CoreCard CorporationCONSOLIDATED STATEMENTS OF OPERATIONS(unaudited, in thousands, except share and per share amounts) Three Months Ended March 31, 2025 2024 Revenue Services$16,688 $13,076 Products -- -- Total net revenue 16,688 13,076 Cost of revenue Services 9,380 9,500 Products -- -- Total cost of revenue 9,380 9,500 Expenses Marketing 136 114 General and administrative 1,794 1,427 Development 2,571 1,508 Income from operations 2,807 527 Investment loss (435) (204)Other income, net 137 256 Income before income taxes 2,509 579 Income taxes 603 149 Net income$1,906 $430 Earnings per share: Basic$0.24 $0.05 Diluted$0.24 $0.05 Basic weighted average common shares outstanding 7,786,679 8,236,135 Diluted weighted average common shares outstanding 8,086,423 8,247,788 CoreCard CorporationCONSOLIDATED BALANCE SHEETS(in thousands, except share and per share amounts) As ofMarch 31, 2025 December 31, 2024ASSETS(unaudited) (audited)Current assets: Cash$22,068 $19,481 Marketable securities 5,575 5,410 Accounts receivable, net 8,527 10,235 Other current assets 5,145 5,048 Total current assets 41,315 40,174 Investments 3,344 3,776 Property and equipment, at cost less accumulated depreciation 13,605 12,282 Other long-term assets 6,130 6,106 Total assets$64,394 $62,338 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable$1,514 $823 Deferred revenue, current portion 1,927 2,033 Accrued payroll 2,341 2,856 Accrued expenses 821 723 Other current liabilities 1,731 2,017 Total current liabilities 8,334 8,452 Noncurrent liabilities: Deferred revenue, net of current portion 82 118 Long-term lease obligation 1,599 1,816 Other long-term liabilities 321 255 Total noncurrent liabilities 2,002 2,189 Stockholders’ equity: Common stock, $0.01 par value: Authorized shares - 20,000,000; Issued shares – 9,026,940 at March 31, 2025 and December 31, 2024 Outstanding shares – 7,786,679 at March 31, 2025 and December 31, 2024 92 91 Additional paid-in capital 18,400 17,928 Treasury stock, 1,240,261 shares at March 31, 2025 and December 31, 2024, at cost (27,997) (27,997)Accumulated other comprehensive loss (111) (93)Accumulated income 63,674 61,768 Total stockholders’ equity 54,058 51,697 Total liabilities and stockholders’ equity$64,394 $62,338 For further information, callMatt White, 770-564-5504 or email to matt@corecard.com Reconciliation of GAAP to NON-GAAP Measures Information Regarding Non-GAAP Measures In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States ("GAAP”), this press release contains certain non-GAAP financial measures.
NORCROSS, Ga., May 08, 2025 (GLOBE NEWSWIRE) -- CoreCard Corporation (NYSE: CCRD) ("CoreCard” or the "Company”), the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, announced today its financial results for the quarter ended March 31, 2025."Overall revenue of $16.7 million in the first quarter exceeded our expectations, reflecting year-over-year total revenue growth of 28%, primarily driven by higher professional services rates from our largest customer and continued growth from our other customers,” said Leland Strange, CEO of CoreCard.
"We continue to see encouraging results from the ongoing investment in our platform and processing capabilities, and we continue to onboard new customers that value the features and functionality offered by the CoreCard platform.” Financial Highlights for the three months ended March 31, 2025 Total revenues in the three-month period ended March 31, 2025, was $16.7 million compared to $13.1 million in the comparable period in 2024.
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