Business
Usio Announces Record Second Quarter 2021 Financial Results
Revenue Grows 119% in the Quarter as Compared to the Same Period in 2020, the Fastest Growth Rate in the Company's History, a Significant Acceleration in
About this update from Usio, Inc.
[{"type":"text","content":"Revenue Grows 119% in the Quarter as Compared to the Same Period in 2020, the Fastest Growth Rate in the Company's History, a Significant Acceleration in Revenue Growth Rate from 73% in the First Quarter Generates Net Income of $218,000, $1.3 Million in Adjusted EBITDA and Positive Operating Cash Flow Raises Guidance: Fiscal 2021 Revenue Expected to Between $56 and $59 Million, up 98% to 109% from Fiscal 2020 SAN ANTONIO, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Usio, Inc: (Nasdaq:USIO), a leading FinTech integrated payment solutions provider, today announced financial results for the second quarter of 2021, which ended June 30, 2021. Louis Hoch, President and Chief Executive Officer of Usio, said, \"I am pleased to report another record quarter with revenue growth accelerating to 119%, the fastest ever rate of revenue growth. Profitability also continues to significantly improve, with Adjusted EBITDA up $1.9 million from a year ago as we achieved our third consecutive quarter of positive Adjusted EBITDA. Processing volumes in the quarter were a record $2.7 billion, up 389% from a year ago and up 46% sequentially from our previous record quarter just achieved in the first quarter of this year. Across the board, we are experiencing outstanding performance as we leverage our multi-channel distribution strategy and strong relationships to penetrate attractive markets with our industry-leading technology. As a result, we are raising our annual revenue guidance for the year to an expected range between $56 million and $59 million, which would represent increases of between 73% and 83% above fiscal 2020 revenues, while also anticipating positive operating cash flows and Adjusted EBITDA. All of which are conditioned on the continued enthusiasm in the fintech lending and cryptocurrency industries. Growth was strong in each of our businesses, led by ACH, where revenues were up 125% due to a focus on penetrating fast-growing industries like cryptocurrency and Fintech. ACH remains our most profitable line of business. Card revenue growth also accelerated, reflecting PayFac’s increasing market momentum. Prepaid had another strong quarter, increasing its penetration of the governmental, municipal, charitable and related markets where they have become a leading provider of electronic payments solutions. Usio Output Solutions continues to exceed expe...