Usio reports Q1 EPS (1c), consensus 1c

Reports Q1 revenue $20.3M, consensus $21.58M. Louis Hoch, President and Chief Executive Officer of Usio, said, “It’s been a good start to the new year, with volumes up across almost all business segments and first quarter financial performance is on track to meet our 2024 top and bottom line guidance. More importantly, we expect our sales growth to continue this year, and recently announced what could potentially be the largest single program in the Company’s history. This particular opportunity has the potential to nearly double our annual Credit Card revenues. While this opportunity wasn’t explicitly included in our full year 2024 guidance, we did anticipate additional volume from new independent software vendors. Revenues were within $100 thousand of our internal forecast, however the quarterly comparison from last year was unfavorably skewed by a large Prepaid program. If the impact of this prepaid card program was excluded, Usio first quarter revenues would have been up from a year ago. Our business is fundamentally strong and our growth prospects are bright. The increasing awareness we have been earning by delivering exceptional financial solutions for our customers continues to bring new opportunities and the amount of potential new business has never been greater for Usio. We can be creative and capitalize on these opportunities in part because the Company is also in an excellent financial position with over $7 million in cash at quarter end with the expectation of positive cash flow for the year, including an estimated $3 million in interest income. With the first quarter’s volume growth, an extremely robust pipeline and one of our largest ever programs now in implementation, it is clear we continue to provide the services and solutions in high demand in the market that will enable us to grow both this year as well as over the long term. Consequently, we are reiterating our full year 2024 Guidance.”