Payward's Q3 transaction volume down 30% year-on-year... adjusted EBITDA KRW 80.2 billion

Payward, the parent company of crypto exchange Kraken, reported third-quarter 2026 adjusted EBITDA of $60 million (about 80.2 billion won), up from $23 million in the prior quarter but down sharply from the $178.6 million disclosed for the same period last year. The company released the figures on the 13th, noting that the year-earlier number came from Kraken's own reporting at the time. Adjusted EBITDA is a non-GAAP measure that strips out taxes, interest, depreciation and amortization, and stock-based compensation, and Payward cautioned it should not be treated as a substitute for GAAP metrics or confused with net income. The quarter-over-quarter rebound signals some cost or margin improvement, but the steep annual decline points to weaker underlying performance versus a year ago.