Shares in Boku Inc (AIM:BOKU) fell 33% to 94p after the payments company cut its full-year guidance, citing delayed product launches and slower merchant onboarding.
The AIM-listed group, which operates a global network of local payment methods, said revenue for the year to December 2026 would be $135 million to $142 million, below current market expectations.
It expects adjusted earnings before interest, tax, depreciation and amortisation of $38 million to $42 million.
Several factors weighed on the first half.
A key merchant moved to dual sourcing, reducing Boku's share of volume in one market, while local authorities in another market suspended two direct carrier billing connections.
The launch of several new connections was also delayed.
Boku still reported underlying revenue growth of around 11% in the first half, to roughly $66.5 million.
Adjusted EBITDA rose to about $19.3 million, though the margin slipped to 29% from 30.6% a year earlier.
Total payment volume climbed 12% to around $8.3 billion.
The company pointed to strategic progress during the period.
It signed its first contract with a major global payment service provider, Stripe, opening an indirect route to market, with two merchants already live.
Boku also processed its first transactions on Brazil's PIX and India's UPI systems.
Chief executive Stuart Neal described the Stripe agreement as a landmark deal, giving the partner access to Boku's network of local payment methods.
The company repurchased 9.6 million shares for $23.5 million in the first half.
It said the board intended to extend the current buyback programme and would update the market shortly.
