Sea Limited Posts $8.58B Q3 Revenue as Shopee and Monee Drive 43% Growth

Sea Limited reported third-quarter 2026 revenue of $8.58 billion, a 43 percent year-over-year increase that beat analyst estimates of $8.05 billion by roughly $530 million. GAAP EPS came in at $0.78, one cent below the $0.79 consensus, while net income rose 34 percent year-over-year to $502.5 million and total adjusted EBITDA grew 28.9 percent to $931.3 million.

Shopee, the e-commerce arm, was a primary driver, with gross merchandise value rising 23.3 percent to $39.7 billion on 4.5 billion orders, up 25.5 percent year-over-year. Shopee revenue reached $6.1 billion, up 41.3 percent, with core marketplace revenue surging 50.6 percent to $4.6 billion. The digital financial services platform Monee posted revenue of $1.6 billion, up 63.9 percent, as its loan book expanded 60 percent to $12.6 billion, though the 90-plus day non-performing loan ratio ticked up 20 basis points year-over-year to 1.3 percent. Garena, the gaming unit, generated $890 million in bookings and $458.2 million in adjusted EBITDA, with paying users up 4.1 percent to 68.6 million. Sea completed its prior $1.0 billion buyback after repurchasing 11.1 million shares for $997.2 million and authorized a new $1.0 billion repurchase program with no expiration date.

Venture Global also delivered a strong quarter, reporting Q3 revenue of $4.76 billion, up 43 percent year-over-year and ahead of the $4.69 billion estimate. EPS reached $0.96 against a $0.49 estimate, though the figure included a $1.37 billion non-cash interest-rate swap gain. Adjusted EBITDA of $2.58 billion beat estimates of $2.53 billion and was up 69 percent year-over-year. The company exported 467.1 trillion British thermal units of LNG across 124 cargoes, both up roughly 25 percent year-over-year. Venture Global raised its full-year 2026 adjusted EBITDA guidance to $10.0 billion to $10.3 billion from a prior range of $8.7 billion to $9.1 billion, citing the October 31 start of commercial operations at Plaquemines Phase 1 and new 20-year LNG offtake agreements totaling 2.0 million tonnes per annum. The company also flagged a potential new business line offering off-grid AI utility power to data centers.

D-Wave Quantum reported Q3 revenue of $4.5 million, up 21 percent year-over-year and above the $4.3 million estimate, but GAAP EPS of negative $0.13 missed by one cent. Quarterly bookings fell 19 percent year-over-year to $1.9 million, though year-to-date bookings surged 611 percent to $37.4 million and remaining performance obligations jumped 1,221 percent to $38.3 million. A $121.9 million non-cash warrant liability remeasurement drove the GAAP net loss to $48.2 million. D-Wave announced selection for up to $100 million in U.S. CHIPS Act funding to develop a 100,000-qubit annealing system, delivered Italy's first annealing computer, and reported a new NTT DOCOMO deployment that reduced location signals 65.3 percent. Shares fell on the mixed results and the weak quarterly bookings figure.