Core Points - CoreCard Corporation reported total revenues of $13.8 million for Q2 2024, a decrease from $15.7 million in Q2 2023, primarily due to lower license and processing revenues from Kabbage [2][3] - The company’s net income for the second quarter was $0.9 million, down from $1.9 million in the same quarter last year, with diluted earnings per share decreasing from $0.22 to $0.11 [4][9] - Adjusted EBITDA for Q2 2024 was $2.5 million, compared to $4.8 million in Q2 2023, indicating a decline in operational performance [4][18] Financial Performance - Total revenues for the three months ended June 30, 2024, were $13.8 million, down from $15.7 million in the same period in 2023 [3] - Income from operations decreased to $1.1 million in Q2 2024 from $2.7 million in Q2 2023 [3][9] - Adjusted earnings per diluted share were $0.15 for Q2 2024, compared to $0.23 in Q2 2023 [4][17] Revenue Breakdown - Revenue sources for Q2 2024 included: - Professional services: $6.973 million (down from $7.354 million in Q2 2023) - Processing and maintenance: $5.694 million (slightly up from $5.689 million in Q2 2023) - Third-party revenue: $1.130 million (up from $0.855 million in Q2 2023) [6][9] Balance Sheet Highlights - As of June 30, 2024, total assets were $61.557 million, a decrease from $63.826 million at the end of 2023 [12][13] - Current liabilities decreased to $8.007 million from $9.540 million at the end of 2023 [11] - Stockholders' equity was $50.849 million, down from $52.704 million at the end of 2023 [11] Future Outlook - The company continues to invest in its platform and processing capabilities, aiming to onboard new customers who appreciate the features of the CoreCard platform [2][7] - An investor conference call was scheduled for August 1, 2024, to discuss the financial results and future strategies [5]
CoreCard Corporation Reports Second Quarter 2024 Results