Exhibit 99.3
CPI Card Group Inc. and Subsidiaries |
Supplemental Segment Information |
(dollars in thousands) |
(Unaudited) |
| | Three Months Ended March 31, 2025 | |||||||||||||||||||
| | Secure Card | | Prepaid | | Integrated | | Total | | Intersegment | | | | | |||||||
| | Solutions | | Solutions | | Paytech | | Segments | | Eliminations (1) | | Corporate | | Consolidated | |||||||
Revenue | | $ | 81,642 | | $ | 26,713 | | $ | 19,253 | | $ | 127,608 | | $ | (4,847) | | $ | — | | $ | 122,761 |
Cost of goods sold | | | 60,823 | | | 17,271 | | | 8,818 | | | 86,912 | | | (4,847) | | | — | | | 82,065 |
Gross profit | | | 20,819 | | | 9,442 | | | 10,435 | | | 40,696 | | | — | | | — | | | 40,696 |
Selling, general and administrative expenses | | | 6,509 | | | 1,443 | | | 3,042 | | | 10,994 | | | — | | | 15,598 | | | 26,592 |
Income (loss) from operations | | $ | 14,310 | | $ | 7,999 | | $ | 7,393 | | $ | 29,702 | | $ | — | | $ | (15,598) | | $ | 14,104 |
| | | | | | | | | | | | | | | | | | | | | |
EBITDA by segment: | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from operations | | $ | 14,310 | | $ | 7,999 | | $ | 7,393 | | $ | 29,702 | | $ | — | | $ | (15,598) | | $ | 14,104 |
Depreciation and amortization | | | 2,240 | | | 1,116 | | | 31 | | | 3,387 | | | — | | | 860 | | | 4,247 |
Other (expense) income | | | (7) | | | 6 | | | — | | | (1) | | | — | | | 19 | | | 18 |
EBITDA | | $ | 16,543 | | $ | 9,121 | | $ | 7,424 | | $ | 33,088 | | $ | — | | $ | (14,719) | | $ | 18,369 |
| | | | | | | | | | | | | | | | | | | | | |
Gross profit margin | | | 25.5% | | | 35.3% | | | 54.2% | | | 31.9% | | | * | | | * | | | 33.2% |
EBITDA margin | | | 20.3% | | | 34.1% | | | 38.6% | | | 25.9% | | | * | | | * | | | 15.0% |
(1) Includes intersegment eliminations related to sales from Secure Card Solutions of $0.5 million to Prepaid Solutions and $4.3 million to Integrated Paytech, respectively.
| | Three Months Ended June 30, 2025 | |||||||||||||||||||
| | Secure Card | | Prepaid | | Integrated | | Total | | Intersegment | | | | | |||||||
| | Solutions | | Solutions | | Paytech | | Segments | | Eliminations (2) | | Corporate | | Consolidated | |||||||
Revenue | | $ | 94,673 | | $ | 19,222 | | $ | 19,326 | | $ | 133,221 | | $ | (3,468) | | $ | — | | $ | 129,753 |
Cost of goods sold | | | 70,755 | | | 13,751 | | | 8,595 | | | 93,101 | | | (3,468) | | | — | | | 89,633 |
Gross profit | | | 23,918 | | | 5,471 | | | 10,731 | | | 40,120 | | | — | | | — | | | 40,120 |
Selling, general and administrative expenses | | | 8,282 | | | 1,300 | | | 3,314 | | | 12,896 | | | — | | | 17,801 | | | 30,697 |
Income (loss) from operations | | $ | 15,636 | | $ | 4,171 | | $ | 7,417 | | $ | 27,224 | | $ | — | | $ | (17,801) | | $ | 9,423 |
| | | | | | | | | | | | | | | | | | | | | |
EBITDA by segment: | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from operations | | $ | 15,636 | | $ | 4,171 | | $ | 7,417 | | $ | 27,224 | | $ | — | | $ | (17,801) | | $ | 9,423 |
Depreciation and amortization | | | 3,497 | | | 1,126 | | | 31 | | | 4,654 | | | — | | | 861 | | | 5,515 |
Other (expense) income | | | (33) | | | — | | | — | | | (33) | | | — | | | 20 | | | (13) |
EBITDA | | $ | 19,100 | | $ | 5,297 | | $ | 7,448 | | $ | 31,845 | | $ | — | | $ | (16,920) | | $ | 14,925 |
| | | | | | | | | | | | | | | | | | | | | |
Gross profit margin | | | 25.3% | | | 28.5% | | | 55.5% | | | 30.1% | | | * | | | * | | | 30.9% |
EBITDA margin | | | 20.2% | | | 27.6% | | | 38.5% | | | 23.9% | | | * | | | * | | | 11.5% |
(2) Includes intersegment eliminations related to sales from Secure Card Solutions of $0.2 million to Prepaid Solutions and $3.3 million to Integrated Paytech, respectively.
| | Three Months Ended September 30, 2025 | |||||||||||||||||||
| | Secure Card | | Prepaid | | Integrated | | Total | | Intersegment | | | | | |||||||
| | Solutions | | Solutions | | Paytech | | Segments | | Eliminations (3) | | Corporate | | Consolidated | |||||||
Revenue | | $ | 99,154 | | $ | 23,335 | | $ | 19,498 | | $ | 141,987 | | $ | (4,021) | | $ | — | | $ | 137,966 |
Cost of goods sold | | | 76,226 | | | 16,286 | | | 8,482 | | | 100,994 | | | (4,021) | | | — | | | 96,973 |
Gross profit | | | 22,928 | | | 7,049 | | | 11,016 | | | 40,993 | | | — | | | — | | | 40,993 |
Selling, general and administrative expenses | | | 9,879 | | | 1,166 | | | 2,788 | | | 13,833 | | | — | | | 14,142 | | | 27,975 |
Income (loss) from operations | | $ | 13,049 | | $ | 5,883 | | $ | 8,228 | | $ | 27,160 | | $ | — | | $ | (14,142) | | $ | 13,018 |
| | | | | | | | | | | | | | | | | | | | | |
EBITDA by segment: | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from operations | | $ | 13,049 | | $ | 5,883 | | $ | 8,228 | | $ | 27,160 | | $ | — | | $ | (14,142) | | $ | 13,018 |
Depreciation and amortization | | | 4,080 | | | 1,134 | | | 33 | | | 5,247 | | | — | | | 868 | | | 6,115 |
Other expense | | | (238) | | | (1) | | | — | | | (239) | | | — | | | (290) | | | (529) |
EBITDA | | $ | 16,891 | | $ | 7,016 | | $ | 8,261 | | $ | 32,168 | | $ | — | | $ | (13,564) | | $ | 18,604 |
| | | | | | | | | | | | | | | | | | | | | |
Gross profit margin | | | 23.1% | | | 30.2% | | | 56.5% | | | 28.9% | | | * | | | * | | | 29.7% |
EBITDA margin | | | 17.0% | | | 30.1% | | | 42.4% | | | 22.7% | | | * | | | * | | | 13.5% |
(3) Includes intersegment eliminations related to sales from Secure Card Solutions of $0.6 million to Prepaid Solutions and $3.4 million to Integrated Paytech, respectively.
| | Three Months Ended December 31, 2025 | |||||||||||||||||||
| | Secure Card | | Prepaid | | Integrated | | Total | | Intersegment | | | | | |||||||
| | Solutions | | Solutions | | Paytech | | Segments | | Eliminations (4) | | Corporate | | Consolidated | |||||||
Revenue | | $ | 114,424 | | $ | 24,355 | | $ | 17,733 | | $ | 156,512 | | $ | (3,458) | | $ | — | | $ | 153,054 |
Cost of goods sold | | | 85,970 | | | 14,375 | | | 7,880 | | | 108,225 | | | (3,458) | | | — | | | 104,767 |
Gross profit | | | 28,454 | | | 9,980 | | | 9,853 | | | 48,287 | | | — | | | — | | | 48,287 |
Selling, general and administrative expenses | | | 9,518 | | | 1,334 | | | 3,392 | | | 14,244 | | | — | | | 15,747 | | | 29,991 |
Income (loss) from operations | | $ | 18,936 | | $ | 8,646 | | $ | 6,461 | | $ | 34,043 | | $ | — | | $ | (15,747) | | $ | 18,296 |
| | | | | | | | | | | | | | | | | | | | | |
EBITDA by segment: | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from operations | | $ | 18,936 | | $ | 8,646 | | $ | 6,461 | | $ | 34,043 | | $ | — | | $ | (15,747) | | $ | 18,296 |
Depreciation and amortization | | | 4,339 | | | 1,316 | | | 57 | | | 5,712 | | | — | | | 872 | | | 6,584 |
Other expense | | | (109) | | | (133) | | | — | | | (242) | | | — | | | (3) | | | (245) |
EBITDA | | $ | 23,166 | | $ | 9,829 | | $ | 6,518 | | $ | 39,513 | | $ | — | | $ | (14,878) | | $ | 24,635 |
| | | | | | | | | | | | | | | | | | | | | |
Gross profit margin | | | 24.9% | | | 41.0% | | | 55.6% | | | 30.9% | | | * | | | * | | | 31.5% |
EBITDA margin | | | 20.2% | | | 40.4% | | | 36.8% | | | 25.2% | | | * | | | * | | | 16.1% |
(4) Includes intersegment eliminations related to sales from Secure Card Solutions of $0.2 million to Prepaid Solutions and $3.3 million to Integrated Paytech, respectively.
| | Year Ended December 31, 2025 | |||||||||||||||||||
| | Secure Card | | Prepaid | | Integrated | | Total | | Intersegment | | | | | |||||||
| | Solutions | | Solutions | | Paytech | | Segments | | Eliminations (5) | | Corporate | | Consolidated | |||||||
Revenue | | $ | 389,893 | | $ | 93,625 | | $ | 75,810 | | $ | 559,328 | | $ | (15,794) | | $ | — | | $ | 543,534 |
Cost of goods sold | | | 293,774 | | | 61,683 | | | 33,775 | | | 389,232 | | | (15,794) | | | — | | | 373,438 |
Gross profit | | | 96,119 | | | 31,942 | | | 42,035 | | | 170,096 | | | — | | | — | | | 170,096 |
Selling, general and administrative expenses | | | 34,188 | | | 5,243 | | | 12,536 | | | 51,967 | | | — | | | 63,288 | | | 115,255 |
Income (loss) from operations | | $ | 61,931 | | $ | 26,699 | | $ | 29,499 | | $ | 118,129 | | $ | — | | $ | (63,288) | | $ | 54,841 |
| | | | | | | | | | | | | | | | | | | | | |
EBITDA by segment: | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from operations | | $ | 61,931 | | $ | 26,699 | | $ | 29,499 | | $ | 118,129 | | $ | — | | $ | (63,288) | | $ | 54,841 |
Depreciation and amortization | | | 14,156 | | | 4,692 | | | 152 | | | 19,000 | | | — | | | 3,461 | | | 22,461 |
Other expense | | | (387) | | | (128) | | | — | | | (515) | | | — | | | (254) | | | (769) |
EBITDA | | $ | 75,700 | | $ | 31,263 | | $ | 29,651 | | $ | 136,614 | | $ | — | | $ | (60,081) | | $ | 76,533 |
| | | | | | | | | | | | | | | | | | | | | |
Gross profit margin | | | 24.7% | | | 34.1% | | | 55.4% | | | 30.4% | | | * | | | * | | | 31.3% |
EBITDA margin | | | 19.4% | | | 33.4% | | | 39.1% | | | 24.4% | | | * | | | * | | | 14.1% |
(5) Includes intersegment eliminations related to sales from Secure Card Solutions of $1.6 million to Prepaid Solutions and $14.2 million to Integrated Paytech, respectively.