Financial Data and Key Metrics Changes - The company reported a record revenue growth of 22% in Q4 2025, with total revenue reaching $153 million, driven by strong performance in debit and credit portfolios and contributions from Arroweye [5][29] - For the full year, revenue increased by 13%, with Adjusted EBITDA growing by 5% despite $4 million in tariff expenses [6][33] - Q4 Adjusted EBITDA rose by 34% to $29.4 million, with margins increasing by 170 basis points to 19.2% [32] Business Line Data and Key Metrics Changes - The debit and credit segment revenue increased by 40% in Q4, with organic growth of 20%, primarily from contactless cards and instant issuance solutions [29] - Prepaid revenue declined by 27% compared to the previous year, reflecting a transition in the prepaid market [30][23] - Integrated PayTech segment grew revenue nearly 20%, driven by increased instant issuance penetration and technology integrations [24] Market Data and Key Metrics Changes - The U.S. cards in circulation continue to grow, with a compounded annual growth rate of 7.5% over the past three years [37] - The closed-loop prepaid market is expected to be five times larger than the open-loop market, presenting significant growth opportunities [23][47] Company Strategy and Development Direction - The company aims to evolve into a payment technology provider, focusing on three growth pillars: a proprietary technology platform, a broad marketable base, and a track record of delivering innovative payment solutions [9][11] - A new organizational structure has been announced to enhance focus on customer needs, operations, and digital capabilities [16] - The company plans to expand its presence in the closed-loop prepaid market and enhance its digital solutions [23][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver growth in 2026, projecting high single-digit revenue growth and continued investment in strategic initiatives [39][41] - The operating environment is viewed as healthy, with strong momentum expected to continue [43] Other Important Information - The company generated $60 million in cash from operating activities and $41 million in Free Cash Flow for the year, reflecting significant increases over 2024 [6][34] - The company has a Net Leverage Ratio of 3.1 times at year-end, with expectations for improvement in 2026 [35][41] Q&A Session Summary Question: How are sales cycles different in the closed-loop market? - Management noted that the closed-loop market has a slightly accelerated sales cycle due to existing relationships with major program managers, allowing for quick entry into this market [47][48] Question: How does the closed-loop opportunity impact growth guidance for 2026? - Management indicated that while the prepaid market is currently choppy, the closed-loop opportunity is expected to contribute positively to growth in 2026 [49][50] Question: Are there plans for further acquisitions related to fraud prevention? - Management confirmed they currently resell a major fraud solution using AI and are open to acquiring proven software solutions that can adapt to changing fraud landscapes [56][57] Question: What is the outlook for headcount growth in 2026? - Management stated that hiring will continue primarily in go-to-market and technology areas, with expectations for mid to high single-digit growth in headcount consistent with revenue growth [65][66] Question: What is the expected CapEx for 2026? - Management indicated that CapEx will likely remain at similar levels to 2025, focusing on technology investments rather than physical capital [70][71]