Business
Usio Announces Record Third Quarter 2021 Financial Results
Revenue Growth Remains Strong: up 94% in the Quarter Compared to the Same Period in 2020, Fifth Consecutive Quarter of Sequential Revenue Growth Fourth
About this update from Usio, Inc.
[{"type":"text","content":"Revenue Growth Remains Strong: up 94% in the Quarter Compared to the Same Period in 2020, Fifth Consecutive Quarter of Sequential Revenue Growth Fourth Consecutive Quarter of Positive Adjusted EBITDA. Second Consecutive Quarter of Positive Net Income, Positive Adjusted EBITDA and Positive Operating Cash Flow Raises Guidance: We Expect Fiscal 2021 Revenues to exceed $60 Million, up 88% from Fiscal 2020 SAN ANTONIO, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Usio, Inc: (Nasdaq:USIO), a leading FinTech integrated payment solutions provider, today announced financial results for the third quarter of 2021, which ended September 30, 2021. Louis Hoch, President and Chief Executive Officer of Usio, said, “I am pleased to report another quarter of record revenue and positive across the board bottom line results. Revenues were up 94% in the quarter as credit card dollars and transactions processed - led by an increase in PayFac volume - and total dollars loaded on prepaid cards both set all-time records. The scaling of the business has improved the operating leverage in our model, leading to a significant increase in profitability. Adjusted EBITDA in the quarter increased $1.4 million from the year ago period to $1.2 million, our fourth consecutive quarter of positive Adjusted EBITDA. We also delivered positive adjusted operating cash flow and $0.01 of earnings per share in the quarter. Results continue to be driven by our strong relationships and our multi-channel distribution strategy serving diverse end markets. This has enabled us to grow across a broad base of industries from cryptocurrency and FinTech lending to governmental entities and non-profits to healthcare, legal and property management. For the first nine months of the year, total dollars processed were $6.7 billion, already doubling the total dollars processed in 2020 and on pace to process around $9 billion for the year.As a result, we are again raising our guidance for the year and now expect annual revenues to exceed $60 million which would represent an increase of 88% 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. Revenues grew in each of our business lines, with prepaid revenues more than doubling from a year ago,...