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CPI Card Group Inc.

PMTS

CPI Card Group Inc. • NASDAQ
$13.51 ▼ -1.24% (-0.17)
Market Cap $153.85 M
52w High $35.19
52w Low $11.63
Dividend Yield 0%
P/E 11.26
Volume 15.20K
Outstanding Shares 11.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $137.966M ▲ $27.975M ▼ $2.308M ▲ 1.673% ▲ $0.2 ▲ $18.604M ▲
Q2-2025 $129.753M ▲ $30.697M ▲ $518K ▼ 0.399% ▼ $0.046 ▼ $14.925M ▼
Q1-2025 $122.761M ▼ $26.592M ▼ $4.774M ▼ 3.889% ▼ $0.42 ▼ $18.351M ▼
Q4-2024 $125.096M ▲ $26.675M ▼ $6.772M ▲ 5.413% ▲ $0.61 ▲ $20.128M ▲
Q3-2024 $124.751M $26.9M $1.293M 1.036% $0.12 $18.43M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $15.955M ▼ $407.06M ▲ $432.719M ▲ $-25.659M ▲
Q2-2025 $17.124M ▼ $399.795M ▲ $428.821M ▲ $-29.026M ▲
Q1-2025 $31.52M ▼ $351.913M ▲ $381.63M ▼ $-29.717M ▲
Q4-2024 $33.544M ▲ $349.657M ▲ $385.278M ▲ $-35.621M ▲
Q3-2024 $14.65M $342.349M $385.14M $-42.791M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.308M ▲ $0 ▼ $0 ▲ $0 ▼ $0 ▲ $0 ▼
Q2-2025 $518K ▼ $4.344M ▼ $-46.253M ▼ $27.513M ▲ $-14.396M ▼ $533K ▲
Q1-2025 $4.774M ▼ $5.593M ▼ $-5.251M ▼ $-2.366M ▲ $-2.024M ▼ $292K ▼
Q4-2024 $6.772M ▲ $26.661M ▲ $-5.023M ▼ $-2.744M ▲ $18.894M ▲ $21.603M ▲
Q3-2024 $1.293M $12.544M $-1.454M $-3.919M $7.171M $11.089M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Products
Products
 $60.00M ▲$70.00M ▲$80.00M ▲$80.00M ▲
Services
Services
 $70.00M ▲$50.00M ▼$50.00M ▲$50.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully over the past several years, with only a brief soft patch before recovering. Profitability at the gross and operating level looks fairly solid for this type of business and has generally trended upward over time. However, net earnings and per‑share earnings peaked a couple of years ago and have since stepped down, even though sales are similar. That suggests rising costs, interest expense, or pricing pressure are squeezing the bottom line. Overall, it is a profitable business with decent margins, but earnings have become less robust than at the prior high point.

Balance Sheet

Balance Sheet The balance sheet is the most sensitive area. The company runs with a lot of debt relative to its asset base, and shareholders’ equity is still negative, though it has been slowly improving. Cash balances are modest, leaving less of a cushion for shocks. The gradual reduction in the equity deficit is a positive sign, but the capital structure remains heavily leveraged, which increases financial risk and makes the company more dependent on steady cash generation and cooperative lenders.

Cash Flow

Cash Flow Cash generation is a relative bright spot. Operating cash flow has been consistently positive and has inched higher over time, and free cash flow has followed the same pattern. The business does not require heavy ongoing investment in equipment, so most of the cash generated can go toward debt service or other corporate needs. In short, the company appears to turn its accounting profits into real cash reasonably well, which partly offsets the concerns from the leveraged balance sheet.

Competitive Edge

Competitive Edge CPI occupies a specialized niche in payment cards and related services, with a focus on U.S.-based manufacturing, which helps on speed, security, and supply reliability for domestic customers. Recurring demand from card renewals and replacements, plus service contracts like instant issuance, supports repeat business and long‑term customer relationships. At the same time, the card manufacturing and payment technology space is competitive, with large global players and rapid shifts toward digital‑first solutions. CPI’s strength lies in its eco-focused offerings, instant issuance platform, and service quality; its challenge is to keep those differentiators sharp as the broader industry evolves and pressures pricing and margins.

Innovation and R&D

Innovation and R&D The company leans heavily on product and service innovation to stand out. Its eco‑themed card families, built from recovered or upcycled plastics, give it a clear sustainability angle that resonates with issuers and consumers. Technology upgrades like more efficient chip modules and even visually distinctive cards help maintain a premium feel. The Card@Once instant issuance SaaS platform is an important digital and recurring‑revenue asset, making CPI more than just a manufacturer. The Arroweye acquisition adds on‑demand and highly personalized card production, aimed at fintechs and other fast‑moving customers. Future innovation efforts appear focused on tighter integration with mobile wallets and digital security features, along with expanding into adjacent niches like healthcare and prepaid programs, which could diversify revenue if executed well.

Summary

CPI Card Group shows a business that has grown steadily and remains clearly profitable, with healthy operating margins but a dip in net earnings from its recent peak. Its ability to generate consistent free cash flow is a key strength, especially given its sizeable debt load and still‑negative equity position. The financial structure is the primary risk: leverage is high, and the company has less room for error if business conditions weaken. On the strategic side, CPI has carved out a defensible position through U.S.-based production, eco‑focused products, instant issuance technology, and the Arroweye-driven push into on‑demand, personalized cards. The main things to watch are whether it can sustain margins in a competitive, fast‑digitizing payments landscape, integrate its acquisitions effectively, and gradually strengthen the balance sheet while continuing to innovate.

NEWS

November 18, 2025 · 8:05 AM UTC

CPI and Nymbus Announce Seamless Instant Card Issuance Integration

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November 4, 2025 · 7:00 AM UTC

CPI Card Group Inc. Reports Third Quarter 2025 Results

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October 29, 2025 · 2:41 PM UTC

CPI Card Group Partners With Karta to Deliver Groundbreaking Digital Security for Prepaid Cards

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October 23, 2025 · 5:27 PM UTC

CPI Card Group® Celebrates Grand Opening of New Fort Wayne Production Facility on Oct. 23

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September 28, 2025 · 10:00 AM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of CPI Card Group Inc. - PMTS

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