Usio Announces Second Quarter 2025 Financial Results

Total payment dollars processed through all payment channels up 15% versus the prior year period Gross margin expands, and seventh consecutive quarter of positive Adjusted EBITDA1 SAN ANTONIO, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Usio, Inc., "Usio" or the "Company": (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, 2025. Louis Hoch, President and Chief Executive Officer of Usio, said, “Results in the second quarter continue to reflect improvements across key strategic objectives including another quarter of strong processing growth, positive operating cash flow, expanded margins and positive Adjusted EBITDA1. These results were achieved while we were effecting fundamental changes across the organization, implementing our new Usio One go-to-market strategy, reducing costs, improving efficiency while investing in, and implementing, new technologies such as wearables and biometric payment systems. We believe the impact of these changes is durable. There are now more new programs in implementation across all our businesses than at any time in our history while the organization has never been better structured to leverage this anticipated growth into attractive returns." Total payment dollar processing volume growth was 15% in the second quarter of 2025, led for the second consecutive quarter by the strong recovery of our highest margin line of business, ACH, where electronic check dollar volume increased 19%, transactions grew 33% and returned check transactions grew 32%, all as compared to the same period last year. One of Usio's real-time payment methods, PINless debit, experienced its eighth consecutive quarter of growth, where transactions grew 144% and dollars processed grew 93% as compared to the same period last year, further accelerating the growth of our ACH and complementary services. Consolidated revenues in the quarter were down slightly due to declines in our prepaid card services business unit, where revenues declined 26% in the second quarter of 2025 compared to the second quarter of 2024. This decline was due to a significant client of ours losing, in the second quarter of 2025, a downstream customer who contributed significant revenues to the organization in 2024. However, this decline was largely offset by continued strong growth in our ACH & complementary services business line where revenues were up over 30% for the second consecutive quarter compared to the same quarter of the prior year primarily attributable to an increase in ACH volume from net, new business and organic growth. Within our credit card business PayFac revenues continue their double-digit year-over-year growth as a result of net, new client implementations helping offset anticipated legacy card volume attrition. Credit card revenues were up for the first six months of the year compared to the same period of the prior year. Volumes are expected to benefit in the second half of the year from the steady ramp up of new implementations and a rebound in existing customer processing activity. Output Solutions total mail pieces processed and delivered were up 3% for the second quarter of 2025 compared to the second quarter of 2024, exceeding 5.4 million, and electronic only documents delivered exceeded 20 million for the second quarter of 2025. This strong processing activity is not reflected in revenues as the ongoing transition to a more electronic only document delivery model has the effect of reducing the price per unit processed compared to print and mail while at the same time improving profitability. Nevertheless, Output Solutions revenues are up for the first half of fiscal 2025 compared to the same period of 2024. For the quarter ended June 30, 2025, margins expanded 185 basis points compared to the quarter ended June 30, 2024 due to both mix as well as efficiency and productivity enhancements across the organization. Selling, general and administrative ("SG&A") expenses increased $0.6 million from the same period last year, of which nearly all of the increase was related to several one-time expenses related to sponsorship and marketing events, insurance renewals, professional fees, and other one-time expense accruals. We believe our SG&A expenses will be significantly lower in the second half of the year such that total SG&A expenses in 2025 will be up only nominally compared to full year 2024. The Company reported a net loss of approximately $0.4 million, or ($0.01) per share for the second quarter of 2025, compared to net income of $0.1 million, or $0.00 per share, for the second quarter of 2024. Adjusted EBITDA1 was $0.5 million for the second quarter of 2025, down incrementally compared to $0.8 million in the same quarter a year ago. Operating cash flow for the quarter was $1.1 million, which is net of over $1 million of non-recurring cash outlays, including $350,000 for share repurchases. The Company expects to see its cash position increase over the second half of fiscal 2025. Mr. Hoch concluded, “The first half of the year was in line with our expectations as we not only continue to drive current results, but invest a significant amount of time and energy in achieving our strategic objectives to better leverage our extensive technology and other resources to accelerate profitability. We believe we are set up for a better back half of the year with numerous new accounts in various stages of implementation, including a new enterprise customer in our card business that we believe has the potential to consistently generate over $100 million in annual recurring processing volume. Our financial position is strong, and we continue to strategically deploy our capital with over $700,000 expended on share repurchases so far this year while maintaining sufficient liquidity to opportunistically capitalize on what has become a more active merger and acquisition market, which provides us potential opportunities to utilize our cash to further accelerate our growth through acquisition. However, due to prolonged customer caused implementation delays with two large national accounts, we are adjusting our revenue guidance expectations to 5– 12% growth this year with continued positive adjusted EBITDA1.” 1 Please see reconciliation of GAAP to Non-GAAP Financial Measures below Quarterly Processing and Transaction Volumes Total payment transactions processed in the second quarter of 2025 were 14.1 million, an increase of 26% over the same quarter of last year. Total payment dollars processed through all payment channels in the second quarter of 2025 were $1.94 billion, an improvement of 15% over last year's second quarter $1.68 billion in volume. Our credit card segment continues to grow, where dollars processed were up 9% and transactions processed were up 69% from a year ago. In the second quarter of 2025, ACH electronic check transaction volume was up 33%, electronic check dollars processed were up 19% and return check transactions processed were up 32%, in each case, compared to the same quarter of 2024. In our Prepaid business unit, card load volume was down 51%, transactions processed down 37% and purchase volume down 23% for the second quarter of 2025 compared to the same quarter of 2024. Output Solutions pieces processed and mailed was up 3% while electronic documents processed and delivered were down 3% for the second quarter of 2025 compared to the same quarter of 2024. Second Quarter 2025 Revenue Detail Revenues for the quarter ended June 30, 2025 were $20.0 million, down 1% compared to the prior year quarter, due primarily to declines in our prepaid card services business line, partially offset by strong growth in our ACH and complementary services revenues. Three Months Ended June 30, 2025 2024 $ Change % Change ACH and complementary services $5,192,224 $3,894,330 $1,297,894 33%Credit card 7,045,030 7,261,268 (216,238) (3)%Prepaid card services 2,726,410 3,673,418 (947,008) (26)%Output Solutions 4,642,901 4,686,869 (43,968) (1)%Interest - ACH and complementary services 176,518 190,233 (13,715) (7)%Interest - Prepaid card services 134,823 334,624 (199,801) (60)%Interest - Output Solutions 43,084 39,146 3,938 10%Total Revenue $19,960,990 $20,079,888 $(118,898) (1)% Six Months Ended June 30, 2025 2024 $ Change % Change ACH and complementary services $10,236,741 $7,776,064 $2,460,677 32%Credit card 14,923,724 14,822,002 101,722 1%Prepaid card services 5,633,861 7,014,642 (1,380,781) (20)%Output Solutions 10,375,768 10,224,792 150,976 1%Interest - ACH and complementary services 400,647 401,873 (1,226) (0)%Interest - Prepaid card services 317,484 737,365 (419,881) (57)%Interest - Output Solutions 81,815 73,536 8,279 11%Total Revenue $41,970,040 $41,050,274 $919,766 2% Gross profit for the second quarter of 2025 was $5.1 million compared to $4.8 million for the second quarter of 2024, while gross margins (defined as gross profit as a percentage of revenues) were 25.8%, increasing from 23.9% in the same period a year ago. This was primarily due to growth from our high margin line of business, ACH and complementary services, as well as improving margins across our business. Selling, general and administrative expenses, "SG&A", were $4.6 million for the quarter ended June 30, 2025, compared to $4.0 million in the prior year period. This was primarily related to several one-time expenses related to sponsorship and marketing events, alongside annual insurance renewals, professional fees, and other one-time expense accruals incurred during the period, including franchise taxes paid to the State of Texas. We believe that these expenses will decline in future quarters or, in the case of the franchise tax, are annual expenses, and that total SG&A expenses in the remainder of the year will only be nominally increased. For the quarter, we reported an operating loss of $0.4 million compared to an operating loss of $0.2 million for the same quarter a year ago primarily due to increased SG&A expenses. Adjusted EBITDA1 was $0.5 million for the quarter, compared to Adjusted EBITDA1 of $0.8 million for the same quarter a year ago. Net loss in the quarter ended June 30, 2025 was approximately $0.4 million, or ($0.01) per share, compared to net income of $0.1 million, or $0.00 per share, for the same period in the prior year. The second quarter of 2024 included $0.3 million in other income related to the employee retention tax credit under the CARES Act. Revenues for the six months ended June 30, 2025 were $42.0 million, up 2% compared to the prior year period, with revenues increasing in all business lines except our prepaid card services business line. Gross profit for the six months ended June 30, 2025 was $9.9 million compared to $9.7 million for the six months ended June 30, 2024, while gross margins were 23.7%, up from 23.5% in the same period a year ago. Gross profits were up primarily due to increased total revenues, combined with slightly increased overall margins related to growth in our high margin ACH and complementary services revenues. Selling, general and administrative, "SG&A", expenses were $8.8 million for the six months ended June 30, 2025, up 9% compared to $8.1 million in the prior year period. This was primarily related to several one-time expenses related to sponsorship and marketing events, alongside annual insurance renewals, professional fees, and other one-time expense accruals incurred during the six-month period, including franchise taxes paid to the State of Texas. We believe that these expenses will decline in future quarters and that total SG&A expenses in the remainder of the year will only be nominally increased. For the six months ended June 30, 2025, we reported an operating loss of $0.6 million compared to an operating loss of $0.5 million for the same period a year ago due to increased SG&A expenses. Adjusted EBITDA1 was $0.5 million for the quarter, compared to Adjusted EBITDA1 of $0.8 million for the same period a year ago. Net loss in the six months ended June 30, 2025 was approximately $0.6 million, or ($0.02) per share, compared to a net loss of $0.2 million, or ($0.0) per share, for the same period in the prior year, primarily attributable to the presence of $0.3 million in other income related to the employee retention tax credit received in the prior year period, distributed under the CARES Act. Operating Cash Flows were increased to $1.1 million for the six months ended June 30, 2025, as compared to $0.5 million in the same period a year ago. The difference was driven primarily by a reduction in accounts receivable. We continue to be in solid financial condition with $7.5 million in cash and cash equivalents as of June 30, 2025, a $0.6 million decrease in cash balances over the first six months of the year while over $700,000 was utilized to repurchase shares in the period. Upcoming Investor Events Virtual Events August 11 – 13Oppenheimer 28th Annual Technology, Internet & Communications Conference In Person Events September 8 – 10H.C. Wainwright 27th Annual Global Investment Conference Lotte Hotel, New York, New York October 19 – 21 LD Micro Main Event XIX Hotel Del Coronado, San Diego, California 1 Please see reconciliation of GAAP to Non-GAAP Financial Measures below Conference Call and Webcast Usio's management will host a conference call on Wednesday, August 6, 2025, at 4:30 pm Eastern time to review financial results and provide a business update. To listen to the conference call, interested parties within the U.S. should call +1-888-999-6281. International callers should call + 1-848-280-6550. All callers should ask for the Usio conference call. The conference call will also be available through a live webcast, which can be accessed via the Company’s website at www.usio.com/investors. A replay of the call will be available approximately one hour after the end of the call through August 20, 2025. The replay can be accessed via the Company’s website or by dialing +1-877-344-7529 (U.S.), 1-855-669-9658 (Canada) or 1-412-317-0088 (international). The replay conference playback code is 9584705. About Usio, Inc. Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, integrated software vendors and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to clients through its unique payment facilitation platform as a service. The Company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the card issuing sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas. Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter. Comparisons Unless otherwise indicated, all comparisons and growth rates represent year-over-year comparisons, with the quarterly period of this year compared to the corresponding quarter of the prior year. About Non-GAAP Financial Measures This press release includes the non-GAAP financial measure, as defined in Regulation G adopted by the Securities and Exchange Commission, of Adjusted EBITDA. The Company reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP financial measures provides investors with financial measures it uses in the management of its business. The Company defines EBITDA as operating income (loss), before interest, taxes, depreciation and amortization of intangibles. The Company defines Adjusted EBITDA as EBITDA, as defined above, plus non-cash stock option costs and certain non-recurring items, such as costs related to acquisitions. Management believes presenting Adjusted EBITDA is helpful to investors in evaluating the Company's operating performance because non-cash costs and other items that management believes are not indicative of its results of operations are excluded. Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. It is not a measurement of our financial performance under GAAP and should not be considered as an alternative to revenue, net income, or cash provided by (used in) operating activities, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. Adjusted EBITDA has limitations as an analytical tool and you should not consider this non-GAAP financial measure in isolation or as a substitute for analysis of our operating results as reported under GAAP. 1 Please see reconciliation of GAAP to Non-GAAP Financial Measures Below FORWARD-LOOKING STATEMENTS DISCLAIMER Except for the historical information contained herein, the matters discussed in this press release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy and any guidance for future periods. These forward-looking statements are identified by the use of words such as "believe," "should," "intend," "look forward," "anticipate," "schedule,” and "expect" among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including such risks related to an economic downturn, the management of the Company's growth, the loss of key resellers, the relationships with the Automated Clearing House network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2024. One or more of these factors have affected, and in the future could affect, the Company’s businesses and financial results and could cause actual results to differ materially from plans and projections. Although the Company believes that the assumptions underlying the forward-looking statements included in this press release are reasonable, the Company can give no assurance such assumptions will prove to be correct. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this press release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law. Contact: Paul ManleySenior Vice President, Investor Relationspaul.manley@usio.com612-834-1804 USIO, INC.CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2025 December 31, 2024 (Unaudited) ASSETS Cash and cash equivalents $7,506,411 $8,056,891 Accounts receivable, net 4,891,594 5,053,639 Accounts receivable, tax credit — 1,494,612 Settlement processing assets 62,891,265 47,104,006 Prepaid card load assets 13,064,060 25,648,688 Customer deposits 1,988,314 1,918,805 Inventory 380,457 403,796 Prepaid expenses and other 1,105,527 585,500 Current assets before merchant reserves 91,827,628 90,265,937 Merchant reserves 4,995,101 4,890,101 Total current assets 96,822,729 95,156,038 Property and equipment, net 3,417,606 3,194,818 Other assets: Intangibles, net 445,353 881,346 Deferred tax asset, net 4,580,440 4,580,440 Operating lease right-of-use assets 2,727,842 3,037,928 Other assets 357,877 357,877 Total other assets 8,111,512 8,857,591 Total Assets $108,351,847 $107,208,447 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $632,736 $1,256,819 Accrued expenses 2,564,191 3,366,925 Operating lease liabilities, current portion 630,193 612,680 Equipment loan, current portion 151,689 147,581 Settlement processing obligations 62,891,265 47,104,006 Prepaid card load obligations 13,064,060 25,648,688 Customer deposits 1,988,314 1,918,805 Current liabilities before merchant reserve obligations 81,922,448 80,055,504 Merchant reserve obligations 4,995,101 4,890,101 Total current liabilities 86,917,549 84,945,605 Non-current liabilities: Equipment loan, net of current portion 495,426 571,862 Operating lease liabilities, net of current portion 2,206,021 2,534,017 Total liabilities 89,618,996 88,051,484 Stockholders' equity: Preferred stock, $0.01 par value, 10,000,000 shares authorized; -0- shares outstanding at June 30, 2025 (unaudited) and December 31, 2024, respectively — — Common stock, $0.001 par value, 200,000,000 shares authorized; 30,235,512 and 29,902,415 issued, and 26,475,698 and 26,609,651 outstanding at June 30, 2025 (unaudited) and December 31, 2024, respectively 30,235 198,317 Additional paid-in capital 100,183,033 99,676,457 Treasury stock, at cost; 3,759,814 and 3,292,764 shares at June 30, 2025 (unaudited) and December 31, 2024, respectively (6,478,890) (5,770,592)Deferred compensation (6,367,247) (6,914,563)Accumulated deficit (68,634,280) (68,032,656)Total stockholders' equity 18,732,851 19,156,963 Total Liabilities and Stockholders' Equity $108,351,847 $107,208,447 USIO, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues $19,960,990 $20,079,888 $41,970,040 $41,050,274 Cost of services 14,820,921 15,280,074 32,020,828 31,396,765 Gross profit 5,140,069 4,799,814 9,949,212 9,653,509 Operating expenses: Stock-based compensation 434,255 460,061 844,317 959,334 SG&A 4,638,185 4,000,845 8,781,080 8,061,070 Depreciation and amortization 464,599 547,849 960,369 1,124,003 Total operating expenses 5,537,039 5,008,755 10,585,766 10,144,407 Operating (loss) (396,970) (208,941) (636,554) (490,898) Other income and (expense): Interest income 110,908 107,270 189,919 222,624 Other income — 261,413 — 261,413 Interest expense (11,735) (14,250) (23,578) (27,835)Other income, net 99,173 354,433 166,341 456,202 Income (loss) before income taxes (297,797) 145,492 (470,213) (34,696) State income tax expense 68,857 70,000 131,411 140,000 Income tax expense 68,857 70,000 131,411 140,000 Net income (loss) $(366,654) $75,492 $(601,624) $(174,696) (Loss) Per Share Basic income (loss) per common share: $(0.01) $0.00 $(0.02) $(0.01)Diluted income (loss) per common share: $(0.01) $0.00 $(0.02) $(0.01)Weighted average common shares outstanding Basic 26,456,411 26,534,407 26,577,052 26,454,848 Diluted 26,456,411 26,534,407 26,577,052 26,454,848 USIO, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED) Six Months Ended June 30, 2025 2024 Operating Activities Net (loss) $(601,624) $(174,696)Adjustments to reconcile net (loss) to net cash provided by operating activities: Depreciation & Amortization 960,369 1,124,003 Employee stock-based compensation 844,317 959,334 Changes in operating assets and liabilities: Accounts receivable 162,045 69,599 Accounts receivable, tax credit 1,494,612 — Prepaid expenses and other (520,027) (375,092)Operating lease right-of-use assets 310,086 236,367 Other assets — 15,072 Inventory 23,339 15,795 Accounts payable and accrued expenses (1,426,817) (649,684)Operating lease liabilities (310,483) (246,945)Merchant reserves 105,000 (458,256)Customer deposits 69,509 (57,725)Net cash provided by operating activities 1,110,326 457,772 Investing Activities Purchases of property and equipment (73,925) (53,892)Capitalized labor for internal use software (673,242) (401,165)Net cash (used in) investing activities (747,167) (455,057) Financing Activities Payments on equipment loan (72,328) (36,868)Proceeds from issuance of common stock 41,496 10,510 Purchases of treasury stock (708,298) (149,769)Assets held for customers 3,202,631 2,701,326 Net cash provided by financing activities 2,463,501 2,525,199 Change in cash, cash equivalents, settlement processing assets, prepaid card loads, customer deposits and merchant reserves 2,826,660 2,527,914 Cash, cash equivalents, settlement processing assets, prepaid card loads, customer deposits and merchant reserves, beginning of year 87,618,491 90,810,089 Cash, Cash Equivalents, Settlement Processing Assets, Prepaid Card Loads, Customer Deposits and Merchant Reserves, End of Period $90,445,151 $93,338,003 Supplemental disclosures of cash flow information Cash paid during the period for: Interest $23,578 $27,835 Income taxes 438,000 303,000 Non-cash financing activity: Issuance of deferred stock compensation — 1,497,300 USIO, INC.CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY(UNAUDITED) Common Stock Additional Paid- In Treasury Deferred Accumulated Total Stockholders' Shares Amount Capital Stock Compensation Deficit Equity Balance at December 31, 2024 29,902,415 $198,317 $99,676,457 $(5,770,592) $(6,914,563) $(68,032,656) $19,156,963 Adjustment to par value of common stock — (168,415) 168,415 — — — — Issuance of common stock under equity incentive plan 128,053 128 136,276 — — — 136,404 Issuance of common stock under employee stock purchase plan 7,887 8 11,507 — — — 11,515 Deferred compensation amortization — — — — 273,658 — 273,658 Purchase of treasury stock costs — — — (351,640) — — (351,640)Net (loss) for the period — — — — — (234,970) (234,970) Balance at March 31, 2025 30,038,355 $30,038 $99,992,655 $(6,122,232) $(6,640,905) $(68,267,626) $18,991,930 Issuance of common stock under equity incentive plan 176,622 177 160,420 — — — 160,597 Issuance of common stock under employee stock purchase plan 20,535 20 29,958 — — — 29,978 Reversal of deferred compensation amortization that did not vest — — — — — — — Deferred compensation amortization — — — — 273,658 — 273,658 Purchase of treasury stock costs — — — (356,658) — — (356,658)Net income for the period — — — — — (366,654) (366,654) Balance at June 30, 2025 30,235,512 $30,235 $100,183,033 $(6,478,890) $(6,367,247) $(68,634,280) $18,732,851 Balance at December 31, 2023 28,671,606 $197,087 $97,479,830 $(4,362,150) $(6,907,775) $(71,338,153) $15,068,839 Issuance of common stock under equity incentive plan 107,600 107 153,118 — — — 153,225 Deferred compensation amortization — — — — 346,047 — 346,047 Purchase of treasury stock costs — — — (44,823) — — (44,823)Net (loss) for the period — — — — — (250,188) (250,188) Balance at March 31, 2024 28,779,206 $197,194 $97,632,948 $(4,406,973) $(6,561,728) $(71,588,341) $15,273,100 Issuance of common stock under equity incentive plan 994,049 994 1,610,320 — (1,497,300) — 114,014 Issuance of common stock under employee stock purchase plan 6,180 6 10,504 — — — 10,510 Reversal of deferred compensation amortization that did not vest (15,000) (15) (31,305) — 31,320 — - Deferred compensation amortization — — — — 346,048 — 346,048 Purchase of treasury stock costs — — — (104,946) — — (104,946)Net income for the period — — — — — 75,492 75,492 Balance at June 30, 2024 29,764,435 $198,179 $99,222,467 $(4,511,919) $(7,681,660) $(71,512,849) $15,714,218 RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Reconciliation from Operating (loss) to Adjusted EBITDA: Operating (loss) $(396,970) $(208,941) $(636,554) $(490,898)Depreciation and amortization 464,599 547,849 960,369 1,124,003 EBITDA 67,629 338,908 323,815 633,105 Non-cash stock-based compensation expense, net 434,255 460,061 844,317 959,334 Adjusted EBITDA $501,884 $798,969 $1,168,132 $1,592,439 Adjusted EBITDA margins 2.5% 4.0% 2.8% 3.9%

Usio Announces Second Quarter 2025 Financial Results

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