CoreCard Corporation reported significant financial growth in its latest quarterly filing, with total revenue reaching $17.6 million for the three months ended June 30, 2025, marking a 28% increase from $13.8 million in the same period last year. For the first half of 2025, revenue totaled $34.3 million, up from $26.9 million in the prior year. The increase in revenue was primarily driven by a rise in professional services contracts, particularly from its largest customer, Goldman Sachs Group, which accounted for 63% of total revenue in both the first half of 2025 and 2024. The company reported a net income of $1.98 million for the second quarter, compared to $896,000 in the same quarter of 2024, resulting in earnings per share of $0.25, up from $0.11.
CoreCard's financial position has also strengthened, with total assets increasing to $70.9 million as of June 30, 2025, compared to $62.3 million at the end of 2024. Cash and cash equivalents rose to $26.6 million from $19.5 million, while total liabilities increased to $14.6 million from $10.6 million. The company's stockholders' equity grew to $56.3 million, up from $51.7 million, reflecting a solid balance sheet bolstered by retained earnings and additional paid-in capital.
Operationally, CoreCard has expanded its workforce, with approximately 1,000 employees across its international offices in India, Romania, the UAE, and Colombia. The company continues to enhance its processing services, which are expected to grow as it adds new customers. However, the implementation of new customer programs may face delays due to third-party integration and approval processes. The company has also maintained a share repurchase program, with about $7.1 million authorized for future repurchases as of June 30, 2025.
In a strategic development, CoreCard announced a proposed merger with Euronet Worldwide, Inc. on July 30, 2025. The merger agreement, which has been approved by both companies' boards, values CoreCard at approximately $248 million. Under the terms of the agreement, CoreCard will become a wholly owned subsidiary of Euronet, with shareholders receiving Euronet stock based on a specified exchange ratio. The merger is expected to close in the fourth quarter of 2025, subject to shareholder approval and regulatory conditions.
Looking ahead, CoreCard anticipates continued growth in its processing services and professional services revenue, although it acknowledges the unpredictability of customer demand and the potential impact of market conditions. The company remains focused on leveraging its cash position to support operations and explore further growth opportunities within the FinTech sector.
About CoreCard Corp
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