Company: DLO
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000950170-25-058197
Chunk: 151

Company: dLocal Ltd
Filing Date: 2025-04-24
Form: 20-F
Item: Item 16K
Chunk 151
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 2024, the Group’s revenue from its top 10 merchants represented62% of its total revenue (60% and50% of revenue in the years ended December 31, 2023 and 2022, respectively). In 2024 two merchants ( one in 2023 and no ne in2022) individually accounted for more than 10% of the Group’s total revenue.
Non-current assets by country
The Company does not have any non-current assets located in the Cayman Islands.

F-28

6.
Revenues and Cost of Services
(a)
Revenue and Gross profit description
dLocal derives revenue by processing payments for international merchants who operate in selected emerging markets.
The breakdown of revenue from contracts with customers per type of service is as follows:
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Transaction revenues (i) 739,919 637,053 415,444
Other revenues (ii) 6,055 13,298 3,481
Revenues from payment processing 745,974 650,351 418,925
Cost of services ( 451,301 ( 373,492 ( 216,758
Gross profit 294,673 276,859 202,167
(i)
Transaction revenues consist of processing, foreign exchange, installment, advances granted to merchants, chargebacks, refunds, advances granted to merchants and other transactional fees as described in note 2.15. These fees are recognized as revenue at a point in time when a payment transaction, or its reversal in the case of chargebacks and refunds, has been processed.
(ii)
Other revenues are mainly comprised of minor fees, such as smart defense, issuing, minimum monthly and small transfer fees.
(b)
Revenue recognized at a point in time and over time
Transaction revenues are recognized at a point in time when the payment transaction, or in the case of chargeback and refunds, its reversal, has been processed. Other revenues are recognized as revenue at a point in time when the respective performance obligation is satisfied. The Group did not recognize revenues over time during the year ended December 31, 2024, 2023 and 2022.
(c)
Cost of services
Cost of services are comprised of the following:
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Processing costs (i) 427,127 356,295 206,223
Hosting expenses (ii) 7,723 6,235 4,331
Amort