Usio, Inc. reported a net income of $3.3 million for the fiscal year ending December 31, 2024, a significant recovery from a net loss of $0.5 million in the previous year. Total revenues for 2024 decreased by 1% to $82.9 million, down from $84.1 million in 2023, primarily due to a 25% decline in prepaid card services revenue, which was impacted by the winding down of COVID-related incentive programs. However, the company saw growth in its ACH and complementary services, which increased by 12%, and credit card revenues, which rose by 3%. The total volume processed across all payment types reached $7.1 billion, marking a 33% increase from the previous year.
In terms of operational metrics, Usio's customer base grew by 20%, reaching 7,549 merchant accounts by the end of 2024. The company processed 46.9 million transactions, a 26% increase from 2023, with notable growth in ACH transactions, which rose by 18.5%. The prepaid card load volume also increased by 34.8%, indicating a positive trend in product adoption. The company continues to focus on expanding its market reach and enhancing its product offerings, particularly through its PayFac platform, which has shown strong traction among independent software vendors.
Strategically, Usio has made significant investments in technology and infrastructure, including enhancements to its cloud-based payment processing platform. The company has also implemented a "One Usio" strategy aimed at integrating its various product offerings to improve customer onboarding and cross-selling opportunities. Additionally, Usio has been proactive in managing its operational costs, with total operating expenses increasing only slightly to $21.1 million in 2024, despite the growth in its workforce and investments in cybersecurity measures.
Looking ahead, Usio's management expressed optimism about future growth, although they acknowledged potential challenges due to the anticipated decline in revenues from COVID-related programs. The company plans to continue leveraging its existing customer relationships while seeking new opportunities in the corporate and commercial card sectors. Usio's financial position remains stable, with $8.1 million in cash and cash equivalents as of December 31, 2024, and a working capital of $10.2 million, providing a solid foundation for ongoing operations and strategic initiatives.
About Usio, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.