Welcome to our dedicated page for Usio news (Ticker: $USIO), a resource for investors and traders seeking the latest updates and insights on Usio stock.
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Usio (NASDAQ: USIO) reported its Q1 2024 financial results. Total payment dollars processed increased by 19% year-over-year, reaching $1.5 billion. ACH & Complementary Services revenues grew by 16%, and credit card revenues rose by 3%. However, total revenue decreased by 5% to $20.3 million, primarily due to a 30% drop in Prepaid card services revenue following the planned wind down of the NYC COVID Incentive Program. Gross profit for the quarter was $4.2 million, with a 2.2% decrease in gross margins. Usio posted a net loss of $0.3 million, or ($0.01) per share, compared to a net income of $0.015 million last year. Despite these losses, the company remains financially stable with $7.1 million in cash reserves and maintains its full-year 2024 revenue growth expectation of 10-12%.
Usio announced a new agreement to integrate its payment technology into a leading web-based ERP provider's software. This integration is expected to migrate over $1 billion in credit card transactions to Usio's platform, potentially generating over $20 million in annual recurring revenue. The ERP provider caters to diverse industries, including janitorial, home improvement, and governmental services. Usio's CEO, Louis Hoch, emphasized that this partnership underscores the value of Usio's PayFac-in-a-Box solution, its flexible integration capabilities, and the expected revenue boost starting in late 2024, with significant impact by 2025.
Usio, Inc. (NASDAQ: USIO) collaborates with MOBILEMONEY to power its self-service kiosks for cashless transactions, resulting in significant growth in card issuance and transaction volume. The partnership expands to support General Purpose Reloadable Card Issuance and Virtual Cards, catering to the increasing demand for cashless payments in various markets. The success of the program highlights Usio's versatile card issuing platform and commitment to driving innovation in mobile financial services.