CoreCard Corporation reported a significant increase in financial performance for the first quarter of 2025, with total revenue reaching $16.7 million, a 28% rise from $13.1 million in the same period of 2024. The growth was primarily driven by an increase in professional services contracts, particularly from its largest customer, Goldman Sachs Group, Inc., which accounted for 65% of total revenue. The company also noted a slight decrease in the cost of revenue, which totaled $9.4 million, down from $9.5 million year-over-year, resulting in an operating income of $2.8 million compared to $527,000 in the prior year.
In terms of profitability, CoreCard reported a net income of $1.9 million, or $0.24 per share, compared to $430,000, or $0.05 per share, in the first quarter of 2024. The increase in net income was attributed to higher revenues and improved operational efficiency, as evidenced by a rise in operating margin from 4% to 16.8%. The company also experienced a notable increase in cash provided by operations, amounting to $4.6 million, compared to $552,000 in the previous year.
Operationally, CoreCard's customer base continued to expand, with the company maintaining 7,786,679 shares of common stock outstanding as of April 30, 2025. The firm has been actively investing in its infrastructure to support growth in processing services, which is expected to continue as the customer base increases. The company has also opened new offices in Dubai and Bogotá to enhance its service capabilities in the Asia Pacific, Middle East, Africa, and European regions.
Looking ahead, CoreCard remains optimistic about its growth trajectory, particularly in processing services, although it acknowledges potential delays in customer program implementations due to third-party integration processes. The company has approximately $7.1 million remaining in its share repurchase program, which it may utilize to enhance shareholder value. However, management cautioned that future revenues could be impacted by various factors, including customer decisions, market conditions, and regulatory changes.
About CoreCard Corp
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