v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company’s CODM is its CEO, who is charged with the management of the Company and is responsible for the evaluation of operating performance and decision-making about the allocation of resources to operating segments based on the measures of revenue and EBITDA.
As the Company uses the term, “EBITDA” is defined as income before interest expense, income taxes, depreciation and amortization. The Company’s CODM believes EBITDA is a meaningful measure and is useful as a supplement to GAAP measures as it represents a transparent view of the Company’s operating performance that is unaffected by fluctuations in property, equipment and leasehold improvement additions. The Company’s CODM uses EBITDA to perform periodic reviews and comparison of operating trends and to identify strategies to improve the allocation of resources amongst segments.
Effective for the quarter ended March 31, 2026, the Company implemented a change in the structure of its reportable segments to align with its internal management reporting and operating structure and consistent with the Company’s increased strategic focus on expanding and developing additional proprietary integrated technological solutions for its customer base. This change was made to reflect the revised manner in which the Company’s CODM manages the Company’s business, including for performance assessment and resource allocation. Operating results for prior periods have been recast to conform to the current period presentation. The updated information reflects only reclassification of prior period segment data and does not represent a restatement of previously issued financial statements.
As of September 30, 2026, the Company’s reportable segments were as follows:
•Secure Card Solutions: primarily produces secure debit and credit cards and provides card personalization services for U.S. card-issuing financial institutions, including highly customizable, on-demand payment card solutions acquired through the purchase of Arroweye during the second quarter of 2025;
•Prepaid Solutions: primarily provides prepaid debit cards and secure packaging solutions and other integrated prepaid card services to prepaid program managers in the U.S.; and
•Integrated Paytech: primarily provides cloud-based and on-premise solutions that enable customers to issue instantly personalized debit and credit cards at customer locations, as well as other digital payment solutions, including push provisioning for mobile wallets.
On June 23, 2026, the Company entered into an asset purchase agreement to acquire an on-premise instant issuance solution, which includes the development, marketing, sale, licensing, and servicing of on-premise instant payment card issuance software solutions. The financial results of the acquired business are included in the Company's Integrated Paytech segment.
Performance Measures of Reportable Segments
Revenue and EBITDA of the Company’s reportable segments, as well as a reconciliation of total segment EBITDA to income from operations and net income for the three and nine months ended September 30, 2026 and 2025, were as follows:
Three Months Ended September 30, 2026
Secure Card SolutionsPrepaid SolutionsIntegrated PaytechTotal Reportable SegmentsIntersegment EliminationsCorporateConsolidated
Revenue$111,900$26,859$23,451$162,210$(3,853)$—$158,357
Cost of goods sold83,64217,83510,481111,958(3,853)—108,105
Gross profit28,2589,02412,97050,252——50,252
Selling, general and administrative expenses9,2021,4155,74216,359—18,23834,597
Income (loss) from operations$19,056$7,609$7,228$33,893$—$(18,238)$15,655
EBITDA by segment:
Income (loss) from operations$19,056$7,609$7,228$33,893$—$(18,238)$15,655
Depreciation and amortization4,3621,2614366,059—6876,746
Other expense, net—(55)—(55)—(1261)(1,316)
EBITDA$23,418$8,815$7,664$39,897$—$(18,812)$21,085
Gross profit margin25.3 %33.6 %55.3 %31.0 %**31.7 %
EBITDA margin20.9 %32.8 %32.7 %24.6 %**13.3 %
Nine Months Ended September 30, 2026
Secure Card SolutionsPrepaid SolutionsIntegrated PaytechTotal Reportable SegmentsIntersegment EliminationsCorporateConsolidated
Revenue$332,618$71,553$62,974$467,145$(12,499)$—$454,646
Cost of goods sold245,78950,44428,050324,283(12,499)—311,784
Gross profit86,82921,10934,924142,862——142,862
Selling, general and administrative expenses29,4854,42514,25548,165—56,184104,349
Income (loss) from operations$57,344$16,684$20,669$94,697$—$(56,184)$38,513
EBITDA by segment:
Income (loss) from operations$57,344$16,684$20,669$94,697$—$(56,184)$38,513
Depreciation and amortization12,9663,77670417,446—2,04619,492
Other income (expense), net3(459)—(456)—(1266)(1,722)
EBITDA$70,313$20,001$21,373$111,687$—$(55,404)$56,283
Gross profit margin26.1 %29.5 %55.5 %30.6 %**31.4 %
EBITDA margin21.1 %28.0 %33.9 %23.9 %**12.4 %
Three Months Ended September 30, 2025
Secure Card SolutionsPrepaid SolutionsIntegrated PaytechTotal Reportable
Segments		Intersegment EliminationsCorporateConsolidated
Revenue$99,154$23,335$19,498$141,987$(4,021)$— $137,966
Cost of goods sold76,22616,2868,482100,994(4,021)— 96,973
Gross profit22,9287,04911,01640,993— — 40,993
Selling, general and administrative expenses9,8791,1662,78813,833— 14,14227,975
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 amortization4,0801,134335,247— 8686,115
Other expense, net(238)(1)—(239)— (290)(529)
EBITDA$16,891$7,016$8,261$32,168$— $(13,564)$18,604
Gross profit margin23.1 %30.2 %56.5 %28.9 %**29.7 %
EBITDA margin17.0 %30.1 %42.4 %22.7 %**13.5 %

Nine Months Ended September 30, 2025
Secure Card SolutionsPrepaid SolutionsIntegrated PaytechTotal Reportable
Segments		Intersegment EliminationsCorporateConsolidated
Revenue$275,469$69,270$58,077$402,816$(12,336)$—$390,480
Cost of goods sold207,80447,30825,895281,007(12,336)—268,671
Gross profit67,66521,96232,182121,809——121,809
Selling, general and administrative expenses24,6703,9099,14437,723—47,54185,264
Income (loss) from operations$42,995$18,053$23,038$84,086$—$(47,541)$36,545
EBITDA by segment:
Income (loss) from operations$42,995$18,053$23,038$84,086$—$(47,541)$36,545
Depreciation and amortization9,8173,3769513,288—2,58915,877
Other (expense) income, net(278)5—(273)—(251)(524)
EBITDA$52,534$21,434$23,133$97,101$—$(45,203)$51,898
Gross profit margin24.6 %31.7 %55.4 %30.2 %**31.2 %
EBITDA margin19.1 %30.9 %39.8 %24.1 %**13.3 %
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*Calculation not meaningful.
Reconciliation of Net Income to EBITDA
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Net income$5,019 $2,308 $9,115 $7,600 
Interest, net 8,011 8,746 23,072 24,500 
Income tax expense1,309 1,435 4,604 3,921 
Depreciation and amortization 6,746 6,115 19,492 15,877 
EBITDA$21,085 $18,604 $56,283 $51,898 
Goodwill by Reportable Segment
Under the Company’s reportable segment structure as of December 31, 2025, the Company reported all of its goodwill in the former Debit and Credit segment. In connection with the implementation of the Company’s revised segment structure in the first quarter of 2026, a portion of the Company’s goodwill in the former Debit and Credit segment as of December 31, 2025 is now included in the Integrated Paytech segment. The increase in goodwill resulting from the acquisition of the on-premise instant issuance solution is recognized in the Integrated Paytech segment. As a result, total goodwill of the Company’s reportable segments as of September 30, 2026, and December 31, 2025, were as follows under the revised segment structure:
September 30,
2026		December 31,
2025
Secure Card Solutions$33,636 $33,636 
Integrated Paytech19,250 15,128 
Total goodwill$52,886 $48,764 
Balance Sheet Data and Capital Expenditures of Reportable Segments
The Company does not report assets or capital expenditures by segment as the Company’s CODM does not use this information to evaluate reportable segments. Accordingly, the Company does not regularly provide such information by segment to the CODM.