Business
Usio Announces Record 2020 Financial Results
Fourth Consecutive Year of Record Revenue - Achieved Adjusted EBITDA Positive Cash Flow in Q4 Strong Momentum Exiting the Year Expected to Generate
About this update from Usio, Inc.
[{"type":"text","content":"Fourth Consecutive Year of Record Revenue - Achieved Adjusted EBITDA Positive Cash Flow in Q4 Strong Momentum Exiting the Year Expected to Generate Significant Revenue Growth in 2021 SAN ANTONIO, March 29, 2021 (GLOBE NEWSWIRE) -- Usio, Inc: (Nasdaq: USIO), a FinTech and integrated electronic payment solutions provider, today announced financial results for the fourth quarter and year 2020, which ended December 31, 2020. Louis Hoch, President and Chief Executive Officer of Usio, said, “Fourth quarter results once again illustrated the strength of our multi-channel distribution strategy and the momentum it is creating. Revenue growth in the quarter accelerated to 27.4%, driven primarily by strong growth in our prepaid business, an increase in card revenues and a one-month contribution from Output Solutions, which was acquired late in the quarter. This strong growth also demonstrated the leverage in our model, as gross profits were up 62.7%, we generated an $800,000 improvement at the operating income (loss) compared to the same quarter a year ago and we achieved adjusted EBITDA positive cash flow in Q4. We ended the year in a strong financial position, which will enable us to continue to invest in our technology, sales and marketing initiatives to further capitalize on growth opportunities and drive shareholder value.\" “We are extremely excited by the prospect for even faster growth in calendar year 2021. Looking across the enterprise, our PayFac business has inflected with PayFac's single largest customer/client now rapidly boarding and improved conversion rates throughout our growing portfolio of ISV relationships. Our Prepaid business has established a new, higher level of performance, and we are preparing for the next leg up. Our new line of business, Usio Output Solutions should significantly add to this year’s performance, with the opportunity to generate even better performance through the dynamic cross-selling opportunities it creates as a complement to our other businesses. And, most importantly, in our ACH business, our relationships with leading organizations in fast-growing industries like cryptocurrency should drive strong growth in our most profitable segment and is back on track for year-over-year growth in the first quarter of 2021. As a result, revenues should be up significantly and we should achieve positive c...