Business
Usio Announces Record Second Quarter 2023 Financial Results
Revenue of $21.3 million, up 31%; 12th Consecutive Quarter of Revenue Growth Third Consecutive Quarter of More than $1 Million of Adjusted EBITDA1 Reiterates
About this update from Usio, Inc.
[{"type":"text","content":"\nRevenue of $21.3 million, up 31%; 12th Consecutive Quarter of Revenue Growth\n\n\nThird Consecutive Quarter of More than $1 Million of Adjusted EBITDA1\n\n\nReiterates Expectations of 18% - 20% Full Year 2023 Revenue Growth\n\n\n SAN ANTONIO--(BUSINESS WIRE)--\nUsio, Inc: (Nasdaq: USIO), a leading FinTech company that operates a full stack of integrated, cloud-based electronic payment and embedded financial solutions, today announced financial results for the second quarter, which ended June 30, 2023.\n\n\nLouis Hoch, President and Chief Executive Officer of Usio, said, “I am extremely pleased to report another quarter of record revenue, up 31% from the year ago quarter. More importantly, this drove a significant year-over-year improvement in key profitability measures, with our second consecutive quarter of record gross profits, leading to another quarter of positive GAAP earnings and our third consecutive quarter of more than $1 million in adjusted EBITDA1. These results once again illustrate how our diversified strategy of offering a comprehensive portfolio of complementary electronic payment and related technologies has been successful, and this year will lead to significant growth, positive cash flow and an improved bottom line.\n\n\n\"Second quarter results were led by a 276% increase in prepaid revenues, which the Company expects should more than double in 2023 compared to 2022, in part due to the more than $6 million of revenue expected to be generated over the second half of 2023 from spoilage fees on expired card programs. Our prepaid card business has also been expanding its applications and rapidly growing its customer base, particularly with non-profit organizations and in the corporate expense and general disbursements card markets, while also benefitting from the strong growth of many long-term customers. Revenues generated by our subsidiary Usio Output Solutions were up 20%. Output Solutions continues to add new clients with recurring needs - especially in the governmental, utility and energy markets - while strategically building its electronic bill presentment and payments business. Credit Card revenues were also up, led by a 26% increase in our flagship PayFac business, where transactions in the quarter were up 31% as compared to the second quarter of 2022. During the quarter, Credit Card completed numerous ...