Usio(USIO) - 2025 Q1 - Quarterly Results

Revenue Performance - First quarter 2025 revenues reached $22.0 million, a 5% increase compared to the same quarter last year[8] - Revenues for the three months ended March 31, 2025, increased to$ 22,009,050, up from $20,970,386 in the same period of 2024, representing a growth of approximately 4.95%[28] - Credit card revenues increased by 4%, while PayFac revenues grew by 25%, reflecting a shift in the revenue mix[3] Payment Processing Metrics - Total payment dollars processed in Q1 2025 were$ 2.0 billion, up 34% from $1.5 billion in Q1 2024[6] - Total payment transactions processed in Q1 2025 were 13.7 million, representing a 41% increase over the same quarter last year[6] - ACH electronic check dollar volume increased by 42%, with transactions growing by 36% and returned check transactions up by 24% year-over-year[2] - Prepaid card load volume was strong at$ 98 million, indicating a focus on growing programs with recurring revenues[3] Profitability and Loss - Adjusted EBITDA for the quarter was $0.7 million, a slight decrease from$ 0.8 million in the prior year[4] - The company reported a net loss of approximately $0.2 million, or ($ 0.01) per share, compared to a net loss of $0.3 million, or ($ 0.01) per share, a year ago[4] - Gross profit for the same period was $4,809,143, slightly down from$ 4,853,695, indicating a decrease of about 0.91%[28] - The net loss for the three months ended March 31, 2025, was $234,970, compared to a net loss of$ 250,188 for the same period in 2024, showing an improvement of approximately 6.06%[28] - Adjusted EBITDA for the three months ended March 31, 2025, was $666,248, down from$ 793,470 in 2024, resulting in a margin of 3.0% compared to 3.8% in the prior year[33] Cash Flow and Assets - Operating cash flows improved to $1.4 million in Q1 2025, compared to$ 0.1 million in the same period last year[12] - The company added $0.7 million in cash to its balance sheet, ending Q1 2025 with$ 8.7 million in cash and cash equivalents[12] - Total current assets increased to $97,903,481 as of March 31, 2025, from$ 95,156,038 at December 31, 2024, reflecting a growth of approximately 2.89%[26] - Cash and cash equivalents, along with settlement processing assets, increased to $92,256,333 at the end of the period, up from$ 83,913,908 in the previous year, marking a growth of approximately 9.99%[30] Liabilities and Equity - Total liabilities rose to $90,628,208 as of March 31, 2025, compared to$ 88,051,484 at December 31, 2024, indicating an increase of about 2.92%[26] - The company issued 128,053 shares of common stock under its equity incentive plan during the period, contributing to an increase in additional paid-in capital to $99,992,655[32] - The company reported a decrease in stock-based compensation expenses to$ 410,062 for the three months ended March 31, 2025, down from $499,273 in the same period of 2024, reflecting a reduction of approximately 17.83%[28] Merchant Reserves - Merchant reserves increased to$ 4,925,101 as of March 31, 2025, compared to $4,890,101 at December 31, 2024, showing a slight increase of about 0.71%[26]