CoreCard(CCRD) - 2025 Q1 - Quarterly Results

Financial Highlights CoreCard reported strong Q1 2025 results with total revenue of $16.7 million, driven by professional services and client growth - Overall revenue of $16.7 million exceeded expectations, reflecting a 28% year-over-year growth, driven by higher professional services rates and customer expansion[2] | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $16.7M | $13.1M | +28% | | Income from Operations | $2.8M | $0.5M | +460% | | Net Income | $1.9M | $0.4M | +375% | | Diluted EPS | $0.24 | $0.05 | +380% | | Adjusted Diluted EPS | $0.28 | $0.07 | +300% | | Adjusted EBITDA | $4.0M | $1.7M | +135% | | Revenue Type (in thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Professional services | $8,702 | $5,826 | | Processing and maintenance | $6,343 | $6,152 | | Third party | $1,643 | $1,098 | | Total | $16,688 | $13,076 | Consolidated Financial Statements This section presents CoreCard's unaudited Consolidated Statements of Operations and Balance Sheets, detailing financial performance and position Consolidated Statements of Operations Q1 2025 saw total net revenue of $16.7 million, with income from operations surging to $2.8 million and net income reaching $1.9 million | (in thousands, except per share amounts) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total net revenue | $16,688 | $13,076 | | Total cost of revenue | $9,380 | $9,500 | | Income from operations | $2,807 | $527 | | Income before income taxes | $2,509 | $579 | | Net income | $1,906 | $430 | | Diluted EPS | $0.24 | $0.05 | | Diluted weighted average common shares outstanding | 8,086,423 | 8,247,788 | Consolidated Balance Sheets As of March 31, 2025, CoreCard's total assets increased to $64.4 million, with stockholders' equity growing to $54.1 million | (in thousands) | March 31, 2025 (unaudited) | December 31, 2024 (audited) | | :--- | :--- | :--- | | Total current assets | $41,315 | $40,174 | | Total assets | $64,394 | $62,338 | | Total current liabilities | $8,334 | $8,452 | | Total liabilities | $10,336 | $10,641 | | Total stockholders' equity | $54,058 | $51,697 | | Total liabilities and stockholders' equity | $64,394 | $62,338 | Non-GAAP Financial Measures & Reconciliation CoreCard uses Adjusted EBITDA and Adjusted EPS to supplement GAAP results, showing strong growth in Q1 2025 performance - The company uses Adjusted EBITDA and Adjusted EPS as supplemental measures, excluding specific non-GAAP adjustments[17][18][19] | Reconciliation to Adjusted EPS (in thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP net income | $1,906 | $430 | | Share-based compensation | $473 | $160 | | Income tax benefit | ($118) | ($40) | | Adjusted net income | $2,261 | $550 | | Adjusted EPS | $0.28 | $0.07 | | Reconciliation to Adjusted EBITDA (in thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP net income | $1,906 | $430 | | Depreciation and amortization | $745 | $1,025 | | Share-based compensation | $473 | $160 | | Investment loss | $435 | $204 | | Other income, net | ($137) | ($256) | | Income tax expense | $603 | $149 | | Adjusted EBITDA | $4,025 | $1,712 | | Adjusted EBITDA Margin | 24.1% | 13.1% | Other Information This section provides investor logistical details, including conference call information and SEC filing access - An investor conference call was held on May 8, 2025, to discuss the quarterly results[6] - The company's Form 10-Q for Q1 2025 will be filed with the SEC and available on investor websites[8] - The press release includes forward-looking statements, cautioning that actual results may differ due to risks outlined in SEC filings[10]