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Segment Reporting | 6 Months Ended
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Jun. 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 June 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, which give customers the ability to issue an instant personalized debit or credit card within a customer location; and other digital payment solutions such as 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 six months ended June 30, 2026 and 2025, were as follows:
| Three Months Ended June 30, 2026
| Secure Card Solutions |  | Prepaid Solutions |  | Integrated Paytech |  | Total Reportable Segments |  | Intersegment Eliminations |  | Corporate |  | Consolidated
Revenue | $ | 110,867 |  | $ | 22,645 |  | $ | 20,141 |  | $ | 153,653 |  | $ | (4,472) |  | $ | — |  | $ | 149,181
Cost of goods sold | 79,998 |  | 16,226 |  | 8,943 |  | 105,167 |  | (4,472) |  | — |  | 100,695
Gross profit | 30,869 |  | 6,419 |  | 11,198 |  | 48,486 |  | — |  | — |  | 48,486
Selling, general and administrative expenses | 9,849 |  | 1,437 |  | 4,622 |  | 15,908 |  | — |  | 20,714 |  | 36,622
Income (loss) from operations | $ | 21,020 |  | $ | 4,982 |  | $ | 6,576 |  | $ | 32,578 |  | $ | — |  | $ | (20,714) |  | $ | 11,864
EBITDA by segment: |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from operations | $ | 21,020 |  | $ | 4,982 |  | $ | 6,576 |  | $ | 32,578 |  | $ | — |  | $ | (20,714) |  | $ | 11,864
Depreciation and amortization | 4,258 |  | 1,241 |  | 178 |  | 5,677 |  | — |  | 666 |  | 6,343
Other expense, net | (31) |  | (248) |  | — |  | (279) |  | — |  | (3) |  | (282)
EBITDA | $ | 25,247 |  | $ | 5,975 |  | $ | 6,754 |  | $ | 37,976 |  | $ | — |  | $ | (20,051) |  | $ | 17,925
Gross profit margin | 27.8 | % |  | 28.3 | % |  | 55.6 | % |  | 31.6 | % |  | * |  | * |  | 32.5 | %
EBITDA margin | 22.8 | % |  | 26.4 | % |  | 33.5 | % |  | 24.7 | % |  | * |  | * |  | 12.0 | %
| Six Months Ended June 30, 2026
| Secure Card Solutions |  | Prepaid Solutions |  | Integrated Paytech |  | Total Reportable Segments |  | Intersegment Eliminations |  | Corporate |  | Consolidated
Revenue | $ | 220,718 |  | $ | 44,694 |  | $ | 39,523 |  | $ | 304,935 |  | $ | (8,646) |  | $ | — |  | $ | 296,289
Cost of goods sold | 162,147 |  | 32,609 |  | 17,569 |  | 212,325 |  | (8,646) |  | — |  | 203,679
Gross profit | 58,571 |  | 12,085 |  | 21,954 |  | 92,610 |  | — |  | — |  | 92,610
Selling, general and administrative expenses | 20,283 |  | 3,010 |  | 8,513 |  | 31,806 |  | — |  | 37,946 |  | 69,752
Income (loss) from operations | $ | 38,288 |  | $ | 9,075 |  | $ | 13,441 |  | $ | 60,804 |  | $ | — |  | $ | (37,946) |  | $ | 22,858
EBITDA by segment: |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from operations | $ | 38,288 |  | $ | 9,075 |  | $ | 13,441 |  | $ | 60,804 |  | $ | — |  | $ | (37,946) |  | $ | 22,858
Depreciation and amortization | 8,604 |  | 2,515 |  | 268 |  | 11,387 |  | — |  | 1,359 |  | 12,746
Other income (expense), net | 3 |  | (404) |  | — |  | (401) |  | — |  | (5) |  | (406)
EBITDA | $ | 46,895 |  | $ | 11,186 |  | $ | 13,709 |  | $ | 71,790 |  | $ | — |  | $ | (36,592) |  | $ | 35,198
Gross profit margin | 26.5 | % |  | 27.0 | % |  | 55.5 | % |  | 30.4 | % |  | * |  | * |  | 31.3 | %
EBITDA margin | 21.2 | % |  | 25.0 | % |  | 34.7 | % |  | 23.5 | % |  | * |  | * |  | 11.9 | %
| Three Months Ended June 30, 2025
| Secure Card Solutions |  | Prepaid Solutions |  | Integrated Paytech |  | Total Reportable Segments |  | Intersegment Eliminations |  | 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, net | (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 | %
| Six Months Ended June 30, 2025
| Secure Card Solutions |  | Prepaid Solutions |  | Integrated Paytech |  | Total Reportable Segments |  | Intersegment Eliminations |  | Corporate |  | Consolidated
Revenue | $ | 176,315 |  | $ | 45,935 |  | $ | 38,579 |  | $ | 260,829 |  | $ | (8,315) |  | $ | — |  | $ | 252,514
Cost of goods sold | 131,578 |  | 31,022 |  | 17,413 |  | 180,013 |  | (8,315) |  | — |  | 171,698
Gross profit | 44,737 |  | 14,913 |  | 21,166 |  | 80,816 |  | — |  | — |  | 80,816
Selling, general and administrative expenses | 14,791 |  | 2,743 |  | 6,356 |  | 23,890 |  | — |  | 33,399 |  | 57,289
Income (loss) from operations | $ | 29,946 |  | $ | 12,170 |  | $ | 14,810 |  | $ | 56,926 |  | $ | — |  | $ | (33,399) |  | $ | 23,527
EBITDA by segment: |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from operations | $ | 29,946 |  | $ | 12,170 |  | $ | 14,810 |  | $ | 56,926 |  | $ | — |  | $ | (33,399) |  | $ | 23,527
Depreciation and amortization | 5,737 |  | 2,242 |  | 62 |  | 8,041 |  | — |  | 1,721 |  | 9,762
Other (expense) income, net | (40) |  | 6 |  | — |  | (34) |  | — |  | 39 |  | 5
EBITDA | $ | 35,643 |  | $ | 14,418 |  | $ | 14,872 |  | $ | 64,933 |  | $ | — |  | $ | (31,639) |  | $ | 33,294
Gross profit margin | 25.4 | % |  | 32.5 | % |  | 54.9 | % |  | 31.0 | % |  | * |  | * |  | 32.0 | %
EBITDA margin | 20.2 | % |  | 31.4 | % |  | 38.5 | % |  | 24.9 | % |  | * |  | * |  | 13.2 | %
______________________________________________________ *Calculation not meaningful. Reconciliation of Net Income to EBITDA
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Net income | $ | 2,040 |  |  | $ | 518 |  |  | $ | 4,096 |  |  | $ | 5,292 |
Interest, net | 7,405 |  |  | 8,069 |  |  | 15,061 |  |  | 15,754 |
Income tax expense | 2,137 |  |  | 823 |  |  | 3,295 |  |  | 2,486 |
Depreciation and amortization | 6,343 |  |  | 5,515 |  |  | 12,746 |  |  | 9,762 |
EBITDA | $ | 17,925 |  |  | $ | 14,925 |  |  | $ | 35,198 |  |  | $ | 33,294 |
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 June 30, 2026, and December 31, 2025, were as follows under the revised segment structure:
| June 30, 2026 |  | December 31, 2025
Secure Card Solutions | $ | 33,636 |  |  | $ | 33,636 |
Integrated Paytech | 19,104 |  |  | 15,128 |
Total goodwill | $ | 52,740 |  |  | $ | 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.

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