Usio Announces Improved Profitability; Fourth Quarter GAAP Earnings of $0.02 per share and Full Year GAAP Earnings of $0.12 per share
Usio Inc (Nasdaq: USIO) reported strong financial results for Q4 and full year 2024, with GAAP earnings of $0.02 per share in Q4 and $0.12 per share for the full year. The company achieved record processing volume of $7.1 billion, up 33% year-over-year, with transactions growing 26%.
Revenue growth was seen across multiple segments: ACH & Complementary Services (+17% Q4, +12% FY), Card Services (+6% Q4, +3% FY), and Output Solutions (+13% Q4). The company's cash position reached a record high of $8.1 million, up from $7.2 million in 2023. Q4 revenues were $20.6 million, with full-year revenues at $82.9 million.
The Board authorized a new $4 million stock repurchase program, following $1.4 million in buybacks during 2024. For fiscal 2025, Usio projects 14-16% revenue growth with Adjusted EBITDA margins of 5-7%, contingent on stable economic conditions.
Usio Inc (Nasdaq: USIO) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024, con utili GAAP di $0,02 per azione nel Q4 e $0,12 per azione per l'anno intero. L'azienda ha raggiunto un volume di elaborazione record di $7,1 miliardi, in aumento del 33% rispetto all'anno precedente, con transazioni in crescita del 26%.
La crescita dei ricavi è stata osservata in diversi segmenti: Servizi ACH e Complementari (+17% Q4, +12% FY), Servizi di Carta (+6% Q4, +3% FY) e Soluzioni di Output (+13% Q4). La posizione di cassa dell'azienda ha raggiunto un massimo storico di $8,1 milioni, rispetto ai $7,2 milioni del 2023. I ricavi del Q4 sono stati di $20,6 milioni, con ricavi annuali totali di $82,9 milioni.
Il Consiglio ha autorizzato un nuovo programma di riacquisto di azioni da $4 milioni, dopo riacquisti per $1,4 milioni durante il 2024. Per l'anno fiscale 2025, Usio prevede una crescita dei ricavi del 14-16% con margini EBITDA rettificati del 5-7%, a condizione che le condizioni economiche rimangano stabili.
Usio Inc (Nasdaq: USIO) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024, con ganancias GAAP de $0.02 por acción en el Q4 y $0.12 por acción para el año completo. La compañía alcanzó un volumen de procesamiento récord de $7.1 mil millones, un aumento del 33% interanual, con transacciones creciendo un 26%.
El crecimiento de ingresos se observó en múltiples segmentos: Servicios ACH y Complementarios (+17% Q4, +12% FY), Servicios de Tarjeta (+6% Q4, +3% FY) y Soluciones de Salida (+13% Q4). La posición de efectivo de la compañía alcanzó un máximo histórico de $8.1 millones, frente a $7.2 millones en 2023. Los ingresos del Q4 fueron de $20.6 millones, con ingresos anuales totales de $82.9 millones.
La Junta autorizó un nuevo programa de recompra de acciones de $4 millones, tras $1.4 millones en recompras durante 2024. Para el año fiscal 2025, Usio proyecta un crecimiento de ingresos del 14-16% con márgenes EBITDA ajustados del 5-7%, dependiendo de condiciones económicas estables.
Usio Inc (Nasdaq: USIO)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했으며, 4분기 GAAP 주당 수익은 $0.02, 전체 연도는 $0.12입니다. 이 회사는 기록적인 처리량 $7.1억 달러를 달성했으며, 이는 전년 대비 33% 증가하고 거래는 26% 증가했습니다.
수익 성장은 여러 부문에서 나타났습니다: ACH 및 보완 서비스 (+17% Q4, +12% FY), 카드 서비스 (+6% Q4, +3% FY), 출력 솔루션 (+13% Q4). 회사의 현금 보유고는 2023년 $7.2백만에서 $8.1백만으로 기록적인 최고치를 기록했습니다. 4분기 수익은 $20.6백만이며, 전체 연도 수익은 $82.9백만입니다.
이사회는 2024년 동안 $1.4백만의 자사주 매입 후 새로운 $4백만 자사주 매입 프로그램을 승인했습니다. 2025 회계연도에 대해 Usio는 안정적인 경제 조건을 전제로 14-16%의 수익 성장을 예상하며 조정된 EBITDA 마진은 5-7%로 예상합니다.
Usio Inc (Nasdaq: USIO) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année entière 2024, avec des bénéfices GAAP de 0,02 $ par action au Q4 et de 0,12 $ par action pour l'année complète. L'entreprise a atteint un volume de traitement record de 7,1 milliards de dollars, en hausse de 33 % par rapport à l'année précédente, avec une augmentation des transactions de 26 %.
La croissance des revenus a été observée dans plusieurs segments : Services ACH et Complémentaires (+17 % Q4, +12 % FY), Services de Carte (+6 % Q4, +3 % FY) et Solutions de Sortie (+13 % Q4). La position de trésorerie de l'entreprise a atteint un niveau record de 8,1 millions de dollars, contre 7,2 millions de dollars en 2023. Les revenus du Q4 se sont élevés à 20,6 millions de dollars, avec des revenus annuels totaux de 82,9 millions de dollars.
Le Conseil a autorisé un nouveau programme de rachat d'actions de 4 millions de dollars, après un rachat de 1,4 million de dollars en 2024. Pour l'exercice 2025, Usio prévoit une croissance des revenus de 14 à 16 % avec des marges EBITDA ajustées de 5 à 7 %, sous réserve de conditions économiques stables.
Usio Inc (Nasdaq: USIO) hat starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet, mit GAAP-Gewinnen von $0,02 pro Aktie im Q4 und $0,12 pro Aktie für das gesamte Jahr. Das Unternehmen erreichte ein Rekordverarbeitungsvolumen von $7,1 Milliarden, was einem Anstieg von 33 % im Vergleich zum Vorjahr entspricht, während die Transaktionen um 26 % zunahmen.
Das Umsatzwachstum wurde in mehreren Segmenten beobachtet: ACH- und ergänzende Dienstleistungen (+17 % Q4, +12 % FY), Kartendienstleistungen (+6 % Q4, +3 % FY) und Ausgabesysteme (+13 % Q4). Die Liquiditätsposition des Unternehmens erreichte mit $8,1 Millionen einen Rekordwert, gegenüber $7,2 Millionen im Jahr 2023. Die Einnahmen im Q4 betrugen $20,6 Millionen, während die Gesamteinnahmen für das Jahr bei $82,9 Millionen lagen.
Der Vorstand genehmigte ein neues Aktienrückkaufprogramm über $4 Millionen, nach $1,4 Millionen an Rückkäufen im Jahr 2024. Für das Geschäftsjahr 2025 prognostiziert Usio ein Umsatzwachstum von 14-16 % mit bereinigten EBITDA-Margen von 5-7 %, abhängig von stabilen wirtschaftlichen Bedingungen.
- Record processing volume of $7.1 billion, up 33% YoY
- Strong revenue growth across multiple segments (ACH +17%, Card +6%, Output +13% in Q4)
- Cash position increased to record $8.1 million
- New $4 million stock buyback program authorized
- Positive 2025 guidance with 14-16% revenue growth expected
- Third consecutive quarter of positive GAAP net income
- Gross profits down 4% in Q4 2024 vs Q4 2023
- Q4 operating loss of $0.6 million compared to breakeven in Q4 2023
- Full year 2024 revenues declined 1% to $82.9 million
- 24% decrease in Prepaid revenues due to COVID program wind-down
- Adjusted EBITDA declined by $1.0 million to $2.9 million in 2024
Insights
Usio's Q4 results demonstrate improved bottom-line performance with GAAP earnings of $0.02/share for Q4 and $0.12/share for FY2024, marking a substantial turnaround from 2023's net loss of $(0.02)/share. The full-year net income of
Revenue performance shows a mixed picture: Q4 revenue increased
Segment performance reveals strength in ACH (
Full Year Revenues up in each of ACH & Complementary Services, Card and Output Solutions Business Units
Record Full Year 2024 Dollar Processing Volume of
Cash Position Increases to Record High of
SAN ANTONIO, March 26, 2025 (GLOBE NEWSWIRE) -- Usio, Inc: (Nasdaq: USIO), a leading FinTech company that operates a full stack of integrated, cloud-based electronic payment and embedded financial solutions, today announced financial results for the fourth quarter and year ended December 31, 2024.
Louis Hoch, Chairman and Chief Executive Officer of Usio, said, “We are delivering on our commitments as profitability improved, cash flow was strong, and revenue grew in each of our ACH & Complementary Services, Card and Output Solutions businesses in both the fourth quarter and full year 2024. We also delivered another year of positive Adjusted EBITDA1. Results were driven across Usio by a
“For the quarter, we reported top line growth as well as our third consecutive quarter of positive GAAP net income, approximately
Momentum continues to accelerate in ACH and complementary services, with revenues up
Gross profits and margins were down modestly for both the quarter and the year, due primarily to product mix. Selling, general and administrative expenses were up just
Mr. Hoch concluded, "In 2024 our various growth initiatives enabled us to regain nearly all of the revenue lost with the planned expiration of large COVID related card programs while improving profitability and further strengthening our financial position. More importantly, we are fully embarking on our new One Usio strategy, better integrating all of our various product offerings so that we approach the market as a unified force with a portfolio of capabilities that can meet our customer’s various electronic payment and associated needs. Already, we are seeing success selling multiple, complementary Usio products to an increasing number of clients who benefit from the synergies and efficiencies that arise from consolidating their relationships. While this has always been one of our competitive advantages, in 2025 we are redoubling our efforts and organizing around this concept to better unlock the inherent value of this strategy. At the same time, we believe we have the infrastructure to support our growth initiatives such that we can expect to see continued improvement in our operating leverage. We believe 2025 will be another year of growth as we create value for our shareholders.”
Fiscal 2025 Guidance
The Company continues to expect strong 14 -
Fourth Quarter 2024 Financial Summary
Revenues were
| Three Months Ended December 31, | ||||||||||||||||
| (in millions, except percentages) | ||||||||||||||||
| 2024 | 2023 | $ Change | % Change | |||||||||||||
| ACH and complementary service revenue | $ | 4.6 | $ | 3.9 | $ | 0.7 | 17 | % | ||||||||
| Credit card revenue | 7.2 | 6.9 | 0.4 | 6 | % | |||||||||||
| Prepaid card services revenue | 3.0 | 4.0 | (1.0 | ) | (24 | )% | ||||||||||
| Output Solutions revenue | 5.1 | 4.6 | 0.6 | 13 | % | |||||||||||
| Interest - ACH and complementary services | 0.2 | 0.2 | (0.1 | ) | (22 | )% | ||||||||||
| Interest - Prepaid card services | 0.3 | 0.5 | (0.2 | ) | (41 | )% | ||||||||||
| Interest - Output Solutions | 0.0 | 0.0 | 0.0 | 73 | % | |||||||||||
| Total Revenue | $ | 20.6 | $ | 20.1 | $ | 0.4 | 2 | % | ||||||||
Revenue growth was primarily attributable to
Gross profits were
The Company had an operating loss of
Adjusted EBITDA1 was positive
For the quarter, the Company generated
Net income for the fourth quarter of 2024 was
During the quarter, the Company repurchased 331,222 shares of its stock at an average price of
1 See reconciliation of non-GAAP financial measures below.
Financial Results for Full Year 2024
Revenues for 2024 were
| Year Ended December 31, | ||||||||||||||||
| (in millions, except percentages) | ||||||||||||||||
| 2024 | 2023 | $ Change | % Change | |||||||||||||
| ACH and complementary service revenue | $ | 16.7 | $ | 14.9 | $ | 1.8 | 12 | % | ||||||||
| Credit card revenue | 29.3 | 28.5 | 0.8 | 3 | % | |||||||||||
| Prepaid card services revenue | 14.1 | 18.7 | (4.6 | ) | (25 | )% | ||||||||||
| Output Solutions revenue | 20.6 | 20.5 | 0.1 | 1 | % | |||||||||||
| Interest - ACH and complementary services | 0.8 | 0.5 | 0.3 | 59 | % | |||||||||||
| Interest - Prepaid card services | 1.3 | 0.9 | 0.4 | 44 | % | |||||||||||
| Interest - Output Solutions | 0.2 | 0.0 | 0.1 | 220 | % | |||||||||||
| Total Revenue | $ | 82.9 | $ | 84.1 | $ | (1.1 | ) | (1 | )% | |||||||
The Company experienced strong revenue growth in its ACH and complementary services business segment, seeing an
Gross profit for the year ended December 31, 2024 was
The Company reported
Conference Call and Webcast
Usio, Inc.'s management will host a conference call with a live webcast Wednesday, March 26, 2025 at 4:30 pm Eastern time to provide a business update. To listen to the conference call, interested parties within the U.S. should call +1-844-883-3890. International callers should call + 1-412-317-9246. All callers should ask for the Usio conference call. The conference call will also be available through a live webcast, which can be accessed via the company’s website at www.usio.com/invest.
A replay of the call will be available approximately one hour after the end of the call through April 10, 2025. The replay can be accessed via the Company’s website or by dialing +1-877-344-7529 (U.S.) or +1-412-317-0088 (international). The replay conference playback code is 2388192.
About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), is a leading Fintech that operates a full stack of proprietary, cloud-based integrated payment and embedded financial solutions in a single ecosystem to a wide range of merchants, billers, banks, service bureaus and card issuers. The Company operates credit/debit and ACH payment processing platforms, as well as a turn-key card issuing platform to deliver convenient, world-class payment solutions and services to their clients. The company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has a development office in Austin, Texas.
Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.
About Non-GAAP Financial Measures
This press release includes non-GAAP financial measures, EBITDA, adjusted EBITDA, and adjusted EBITDA margins, as defined in Regulation G of the Securities and Exchange Act of 1934, as amended. The Company reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP financial measures provides investors with financial measures it uses in the management of its business. The Company defines EBITDA as operating income (loss), before interest, taxes, depreciation and amortization of intangibles. The Company defines adjusted EBITDA as EBITDA, as defined above, plus non-cash stock option costs and certain non-recurring items, such as costs related to acquisitions. These measures may not be comparable to similarly titled measures reported by other companies. Management uses EBITDA, adjusted EBITDA, and adjusted EBITDA margins as indicators of the Company's operating performance and ability to fund acquisitions, capital expenditures and other investments and, in the absence of refinancing options, to repay debt obligations.
In previous periods, the Company reported the non-GAAP financial measure of adjusted operating cash flows, which excluded certain items from operating cash flows to provide a measure of cash generated from its core operations. Beginning with the current reporting period, the Company is no longer presenting adjusted operating cash flows as a non-GAAP financial measure. The decision to discontinue reporting adjusted operating cash flows is due to changes in the presentation of certain assets, specifically the movement of assets held for customers, into the financing activities section of our cash flow statement. As a result of this reclassification, the need for the adjusted operating cash flows measure is no longer required, as the adjustments previously made to exclude these amounts are not necessary.
Management believes EBITDA, adjusted EBITDA, and adjusted EBITDA margins are helpful to investors in evaluating the Company's operating performance because non-cash costs and other items that management believes are not indicative of its results of operations are excluded.
EBITDA, adjusted EBITDA, and adjusted EBITDA margins should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. They are not measurements of our financial performance under GAAP and should not be considered as alternatives to revenue, or net income, as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. EBITDA, adjusted EBITDA, and adjusted EBITDA margins have limitations as analytical tools and you should not consider these Non-GAAP measures in isolation or as a substitute for analysis of our operating results as reported under GAAP.
1 See reconciliation of non-GAAP financial measures below.
FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as "believe," "could," "should," "intend," "look forward," "anticipate," "schedule,” and "expect" among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including such risks related to an economic downturn, the realization of opportunities from the IMS acquisition, the management of the Company's growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2024. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.
Contact:
Paul Manley
Senior Vice President, Investor Relations
Paul.Manley@usio.com
612-834-1804
| USIO, INC. CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 8,056,891 | $ | 7,155,687 | ||||
| Accounts receivable | 5,053,639 | 5,564,138 | ||||||
| Accounts receivable, tax credit | 1,494,612 | — | ||||||
| Settlement processing assets | 47,104,006 | 44,899,603 | ||||||
| Prepaid card load assets | 25,648,688 | 31,578,973 | ||||||
| Customer deposits | 1,918,805 | 1,865,731 | ||||||
| Inventory | 403,796 | 422,808 | ||||||
| Prepaid expenses and other | 585,500 | 444,071 | ||||||
| Current assets before merchant reserves | 90,265,937 | 91,931,011 | ||||||
| Merchant reserves | 4,890,101 | 5,310,095 | ||||||
| Total current assets | 95,156,038 | 97,241,106 | ||||||
| Property and equipment, net | 3,194,818 | 3,660,092 | ||||||
| Other assets: | ||||||||
| Intangibles, net | 881,346 | 1,753,333 | ||||||
| Deferred tax asset | 4,580,440 | 1,504,000 | ||||||
| Operating lease right-of-use assets | 3,037,928 | 2,420,782 | ||||||
| Other assets | 357,877 | 355,357 | ||||||
| Total other assets | 8,857,591 | 6,033,472 | ||||||
| Total Assets | $ | 107,208,447 | $ | 106,934,670 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 1,256,819 | $ | 1,031,141 | ||||
| Accrued expenses | 3,366,925 | 3,801,278 | ||||||
| Operating lease liabilities, current portion | 612,680 | 633,616 | ||||||
| Equipment loan, current portion | 147,581 | 107,270 | ||||||
| Settlement processing obligations | 47,104,006 | 44,899,603 | ||||||
| Prepaid card load liabilities | 25,648,688 | 31,578,973 | ||||||
| Customer deposits | 1,918,805 | 1,865,731 | ||||||
| Current liabilities before merchant reserve obligations | 80,055,504 | 83,917,612 | ||||||
| Merchant reserve obligations | 4,890,101 | 5,310,095 | ||||||
| Total current liabilities | 84,945,605 | 89,227,707 | ||||||
| Non-current liabilities: | ||||||||
| Equipment loan, non-current portion | 571,862 | 718,980 | ||||||
| Operating lease liabilities, non-current portion | 2,534,017 | 1,919,144 | ||||||
| Total liabilities | 88,051,484 | 91,865,831 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders' Equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 198,317 | 197,087 | ||||||
| Additional paid-in capital | 99,676,457 | 97,479,830 | ||||||
| Treasury stock, at cost; 3,292,764 and 2,339,083 shares in 2024 and 2023 (see Note 12) | (5,770,592 | ) | (4,362,150 | ) | ||||
| Deferred compensation | (6,914,563 | ) | (6,907,775 | ) | ||||
| Accumulated deficit | (68,032,656 | ) | (71,338,153 | ) | ||||
| Total stockholders' equity | 19,156,963 | 15,068,839 | ||||||
| Total Liabilities and Stockholders' Equity | $ | 107,208,447 | $ | 106,934,670 | ||||
| USIO, INC. CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| Three Months Ended (unaudited) | Twelve Months Ended | |||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||
| Revenues | $ | 20,560,088 | $ | 20,130,642 | $ | 82,931,840 | $ | 84,066,245 | ||||||||
| Cost of services | 15,495,310 | 14,871,207 | 63,317,396 | 63,992,417 | ||||||||||||
| Gross profit | 5,064,778 | 5,259,435 | 19,614,444 | 20,073,828 | ||||||||||||
| Selling, general and administrative: | ||||||||||||||||
| Stock-based compensation | 564,300 | 545,711 | 2,093,406 | 2,222,969 | ||||||||||||
| Other expenses | 4,547,694 | 4,195,580 | 16,728,081 | 16,216,690 | ||||||||||||
| Depreciation and Amortization | 555,581 | 521,932 | 2,263,302 | 2,081,533 | ||||||||||||
| Total operating expenses | 5,667,575 | 5,263,223 | 21,084,789 | 20,521,192 | ||||||||||||
| Operating loss | (602,797 | ) | (3,788 | ) | (1,470,345 | ) | (447,364 | ) | ||||||||
| Other income: | ||||||||||||||||
| Interest income | 116,558 | 103,337 | 464,746 | 219,986 | ||||||||||||
| Other income | 1,476,272 | — | 1,737,685 | 50,000 | ||||||||||||
| Interest expense | (12,267 | ) | (3,614 | ) | (53,802 | ) | (5,202 | ) | ||||||||
| Other income, net | 1,580,563 | 99,723 | 2,148,629 | 264,784 | ||||||||||||
| Income (loss) before income taxes | 977,766 | 95,935 | 678,284 | (182,580 | ) | |||||||||||
| Federal income tax expense (benefit) | 109,613 | — | (3,076,440 | ) | — | |||||||||||
| State income tax expense | 239,227 | 70,000 | 449,227 | 292,524 | ||||||||||||
| Income tax expense (benefit) | 348,840 | 70,000 | (2,627,213 | ) | 292,524 | |||||||||||
| Net Income (Loss) | $ | 628,926 | $ | 25,935 | $ | 3,305,497 | $ | (475,104 | ) | |||||||
| Earnings (Loss) Per Share | ||||||||||||||||
| Basic income (loss) per common share: | $ | 0.02 | $ | 0.00 | $ | 0.12 | $ | (0.02 | ) | |||||||
| Diluted income (loss) per common share: | $ | 0.02 | $ | 0.00 | $ | 0.12 | $ | (0.02 | ) | |||||||
| Weighted average common shares outstanding | ||||||||||||||||
| Basic | 27,162,675 | 26,503,251 | 26,852,129 | 26,490,868 | ||||||||||||
| Diluted | 27,162,675 | 26,503,251 | 26,852,129 | 26,490,868 | ||||||||||||
| USIO, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| Operating Activities | ||||||||
| Net income (loss) | $ | 3,305,497 | $ | (475,104 | ) | |||
| Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | ||||||||
| Depreciation | 1,391,315 | 1,209,506 | ||||||
| Amortization | 871,987 | 872,027 | ||||||
| Loss on disposal of equipment | 18,340 | — | ||||||
| Deferred federal income tax | (3,076,440 | ) | — | |||||
| Employee stock-based compensation | 2,093,406 | 2,190,369 | ||||||
| Vendor stock-based compensation | — | 32,600 | ||||||
| Non-cash revenue from return of treasury stock | — | (156,162 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 510,499 | (1,192,498 | ) | |||||
| Accounts receivable, tax credit | (1,494,612 | ) | — | |||||
| Prepaid expenses and other | (141,429 | ) | 6,318 | |||||
| Operating lease right-to-use assets | (617,146 | ) | 374,701 | |||||
| Other assets | (2,520 | ) | — | |||||
| Inventory | 19,012 | 84,547 | ||||||
| Accounts payable and accrued expenses | (208,675 | ) | 252,689 | |||||
| Operating lease liabilities | 593,937 | (403,506 | ) | |||||
| Merchant reserves | (419,994 | ) | 400,594 | |||||
| Customer deposits | 53,074 | 311,609 | ||||||
| Net cash provided by operating activities | 2,896,251 | 3,507,690 | ||||||
| Investing Activities | ||||||||
| Purchases of property and equipment | (991,881 | ) | (834,964 | ) | ||||
| Sale of equipment | 47,500 | — | ||||||
| Net cash used by investing activities | (944,381 | ) | (834,964 | ) | ||||
| Financing Activities | ||||||||
| Payments on equipment loan | (106,807 | ) | (56,992 | ) | ||||
| Proceeds from issuance of common stock | 97,663 | — | ||||||
| Purchases of treasury stock | (1,408,442 | ) | (456,961 | ) | ||||
| Assets held for customers | (3,725,882 | ) | 6,570,747 | |||||
| Net cash provided (used) by financing activities | (5,143,468 | ) | 6,056,794 | |||||
| Change in cash, cash equivalents, customer deposits and merchant reserves | (3,191,598 | ) | 8,729,520 | |||||
| Cash, cash equivalents, customer deposits and merchant reserves, beginning of year | 90,810,089 | 82,080,569 | ||||||
| Cash, Cash Equivalents, Settlement Processing Assets, Prepaid Card Load Assets, Customer Deposits and Merchant Reserves, End of Year | $ | 87,618,491 | $ | 90,810,089 | ||||
| Supplemental disclosures of cash flow information | ||||||||
| Cash paid during the period for: | ||||||||
| Interest | $ | 53,802 | $ | 5,202 | ||||
| Income taxes | 290,144 | 116,204 | ||||||
| Non-cash operating activities: | ||||||||
| Right of use assets obtained in exchange for operating lease liabilities | $ | 1,156,543 | $ | - | ||||
| Non-cash investing and financing activities: | ||||||||
| Issuance of deferred stock compensation | $ | 1,497,300 | $ | 2,650,505 | ||||
| Non-cash transaction for acquisition of equipment in exchange for note payable | — | 811,819 | ||||||
| USIO, INC. STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||
| Common Stock | Additional Paid- In | Treasury | Deferred | Accumulated | Total Stockholders' | |||||||||||||||||||||||
| Shares | Amount | Capital | Stock | Compensation | Deficit | Equity | ||||||||||||||||||||||
| Balance at December 31, 2022 | 27,044,900 | $ | 195,471 | $ | 94,048,603 | $ | (3,749,027 | ) | $ | (5,697,900 | ) | $ | (70,863,049 | ) | $ | 13,934,098 | ||||||||||||
| Issuance of common stock under equity incentive plan | 1,731,506 | 1,731 | 3,619,315 | — | (2,650,505 | ) | — | 970,541 | ||||||||||||||||||||
| Reversal of deferred compensation amortization that did not vest | (115,000 | ) | (115 | ) | (188,088 | ) | — | 103,091 | — | (85,112 | ) | |||||||||||||||||
| Deferred compensation amortization | — | — | — | — | 1,337,539 | — | 1,337,539 | |||||||||||||||||||||
| Non-cash return of treasury stock | — | — | — | (156,162 | ) | — | — | (156,162 | ) | |||||||||||||||||||
| Purchase of treasury stock | — | — | — | (456,961 | ) | — | — | (456,961 | ) | |||||||||||||||||||
| Net loss | — | — | — | — | — | (475,104 | ) | (475,104 | ) | |||||||||||||||||||
| Balance at December 31, 2023 | 28,661,406 | $ | 197,087 | $ | 97,479,830 | $ | (4,362,150 | ) | $ | (6,907,775 | ) | $ | (71,338,153 | ) | $ | 15,068,839 | ||||||||||||
| Issuance of common stock under equity incentive plan | 1,189,050 | 1,178 | 2,130,336 | — | (1,497,300 | ) | — | 634,214 | ||||||||||||||||||||
| Issuance of common stock under employee stock purchase plan | 66,959 | 67 | 97,596 | — | — | — | 97,663 | |||||||||||||||||||||
| Reversal of deferred compensation amortization that did not vest | (15,000 | ) | (15 | ) | (31,305 | ) | — | 31,320 | — | — | ||||||||||||||||||
| Deferred compensation amortization | — | — | — | — | 1,459,192 | — | 1,459,192 | |||||||||||||||||||||
| Purchase of treasury stock | — | — | — | (1,408,442 | ) | — | — | (1,408,442 | ) | |||||||||||||||||||
| Net income | — | — | — | — | — | 3,305,497 | 3,305,497 | |||||||||||||||||||||
| Balance at December 31, 2024 | 29,902,415 | $ | 198,317 | $ | 99,676,457 | $ | (5,770,592 | ) | $ | (6,914,563 | ) | $ | (68,032,656 | ) | $ | 19,156,963 | ||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
| Three Months Ended (unaudited) | Twelve Months Ended | |||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||
| Reconciliation from Operating Income/(Loss) to Adjusted EBITDA: | ||||||||||||||||
| Operating income (loss) | $ | (602,797 | ) | $ | (3,788 | ) | $ | (1,470,345 | ) | $ | (447,364 | ) | ||||
| Depreciation and amortization | 555,581 | 521,932 | 2,263,302 | 2,081,533 | ||||||||||||
| EBITDA | (47,216 | ) | 518,144 | 792,957 | 1,634,169 | |||||||||||
| Non-cash stock-based compensation expense, net | 564,300 | 545,711 | 2,093,406 | 2,222,969 | ||||||||||||
| Adjusted EBITDA | $ | 517,084 | $ | 1,063,855 | $ | 2,886,363 | $ | 3,857,138 | ||||||||
| Calculation of Adjusted EBITDA margins: | ||||||||||||||||
| Revenues | $ | 20,560,088 | $ | 20,130,642 | $ | 82,931,840 | $ | 84,066,245 | ||||||||
| Adjusted EBITDA | 517,084 | 1,063,855 | 2,886,363 | 3,857,138 | ||||||||||||
| Adjusted EBITDA margins | 2.5 | % | 5.3 | % | 3.5 | % | 4.6 | % | ||||||||
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