Usio Announces Record Fourth Quarter and Full Year 2021 Financial Results

Rhea-AI Summary

Usio, a cloud-based FinTech provider, reported a record revenue of $61.9 million for 2021, up 92% year-over-year, with fourth-quarter revenue rising 86% to $17.4 million. Positive adjusted EBITDA increased nearly $5 million from 2020. The company anticipates 18-20% revenue growth in 2022, driven by strong processing volume growth, particularly in ACH and prepaid card services, which grew 151% in Q4. Gross margins expanded to 25.2%. Usio ended the year with $7.3 million in cash and zero significant debt, positioning itself for sustained growth.

Positive

• Full-year revenue increased by 92% to $61.9 million.
• Fourth-quarter revenue rose by 86% to $17.4 million.
• Positive adjusted EBITDA increased by nearly $5 million compared to 2020.
• Gross margins improved to 25.2%, up from 22.9%.
• Cash reserves at $7.3 million with no significant debt.

Negative

• Operating loss for the year was $0.2 million.
• Selling, general and administrative expenses increased due to the IMS acquisition and infrastructure investments.

Full Year Revenues up 92% as Fourth Quarter Revenues Rise 86%

Fifth Consecutive Year of Record Revenue

Strong Momentum Expected to Drive Continued Growth with 18-20% Increase in Revenue and Continued Positive Adjusted EBITDA Anticipated in Fiscal 2022

SAN ANTONIO, March 17, 2022 (GLOBE NEWSWIRE) -- Usio, Inc: (Nasdaq:USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, today announced financial results for the fourth quarter and year 2021, which ended December 31, 2021.

Louis Hoch, President and Chief Executive Officer of Usio, said, “The fourth quarter was a strong finish to a year of record financial performance, with revenue for the year of $61.9 million, up 92% and positive adjusted EBITDA increasing by nearly $5 million compared to 2020. For the quarter, revenues were a record $17.4 million, an 86% increase, while positive Adjusted EBITDA increased over $1 million, both compared to the same quarter a year ago. For the quarter, revenue growth accelerated sequentially from the third quarter in all of our ACH, credit card, prepaid, and Output Solution businesses as we maintain our momentum heading into the new year. Clearly, we have achieved scale, have been consistently growing, are increasing profitability, and generating positive cash flow. We reached an important inflection point in 2021 on the strength of our commitment to providing a portfolio of leading electronic payment technologies and outstanding service to a wide range of industries and governmental entities. This diversification strategy, together with our nimble, flexible organization provides a point of differentiation and a competitive advantage where we are rapidly building a reputation for punching above our weight. These are exciting times at Usio, reflecting the success of our hard work and entrepreneurial spirit that enabled us to rise to a new level of performance as the foundation for even greater future success."

Growth for both the quarter and year was driven by strong processing volume growth, with total dollars processed up 215% and 184%, compared to the year ago quarter and year, respectively. Both dollars and transactions processed were quarterly and full year records.

Reflecting the scale achieved, gross margins for the year expanded to 25.2% from 22.9% or 230 basis points, with margins also up in the fourth quarter. Selling, general and administrative expenses were up compared to a year ago, reflecting the added costs from the IMS acquisition as well as further investment to strengthen the Company's infrastructure to support current and anticipated growth. The Company is focused on increasing the leverage in its business model and anticipates any increase in selling, general and administrative expenses in fiscal 2022 to remain below the growth in revenues. The Company ended the year in its strongest financial position ever, as the inflection to positive cash flow achieved during the year plus the completion of a small investment from one of its largest clients led to an over $2 million increase in ending cash balances. Usio intends to continue to utilize its financial strength to enhance its growth initiatives and maintain its strong business momentum across all of its business segments, both in terms of enhancing its leading technology as well as expanding its marketing initiatives.

Mr. Hoch concluded, "Usio has made steady progress over the past two years and should now be ideally positioned to generate sustained, profitable growth. In our ACH business, we continue to expand our relationships in fast-growing industries, such as cryptocurrency, where this year we are excited to begin the rollout of the prepaid card to our partner Voyager's millions of active users. In our card business, our PayFac operation nearly doubled over the past year as it continues to benefit from its unique technology and 'White Glove, High Touch' service model. Prepaid revenues were up 151% in the fourth quarter, driving a more than doubling of full year revenues as they rapidly expand their penetration of the funds disbursement needs of numerous governmental, municipal, social, charitable and related entities. From virtually zero two years ago, Prepaid is now the program manager on over 200 card programs which we expect to exceed 300 by the end of 2022. And, Output Solutions has turned out to be the perfect complement to our electronic payments businesses, and once again exceeded expectations for the quarter, to serve diverse end markets to expand the Usio franchise and build value for our shareholders. Our multi-channel distribution strategy has proven to withstand shutdown events like COVID-19 and because of our diversity and focus on non-discretionary spending industries, we believe we are well positioned to weather many inflationary pressures that the market might face."

Fiscal 2022 Guidance

After raising guidance throughout Fiscal 2021, the Company continues to expect strong 18-20% growth in revenue in 2022 while also anticipating continued positive operating cash flows and Adjusted EBITDA. Guidance is conditioned on the continued enthusiasm in the fintech lending and cryptocurrency industries as well as no appreciable deterioration in economic conditions.

Fourth Quarter 2021 Financial Summary

Revenues were $17.4 million for the fourth quarter, up 86% compared to $9.4 million in the same period last year. Organic revenue growth in the fourth quarter was 65%.

		Three Months Ended December 31,
		(in millions, except percentages)
		2021				2020				$ Change				% Change
ACH and complementary service revenue		$	4.6			$	2.4			$	2.2				93	%
Credit card revenue			6.4				4.8				1.6				33	%
Prepaid card services revenue			2.6				1.0				1.5				151	%
Output solutions revenue			3.9				1.2				2.7				232	%
Total Revenue		$	17.4			$	9.4			$	8.0				86	%

Revenue growth was primarily attributable to a 93% increase in ACH and complementary services revenues, the recognition of a full quarter of revenues from the Output Solutions acquisition, continued growth in our card business with PayFac revenues up 106% and a 151% increase in Prepaid revenues from the same period last year.

Gross profits were $4.6 million, up 87% from $2.1 million for the same period last year. Gross margins were 26.2% compared to 26.0% in the same period last year. Gross margins in the quarter primarily reflect a shift to a higher proportion of revenues from our more profitable business lines, including strong gross profit performance from Usio Output Solutions.

The Company was nearly breakeven for the quarter with operating loss of $1,497 compared to an operating loss of approximately $0.7 million in the same period last year. The improvement in operating performance primarily reflects the significant increase in gross profits, slightly offset by an increase in other selling, general and administrative expenses.

Adjusted EBITDA was a positive $ 1.3 million in the quarter, an improvement of just over $1.0 million compared to positive Adjusted EBITDA of $0.3 million in the same period a year ago.

Net income for the fourth quarter of 2021 was $0.04 million, or $0.00 per share and compared to net income of $0.15 million or $0.01 per share for the same period last year. Net income for the fourth quarter of 2020 includes an $813,500 benefit from the forgiveness of the PPP loan.

Usio continues to be in solid financial condition with $7.3 million in cash and cash equivalents and no significant debt at December 31, 2021.

Financial Results for Full Year 2021

Revenues for 2021 were $61.9 million, up 92% from $32.3 million for the same period last year. Organic revenue growth in 2021 was 52%.

		Year Ended December 31,
		(in millions, except percentages)
		2021				2020				$ Change				% Change
ACH and complementary service revenue		$	15.4			$	8.5			$	7.0				82	%
Credit card revenue		25.2					19.5				5.7				29	%
Prepaid card services revenue			6.5				3.2				3.4				107	%
Output solutions revenue			14.8				1.2				13.6				1,175	%
Total Revenue		$	61.9			$	32.3			$	29.7				92	%

Revenue growth was primarily attributable to ACH and complimentary service revenues increasing by 82%, or $7.0 million, over the prior year due to a strong recovery from the COVID-19 pandemic that affected the consumer lending market and the continued strengthening of relationships in the cryptocurrency vertical. Further growth was driven by a full year's revenue from Output Solutions, 29% growth in the card business, and a 107% increase in prepaid revenues.

Gross profit for the year ended December 31, 2021, was $15.6 million, up 112% from $7.4 million for the same period last year. Gross margins were 25.2% for the year ended December 31, 2021, compared to 22.9% in the same period last year reflecting an increase in the proportion of revenues generated from our higher margin operations.

The Company recognized a significant improvement in most of its profitability metrics in fiscal 2021. The Company reported $0.2 million operating loss for the year ended December 31, 2021, compared to a loss of $3.8 million for the same period of 2020 due to the increase in gross profits. Adjusted EBITDA for the year ended December 31, 2021, was positive $4.0 million compared to a loss of $0.8 million for the same period in the prior year. Net loss for the year ended December 31, 2021, was $0.3 million or $0.02 per share compared to a net loss of $2.9 million or $0.19 per share in the same period last year. Net income for the year 2020 includes an $813,500 benefit from the forgiveness of the PPP loan.

Conference Call and Webcast

Usio, Inc.'s management will host a conference call with a live webcast Friday, March 18, 2022, at 11:00 am 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 1, 2022. 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 6732569.

About Usio, Inc.

Usio, Inc. (Nasdaq: USIO), a leading cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, crypto exchanges and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. 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 offices in Austin, Texas and Franklin, Tennessee, just outside of Nashville.

Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com.

About Non-GAAP Financial Measures

This press release includes non-GAAP financial measures, EBITDA and adjusted EBITDA, 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 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 acquisitions. These measures may not be comparable to similarly titled measures reported by other companies. Management uses EBITDA and adjusted EBITDA 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.

Management believes EBITDA and adjusted EBITDA 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 and adjusted EBITDA are supplemental non-GAAP measures, which have limitations as an analytical tool. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Non-GAAP financial measures do not reflect a comprehensive system of accounting, may differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies. For a description of our use of EBITDA and adjusted EBITDA, and a reconciliation of EBITDA and adjusted EBITDA to operating income (loss), see the section of this press release titled "Non-GAAP Reconciliation."

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," "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, 2021. 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:

Joe Hassett, Investor Relations
joeh@gregoryfca.com
610-228-2110

USIO, INC.
CONSOLIDATED BALANCE SHEETS

		December 31, 2021				December 31, 2020
ASSETS
Cash and cash equivalents		$	7,255,321			$	5,011,132
Accounts receivable, net			4,979,493				2,863,638
Settlement processing assets			63,824,646				43,558,442
Prepaid card load assets			36,590,893				7,610,242
Customer deposits			1,364,193				1,305,296
Inventory			434,532				176,466
Prepaid expenses and other			426,963				301,755
Current assets before merchant reserves			114,876,041				60,826,971
Merchant reserves			6,381,153				8,265,555
Total current assets			121,257,194				69,092,526
Property and equipment, net			3,607,157				3,105,926
Other assets:
Intangibles, net			4,163,894				6,035,761
Deferred tax asset			1,504,000				1,394,000
Operating lease right-of-use assets			2,802,113				2,671,266
Other assets			345,357				368,078
Total other assets			8,815,364				10,469,105
Total Assets		$	133,679,715			$	82,667,557
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable		$	1,400,100			$	851,349
Accrued expenses			2,325,665				1,463,944
Operating lease liabilities, current portion			504,027				346,913
Equipment loan, current portion			54,760				—
Settlement processing obligations			63,824,646				43,558,442
Prepaid card load liabilities			36,590,893				7,610,242
Customer deposits			1,364,193				1,305,296
Deferred revenues			17,647				66,572
Current liabilities before merchant reserve obligations			106,081,931				55,202,758
Merchant reserve obligations			6,381,153				8,265,555
Total current liabilities			112,463,084				63,468,313
Non-current liabilities:
Equipment loan, non-current portion			71,434				—
Operating lease liabilities, non-current portion			2,476,291				2,495,883
Total liabilities			115,010,809				65,964,196
Stockholders' Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized; -0- shares issued and outstanding in 2021 and 2020			—				—
Common stock, $0.001 par value, 200,000,000 shares authorized; 26,807,145 and 26,260,776 issued and 25,473,453 and 24,974,995 outstanding in 2021 and 2020			195,235				194,692
Additional paid-in capital			93,100,129				89,659,433
Treasury stock, at cost; 1,333,692 and 1,285,781 shares in 2021 and 2020			(2,404,458	)			(2,165,721	)
Deferred compensation			(6,842,195	)			(5,926,872	)
Accumulated deficit			(65,379,805	)			(65,058,171	)
Total stockholders' equity			18,668,906				16,703,361
Total Liabilities and Stockholders' Equity		$	133,679,715			$	82,667,557

USIO, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS

		Three Months Ended (unaudited)								Twelve Months Ended
		December 31, 2021				December 31, 2020				December 31, 2021				December 31, 2020
Revenues		$	17,426,465			$	9,382,514			$	61,942,316			$	32,251,823
Cost of services			12,862,258				6,942,841				46,309,706				24,875,930
Gross profit			4,564,207				2,439,673				15,632,610				7,375,893
Selling, general and administrative:
Stock-based compensation			501,409				572,002				1,489,976				1,475,328
Other expenses			3,304,888				2,183,998				11,654,340				8,139,219
Depreciation and Amortization			759,407				357,959				2,643,675				1,518,214
Total operating expenses			4,565,704				3,113,959				15,787,991				11,132,761
Operating (loss)			(1,497	)			(674,286	)			(155,381	)			(3,756,868	)
Other income:
Interest income			1,240				36,592				7,643				59,392
PPP Loan forgiveness			—				813,500				—				813,500
Other income (expense)			279				—				279				—
Interest expense			(1,350	)			(10	)			(4,314	)			902
Other income and (expense), net			169				850,082				3,608				873,794
Income (loss) before income taxes			(1,328	)			175,796				(151,773	)			(2,883,074	)
Federal income tax (benefit)			(110,000	)			—				(110,000	)			(94,948	)
State income tax expense			69,861				22,784				279,861				118,057
Income taxes			(40,139	)			22,784				169,861				23,109
Net Income (Loss)		$	38,811			$	153,012			$	(321,634	)		$	(2,906,183	)
Earnings (Loss) Per Share
Basic Earnings (loss) per common share:		$	0.00			$	0.01			$	(0.02	)		$	(0.19	)
Diluted Earnings (loss) per common share:		$	0.00			$	0.01			$	(0.02	)		$	(0.19	)
Weighted average common shares outstanding
Basic			20,156,562				19,940,784				20,028,850				15,428,798
Diluted			20,156,562				19,940,784				20,028,850				15,428,798

USIO, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

		December 31, 2021				December 31, 2020
Operating Activities
Net (loss)		$	(321,634	)		$	(2,906,183	)
Adjustments to reconcile net (loss) to net cash provided (used) by operating activities:
Depreciation			771,808				518,214
Amortization			1,871,867				1,000,000
Bad Debt			151,951				96,000
Deferred federal income tax			(110,000	)			—
Non-cash stock-based compensation			1,489,976				1,475,328
Amortization of stock warrant costs			35,940				35,943
Changes in operating assets and liabilities:
Accounts receivable			(2,267,806	)			(1,001,901	)
Prepaid expenses and other			(125,208	)			(80,923	)
Operating lease right-to-use assets			(130,847	)			(190,364	)
Other assets			22,721				35,977
Inventory			(258,066	)			(8,328	)
Accounts payable and accrued expenses			1,410,472				534,893
Operating lease liabilities			137,522				206,999
Prepaid card load obligations			28,980,651				7,081,808
Merchant reserves			(1,884,402	)			(1,751,349	)
Customer deposits			58,897				1,305,296
Deferred revenue			(48,925	)			(56,957	)
Net cash provided by operating activities			29,784,917				6,294,453
Investing Activities
Purchases of property and equipment			(1,273,039	)			(855,394	)
Purchase of Information Management Solutions, LLC (IMS)			—				(5,907,408	)
Net cash (used) by investing activities			(1,273,039	)			(6,762,802	)
Financing Activities
Proceeds from PPP Loan Program			—				813,500
Forgiveness of PPP Loan			—				(813,500	)
Proceeds from PPP Loan Program			165,996				—
Forgiveness of PPP Loan			(39,802	)			—
Proceeds from public offering, net of expenses			—				7,257,925
Proceeds from private offering			1,000,000				3,000,000
Purchases of treasury stock			(238,737	)			(280,269	)
Net cash provided by financing activities			887,457				9,977,656
Change in cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves			29,399,335				9,509,307
Cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves, beginning of year			22,192,225				12,682,918
Cash, Cash Equivalents, Prepaid Card Load Assets, Customer Deposits and Merchant Reserves, End of Year		$	51,591,560			$	22,192,225
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest		$	4,314			$	-
Income taxes			116,204				93,525
Non-cash transactions:
Issuance of stock warrants in exchange for purchase of IMS			—				552,283
Issuance of deferred stock compensation			2,164,361				1,937,620

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, 2019			18,224,577			$	186,656			$	77,055,273			$	(1,885,452	)		$	(5,636,154	)		$	(62,151,988	)		$	7,568,335
Issuance of common stock under equity incentive plan			1,956,858				1,958				2,556,087				—				(1,937,620	)			—				620,425
Warrant compensation cost			—				—				588,224				—				—				—				588,224
Cashless warrant exercise			27,051				27				(27	)			—				—				—				—
Reversal of deferred compensation amortization that did not vest			(450,000	)			(450	)			(791,550	)			—				594,900				—				(197,100	)
Issuance of common stock, public offering			4,705,883				4,705				7,253,222				—				—				—				7,257,927
Issuance of common stock, private offering			1,796,407				1,796				2,998,204				—				—				—				3,000,000
Deferred compensation amortization			—				—				—				—				1,052,002				—				1,052,002
Purchase of treasury stock			—				—				—				(280,269	)			—				—				(280,269	)
Net (loss) for the year			—				—				—				—				—				(2,906,183	)			(2,906,183	)
Balance at December 31, 2020			26,260,776			$	194,692			$	89,659,433			$	(2,165,721	)		$	(5,926,872	)		$	(65,058,171	)		$	16,703,361
Issuance of common stock under equity incentive plan			536,878				535				2,750,204				—				(2,168,347	)			—				582,392
Warrant compensation cost			—				—				35,940				—				—				—				35,940
Cashless warrant exercise			39,745				39				(39	)			—				—				—				—
Reversal of deferred compensation amortization that did not vest			(173,111	)			(173	)			(345,267	)			—				241,295				—				(104,145	)
Issuance of common stock, private offering			142,857				142				999,858				—				—				—				1,000,000
Deferred compensation amortization			—				—				—				—				1,011,729				—				1,011,729
Purchase of treasury stock			—				—				—				(238,737	)			—				—				(238,737	)
Net (loss) for the year			—				—				—				—				—				(321,634	)			(321,634	)
Balance at December 31, 2021			26,807,145			$	195,235			$	93,100,129			$	(2,404,458	)		$	(6,842,195	)		$	(65,379,805	)		$	18,668,906

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

		Three Months Ended (unaudited)								Twelve Months Ended
		December 31, 2021				December 31, 2020				December 31, 2021				December 31, 2020
Reconciliation from Operating Income/(Loss) to Adjusted EBITDA:
Operating Income/(Loss)		$	(1,497	)		$	(674,286	)		$	(155,381	)		$	(3,756,868	)
Depreciation and amortization			759,407				357,959				2,643,675				1,518,214
EBITDA			757,910				(316,327	)			2,488,294				(2,238,654	)
Non-cash stock-based compensation expense, net			501,409				572,002				1,489,976				1,475,328
Adjusted EBITDA		$	1,259,319			$	255,675			$	3,978,270			$	(763,326	)
Calculation of Adjusted EBITDA margins:
Revenues		$	17,426,465			$	9,382,514			$	61,942,316			$	32,251,823
Adjusted EBITDA			1,259,319				255,675				3,978,270				(763,326	)
Adjusted EBITDA margins			7.2	%			2.7	%			6.4	%			(2.4	)%

FAQ

What are Usio's revenue results for 2021?

Usio reported a total revenue of $61.9 million for 2021, reflecting a 92% increase year-over-year.

How did Usio perform in the fourth quarter of 2021?

In the fourth quarter of 2021, Usio generated $17.4 million in revenue, an 86% increase compared to $9.4 million in the same quarter of 2020.

What is Usio's adjusted EBITDA for 2021?

Usio's positive adjusted EBITDA for 2021 was approximately $4.0 million, significantly improved from a loss of $0.8 million in 2020.

What growth is Usio projecting for fiscal 2022?

Usio anticipates an 18-20% increase in revenue for fiscal 2022.

What financial position is Usio in as of the end of 2021?

At the end of 2021, Usio had $7.3 million in cash and cash equivalents and no significant debt.