Usio(USIO) - 2024 Q4 - Annual Results

Revenue Performance - Full Year 2024 revenues were $82.9 million, down 1% from$ 84.1 million in 2023[15] - Fourth Quarter 2024 revenues were $20.6 million, a 2% increase compared to$ 20.1 million in the same period in 2023[7] - Total revenues for the three months ended December 31, 2024, were $20,560,088, an increase from$ 20,130,642 in the same period of 2023, representing a growth of 2.1%[33] - Total revenues for the twelve months ended December 31, 2024, were $82,931,840, a slight decrease from$ 84,066,245 in the previous year[39] Profitability Metrics - Adjusted EBITDA for the year was $2.9 million, a decline of$ 1.0 million from $3.9 million in 2023[18] - Adjusted EBITDA for the twelve months ended December 31, 2024, was$ 2,886,363, with an adjusted EBITDA margin of 3.5%, compared to $3,857,138 and 4.6% for the previous year[39] - Net income for Q4 2024 was$ 0.6 million, or $0.02 per share, compared to$ 0.03 million or $0.00 per share in Q4 2023[12] - Net income for the twelve months ended December 31, 2024, was$ 3,305,497, a significant improvement from a net loss of $475,104 in 2023[33] - Operating loss for the three months ended December 31, 2024, was$ (602,797), compared to a loss of $(3,788) in the same period of 2023[33] Revenue Sources - ACH and complementary services revenue grew by 12% year-over-year, reaching$ 16.7 million in 2024[16] - Credit card revenue increased by 3% year-over-year, totaling $29.3 million in 2024[16] Cash and Assets - Cash position increased to a record high of$ 8.1 million at the end of 2024, up from $7.2 million in 2023[4] - Cash and cash equivalents increased to$ 8,056,891 as of December 31, 2024, up from $7,155,687 in 2023, reflecting a growth of 12.6%[31] - Total assets as of December 31, 2024, were$ 107,208,447, slightly up from $106,934,670 in 2023, indicating a growth of 0.3%[31] Liabilities and Equity - Total liabilities decreased to$ 88,051,484 as of December 31, 2024, down from $91,865,831 in 2023, representing a reduction of 4.4%[31] - As of December 31, 2023, total stockholders' equity increased to$ 15,068,839 from $13,934,098 as of December 31, 2022, reflecting a growth of approximately 8.1%[37] Stock and Repurchase Activity - The company repurchased$ 1.4 million of its stock in 2024 and reauthorized a new repurchase agreement of $4 million[3] - The company issued 1,189,050 shares of common stock under the equity incentive plan during the year, raising$ 634,214 after accounting for compensation expenses[37] - The balance of common stock increased to $99,676,457 as of December 31, 2024, from$ 94,048,603 as of December 31, 2022, representing an increase of approximately 6.9%[37] - The company purchased treasury stock amounting to $(1,408,442) during the year ended December 31, 2024[37] Future Outlook - The company expects revenue growth of 14-16% in 2025, with Adjusted EBITDA margins projected in the 5-7% range[6]