines. They'd love making food together and long talks about life and death. -Ren or Topaz. Leaning more towards Topaz. Ren for the calmness- shed probably be someone Ren would come to advice for for taking care of Topaz, since the tiger is a recovering god. Topaz because the two share a very deep mysterious spiritual relationship.

If you’re still farming any of this just know you ngmi - Dawn - Gradient - Hot - POD - Xenea - Ari - Blockmesh - Teneo - Liqfinity - Nexus - HubAI - Atok Which did I miss?

So HubAI training has ended, yet, nothing about TGE. They said we can now earn USDC by training other models. Anyone tried this before?

Projects with no plan of TGE and Listing: - Dawn - Gradient - Hot - POD - Xenea - Ari - Blockmesh - Teneo - Liqfinity - Nexus - HubAI Which did I missed?

HubAI bir harikasın🧿🧿🧿💯💯💯❤️❤️🥰

how y'all making $ on HubAI? got approved a few days ago to test the site but I haven't been able to complete a single task btw, I have seen screenshots of 20 to 50$ I just wanna contribute too...

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still waiting for these projects TGE - Tabi - Billions Network - Pharos Network - Polymarket - Base - OpenSea - Xenea wallet - Gensyn - Nexus - Denet Storage - Hot wallet - Blockmesh - Spur Protocol - Cysic - Dawn - CEX_IO - Gradient - Rubi Network - Unich - Fraction AI - Midas - PinAI - HubAI Did I miss something?

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I remember when I thought this will take me out of the trenches. Till now, no clear roadmap, just be dropping questions everyday on Discord. What do you think about HubAI?

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Arichain Xenea wallet Bee Network Hot wallet Blockmesh Spur Protocol Dawn Billions Network CEX_IO Gradient Rubi Network Unich Teneo Protocol Fraction AI Blockscout Midas PinAI HubAI Liqfinity

We just added three new real-world HubAI examples to the Hubstore, providing ready-to-use foundations for your edge vision pipelines. • Data Collection (Snaps): Capture and structure training-ready datasets directly from your OAK device to streamline custom model training. • Dino Tracking: Interactively select and track any object in the frame dynamically, no predefined classes needed. • People Demographics: Run multiple parallel models for retail analytics, including age, gender, mood, and face tracking. Check out the apps and the new Snaps workflow here: discuss.luxonis.com/blog/672…