$PMTS

CPI Card Group Inc.

CIK:0001641614|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 149,181	$ 129,753	$ 296,289	$ 252,514
Cost of goods sold	100,695	89,633	203,679	171,698
Gross profit	48,486	40,120	92,610	80,816
Selling, general and administrative expenses	36,622	30,697	69,752	57,289
Income (loss) from operations	11,864	9,423	22,858	23,527
Other expense, net:
Total other expense, net	(7,405)	(8,069)	(15,061)	(15,754)
Other (expense) income, net	(35)	(13)	(3)	5
Total other expense, net	(7,440)	(8,082)	(15,064)	(15,749)
Income before income taxes and equity in losses of unconsolidated affiliates	4,424	1,341	7,794	7,778
Income tax expense	(2,137)	(823)	(3,295)	(2,486)
Equity in losses of unconsolidated affiliates	(247)	0	(403)	0
Net income	$ 2,040	$ 518	$ 4,096	$ 5,292
Basic and diluted earnings per share:
Basic earnings per share (in dollars per share)	$ 0.18	$ 0.05	$ 0.36	$ 0.47
Diluted earnings per share (in dollars per share)	$ 0.17	$ 0.04	$ 0.34	$ 0.44
Basic weighted-average shares outstanding (in shares)	11,486,626	11,297,785	11,472,100	11,271,815
Diluted weighted-average shares outstanding (in shares)	12,039,657	11,927,943	11,957,587	11,969,909
Comprehensive income:
Net income	$ 2,040	$ 518	$ 4,096	$ 5,292
Total comprehensive income	$ 2,040	$ 518	$ 4,096	$ 5,292

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 4,096	$ 5,292
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	10,792	7,815
Amortization expense	1,954	1,947
Stock-based compensation expense	2,717	3,038
Amortization of debt issuance costs	656	658
Deferred income taxes and other, net	1,889	850
Changes in operating assets and liabilities:
Accounts receivable, net	7,048	7,451
Inventories	9,678	(7,769)
Prepaid expenses and other assets	(2,356)	2,253
Income taxes, net	57	(3,154)
Accounts payable	2,972	4,977
Accrued expenses and other liabilities	3,734	(13,471)
Deferred revenue and customer deposits	(1,088)	50
Cash provided by operating activities	42,149	9,937
Investing activities
Capital expenditures for plant, equipment and leasehold improvements, net	(6,098)	(9,112)
Cash paid for acquisition, net of cash acquired	(6,300)	(42,442)
Other	291	50
Cash used in investing activities	(12,107)	(51,504)
Financing activities
Proceeds from borrowings on debt	0	35,000
Payments on debt	(25,000)	(5,000)
Payments on financing lease obligations	(4,805)	(3,776)
Taxes withheld and paid on stock-based compensation awards	(569)	(1,077)
Cash (used in) provided by financing activities	(30,374)	25,147
Net decrease in cash and cash equivalents	(332)	(16,420)
Cash and cash equivalents, beginning of period	21,700	33,544
Cash and cash equivalents, end of period	21,368	17,124
Cash paid (refunded) during the period for:
Interest paid	15,172	15,453
Income taxes paid	2,140	6,381
Income taxes refunded	(529)	(60)
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	187	10,844
Financing leases	4,073	8,761
Accounts payable and accrued expenses for capital expenditures for plant, equipment and leasehold improvements	616	1,815
Non-cash equity in losses of unconsolidated affiliates	$ (403)	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 21,368	$ 21,700
Accounts receivable, net	88,363	95,436
Inventories, net	62,900	72,243
Prepaid expenses and other current assets	15,520	15,565
Total current assets	188,151	204,944
Plant, equipment, leasehold improvements and operating lease right-of-use assets, net	105,189	108,433
Intangible assets, net of accumulated amortization of $61,695 and $59,741, respectively	19,690	18,544
Goodwill	52,740	48,764
Other assets	24,638	22,506
Total assets	390,408	403,191
Current liabilities:
Accounts payable	30,581	27,802
Accrued expenses	56,613	52,379
Deferred revenue and customer deposits	2,946	3,916
Total current liabilities	90,140	84,097
Long-term debt	262,139	286,668
Deferred income taxes	3,840	2,251
Other long-term liabilities	45,763	47,508
Total liabilities	401,882	420,524
Commitments and contingencies (Note 9)
Stockholders’ deficit:
Series A Preferred Stock; $0.001 par value—100,000 shares authorized; 0 shares issued and outstanding at June 30, 2026 and December 31, 2025
Common stock; $0.001 par value—100,000,000 shares authorized; — and 11,456,061 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	12	11
Capital deficit	(100,329)	(102,091)
Accumulated earnings	88,843	84,747
Total stockholders’ deficit	(11,474)	(17,333)
Total liabilities and stockholders’ deficit	$ 390,408	$ 403,191