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ATLCZ

Atlanticus Holdings Corporation 9.25% Senior Notes due 2029

ATLCZ

Atlanticus Holdings Corporation 9.25% Senior Notes due 2029 • NASDAQ
$25.35 ▼ -0.43% (-0.11)
Market Cap $930.77 M
52w High $25.86
52w Low $23.40
Dividend Yield 2.31%
P/E 0
Volume 14.02K
Outstanding Shares 36.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $494.676M ▲ $69.309M ▲ $24.977M ▼ 5.049% ▼ $1.5 ▼ $34.969M ▼
Q2-2025 $394.163M ▲ $48.089M ▲ $30.573M ▼ 7.756% ▼ $1.87 ▲ $41.833M ▼
Q1-2025 $345.166M ▼ $45.203M ▲ $31.52M ▲ 9.132% ▲ $1.85 ▲ $42.468M ▲
Q4-2024 $353.491M ▲ $41.788M ▲ $31.303M ▲ 8.855% ▲ $1.77 ▲ $41.269M ▲
Q3-2024 $351.224M $35.005M $29.543M 8.411% $1.58 $38.567M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $425.023M ▲ $7.08B ▲ $6.495B ▲ $589.344M ▲
Q2-2025 $329.421M ▼ $3.643B ▲ $3.084B ▲ $563.324M ▲
Q1-2025 $350.39M ▼ $3.272B ▲ $2.743B ▼ $532.712M ▲
Q4-2024 $375.416M ▲ $3.271B ▲ $2.781B ▲ $492.906M ▲
Q3-2024 $308.651M $3.04B $2.586B $457.723M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $24.588M ▼ $107.452M ▼ $-506.908M ▼ $442.158M ▲ $42.702M ▲ $107.394M ▼
Q2-2025 $30.29M ▼ $132.688M ▲ $-405.526M ▼ $294.624M ▲ $21.786M ▲ $130.545M ▲
Q1-2025 $31.122M ▼ $131.572M ▲ $-114.893M ▲ $-54.866M ▼ $-38.187M ▼ $128.893M ▲
Q4-2024 $31.303M ▲ $122.602M ▲ $-175.995M ▲ $168.32M ▼ $114.927M ▲ $121.006M ▲
Q3-2024 $28.685M $112.364M $-306.287M $171.469M $-22.454M $112.495M

Revenue by Products

Product Q1-2025Q2-2025
Merchant Fees
Merchant Fees
 $30.00M ▲$60.00M ▲
Other Revenue
Other Revenue
 $20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Atlanticus shows a business that has been growing its revenue over time while staying consistently profitable. Earnings have been positive for several years, though they move around from year to year, reflecting the ups and downs of lending to non‑prime consumers. Profit margins look reasonably healthy for a credit services firm, suggesting the company is being paid adequately for the risks it takes, but results are clearly tied to credit quality and the wider economic cycle.

Balance Sheet

Balance Sheet The balance sheet has expanded quickly, with total assets and equity both rising, which is typical for a lender that is growing its loan portfolio. Debt has also climbed and now represents a large share of the capital structure, so the business is meaningfully leveraged. Cash levels appear steady rather than abundant, which is normal for this model but means continued access to funding markets and bank partners remains important. Overall, it looks like a scaled, highly levered specialty finance balance sheet rather than a conservatively financed industrial company.

Cash Flow

Cash Flow Cash generation from operations has been consistently positive and has generally trended upward, which supports the company’s ability to service its obligations, including its notes. Free cash flow closely tracks operating cash flow because capital spending needs are very low, reflecting an asset‑light, technology‑driven model. The key sensitivity is not day‑to‑day cash burn but how cash flows hold up if credit losses rise or growth slows in a weaker economy.

Competitive Edge

Competitive Edge Atlanticus operates in a niche: providing credit to consumers who are often declined by traditional lenders. Its long operating history, deep credit data, and specialized risk models give it an information edge in this higher‑risk segment. Partnerships with banks, retailers, and healthcare providers, including a notable “second look” arrangement with a large consumer finance player, provide steady customer flow and are not easy for new entrants to replicate. At the same time, the company faces ongoing competition from other non‑prime lenders and must navigate regulatory scrutiny that is particularly intense in this part of the market.

Innovation and R&D

Innovation and R&D The company’s main innovation is its technology and analytics platform rather than traditional lab‑style R&D. It uses machine learning, cloud‑based systems, and automated decisioning to underwrite and service customers at scale. Products like its “Credit as a Service” offering and the Aspire banking platform show a focus on embedded finance and serving underbanked consumers in new ways. Continued refinement of its data models, expansion of point‑of‑sale financing, and integration of acquisitions like Mercury Financial are central to how Atlanticus is trying to grow without heavy physical infrastructure.

Summary

Overall, Atlanticus looks like a specialized, data‑driven lender that has grown steadily, stayed profitable, and generates solid operating cash flows, but carries a meaningful amount of debt and is exposed to non‑prime credit risk and regulatory risk. Its technology platform, long credit history, and network of partnerships provide real competitive strengths that support its ability to originate and service loans efficiently. For holders or analysts of the ATLCZ notes, the key ongoing questions are how well the company manages credit losses through the cycle, maintains funding and partner relationships, and continues to use its data and technology advantages to sustain earnings and cash flow over time.