10-K · March 5, 2026
CPI reported full-year 2025 revenue of $543.5M, up 13.1% versus 2024, driven primarily by the May 6, 2025 Arroweye acquisition (contribution of $42.8M) and higher contactless/Card@Once volumes. Profitability compressed:…
Earnings analysis · 10-Q
PMTS earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
CPI Card Group reported a strong Q1 2026 with revenues of $147.1 million, reflecting a 19.8% increase year-over-year, largely driven by the Secure Card Solutions segment. Despite robust sales, EPS of $0.17 fell short of…
Read full summary
CPI Card Group reported a strong Q1 2026 with revenues of $147.1 million, reflecting a 19.8% increase year-over-year, largely driven by the Secure Card Solutions segment. Despite robust sales, EPS of $0.17 fell short of expectations by $0.20 due to integration costs and increased production expenses. Management remains optimistic about high single-digit revenue growth for 2026, even as profitability faces pressure from rising costs and a shift in product mix.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.17
- Segment
- Secure Card Solutions
- Segment
- Prepaid Solutions
- Segment
- Integrated Paytech
What stood out
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Solid Revenue Growth
Revenue increased by 19.8% to $147.1 million from $122.8 million in Q1 2025.
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Secure Card Solutions Surge
Secure Card Solutions revenue grew 34.6%, contributing $109.9 million thanks to Arroweye acquisition benefits.
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Improved Cash Flow
Operating cash flow rose to $13.6 million from $5.6 million year-over-year, a significant increase.
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Maintained Liquidity
Cash and cash equivalents totaled $19.3 million, with a $100 million available line under ABL Revolver.
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Segment Performance Diversity
Integrated Paytech revenue remained stable, showing resilience with a slight increase of 0.7%.
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Cost Management Efforts
Management's focus on operational efficiencies helped offset some rising production costs.
What to watch
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Integration Costs Impact
Integration expenses from the Arroweye acquisition negatively affected EPS, resulting in lower net income of $2.1 million.
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Falling Prepaid Solutions Revenue
Prepaid Solutions revenue declined 17.5% to $22.0 million, impacting overall segment performance.
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Increased Production Expenses
Higher production costs, including tariffs and depreciation, pressured gross margins, which fell to 30.0% from 33.2%.
Management's outlook
Management anticipates high single-digit revenue growth and low-to-mid single-digit adjusted EBITDA growth for 2026.
Earlier filings 4
10-Q · May 7, 2025
CPI Card Group reported Q1 2025 revenue of $122.761M, up $10.825M (9.7%) versus Q1 2024, driven by Products sales. Gross profit was $40.696M and operating income was $14.104M, but higher interest expense reduced net…
10-Q · May 7, 2024
CPI Card Group reported Q1 net sales of $111,936,000 and diluted EPS of $0.46 for the quarter ended March 31, 2024. Revenue and net income both declined versus the prior-year quarter (net sales down from $120,852,000…
10-K · March 7, 2024
CPI Card Group (PMTS) reports 2023 net sales of $444.5M, down 6.6% from $475.7M in 2022, with net income of $23.985M (down 34.4%) and diluted EPS of $2.01 (2023 vs $3.11 in 2022). The company emphasizes a leading U.S.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.