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Side-by-side financial comparison of dLocal Ltd (DLO) and PicoCELA Inc. (PCLA). Click either name above to swap in a different company.
dLocal Ltd is the larger business by last-quarter revenue ($337.9M vs $252.6M, roughly 1.3× PicoCELA Inc.). dLocal Ltd runs the higher net margin — 16.5% vs -125.2%, a 141.7% gap on every dollar of revenue. dLocal Ltd produced more free cash flow last quarter ($99.8M vs $-256.6M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
PicoCELA Inc. is a global technology company specializing in low-power, high-reliability wireless connectivity solutions, including Wi-Fi HaLow modules and edge network infrastructure. It caters to industrial IoT, smart city, retail, and smart home segments, with a primary operational footprint across Asia, North America, and European markets.
DLO vs PCLA — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $252.6M |
| Net Profit | $55.6M | $-316.2M |
| Gross Margin | 34.3% | — |
| Operating Margin | 18.6% | -114.8% |
| Net Margin | 16.5% | -125.2% |
| Revenue YoY | 65.2% | — |
| Net Profit YoY | 87.3% | — |
| EPS (diluted) | $0.18 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $337.9M | — | ||
| Q3 25 | $282.5M | — | ||
| Q1 25 | — | $252.6M | ||
| Q4 24 | $204.5M | — | ||
| Q3 24 | $185.8M | — |
| Q4 25 | $55.6M | — | ||
| Q3 25 | $141.3M | — | ||
| Q1 25 | — | $-316.2M | ||
| Q4 24 | $29.7M | — | ||
| Q3 24 | $90.8M | — |
| Q4 25 | 34.3% | — | ||
| Q3 25 | 36.5% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 40.9% | — | ||
| Q3 24 | 42.1% | — |
| Q4 25 | 18.6% | — | ||
| Q3 25 | 19.7% | — | ||
| Q1 25 | — | -114.8% | ||
| Q4 24 | 20.7% | — | ||
| Q3 24 | 22.1% | — |
| Q4 25 | 16.5% | — | ||
| Q3 25 | 50.0% | — | ||
| Q1 25 | — | -125.2% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 48.9% | — |
| Q4 25 | $0.18 | — | ||
| Q3 25 | $0.17 | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0.09 | — | ||
| Q3 24 | $0.09 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $719.9M | $456.8M |
| Total DebtLower is stronger | $86.7M | — |
| Stockholders' EquityBook value | $569.4M | $354.8M |
| Total Assets | $1.5B | $1.2B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | — | ||
| Q3 25 | $604.5M | — | ||
| Q1 25 | — | $456.8M | ||
| Q4 24 | $425.2M | — | ||
| Q3 24 | $560.5M | — |
| Q4 25 | $86.7M | — | ||
| Q3 25 | $63.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $39.8M | — | ||
| Q3 24 | — | — |
| Q4 25 | $569.4M | — | ||
| Q3 25 | $504.7M | — | ||
| Q1 25 | — | $354.8M | ||
| Q4 24 | $489.0M | — | ||
| Q3 24 | $457.0M | — |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | — | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | — | — |
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.12× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $100.4M | $-245.6M |
| Free Cash FlowOCF − Capex | $99.8M | $-256.6M |
| FCF MarginFCF / Revenue | 29.5% | -101.6% |
| Capex IntensityCapex / Revenue | 0.2% | 4.3% |
| Cash ConversionOCF / Net Profit | 1.80× | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | — | ||
| Q3 25 | $315.0M | — | ||
| Q1 25 | — | $-245.6M | ||
| Q4 24 | $-141.1M | — | ||
| Q3 24 | $108.3M | — |
| Q4 25 | $99.8M | — | ||
| Q3 25 | $313.4M | — | ||
| Q1 25 | — | $-256.6M | ||
| Q4 24 | $-141.6M | — | ||
| Q3 24 | $107.1M | — |
| Q4 25 | 29.5% | — | ||
| Q3 25 | 110.9% | — | ||
| Q1 25 | — | -101.6% | ||
| Q4 24 | -69.2% | — | ||
| Q3 24 | 57.6% | — |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.6% | — | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.7% | — |
| Q4 25 | 1.80× | — | ||
| Q3 25 | 2.23× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.75× | — | ||
| Q3 24 | 1.19× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
PCLA
| Revenue from product | $179.1M | 71% |
| Revenue from SaaS, Maintenance and others | $42.4M | 17% |
| Revenue from product – related party | $31.0M | 12% |
