Usio Announces Second Quarter 2025 Financial Results
06-Aug-2025 16:01:04 EDT
Usio Announces Second Quarter 2025 Financial Results
GlobeNewswire August 06, 2025
Total payment dollars processed through all payment channels up 15% versus the prior year period
Gross margin expands, and seventh consecutive quarter of positive Adjusted EBITDA1
SAN ANTONIO, Aug. 06, 2025 (GLOBE NEWSWIRE) — Usio, Inc., “Usio” or the “Company”: (Nasdaq: USIO), a leading FinTech company that operates a full stack of integrated, cloud-based electronic payment and embedded financial solutions, today announced financial results for the second quarter, which ended June 30, 2025.
Louis Hoch, President and Chief Executive Officer of Usio, said, “Results in the second quarter continue to reflect improvements across key strategic objectives including another quarter of strong processing growth, positive operating cash flow, expanded margins and positive Adjusted EBITDA1. These results were achieved while we were effecting fundamental changes across the organization, implementing our new Usio One go-to-market strategy, reducing costs, improving efficiency while investing in, and implementing, new technologies such as wearables and biometric payment systems. We believe the impact of these changes is durable. There are now more new programs in implementation across all our businesses than at any time in our history while the organization has never been better structured to leverage this anticipated growth into attractive returns.”
Total payment dollar processing volume growth was 15% in the second quarter of 2025, led for the second consecutive quarter by the strong recovery of our highest margin line of business, ACH, where electronic check dollar volume increased 19%, transactions grew 33% and returned check transactions grew 32%, all as compared to the same period last year. One of Usio's real-time payment methods, PINless debit, experienced its eighth consecutive quarter of growth, where transactions grew 144% and dollars processed grew 93% as compared to the same period last year, further accelerating the growth of our ACH and complementary services.
Consolidated revenues in the quarter were down slightly due to declines in our prepaid card services business unit, where revenues declined 26% in the second quarter of 2025 compared to the second quarter of 2024. This decline was due to a significant client of ours losing, in the second quarter of 2025, a downstream customer who contributed significant revenues to the organization in 2024. However, this decline was largely offset by continued strong growth in our ACH & complementary services business line where revenues were up over 30% for the second consecutive quarter compared to the same quarter of the prior year primarily attributable to an increase in ACH volume from net, new business and organic growth. Within our credit card business PayFac revenues continue their double-digit year-over-year growth as a result of net, new client implementations helping offset anticipated legacy card volume attrition. Credit card revenues were up for the first six months of the year compared to the same period of the prior year. Volumes are expected to benefit in the second half of the year from the steady ramp up of new implementations and a rebound in existing customer processing activity. Output Solutions total mail pieces processed and delivered were up 3% for the second quarter of 2025 compared to the second quarter of 2024, exceeding 5.4 million, and electronic only documents delivered exceeded 20 million for the second quarter of 2025. This strong processing activity is not reflected in revenues as the ongoing transition to a more electronic only document delivery model has the effect of reducing the price per unit processed compared to print and mail while at the same time improving profitability. Nevertheless, Output Solutions revenues are up for the first half of fiscal 2025 compared to the same period of 2024.
For the quarter ended June 30, 2025, margins expanded 185 basis points compared to the quarter ended June 30, 2024 due to both mix as well as efficiency and productivity enhancements across the organization. Selling, general and administrative (“SG&A”) expenses increased $0.6 million from the same period last year, of which nearly all of the increase was related to several one-time expenses related to sponsorship and marketing events, insurance renewals, professional fees, and other one-time expense accruals. We believe our SG&A expenses will be significantly lower in the second half of the year such that total SG&A expenses in 2025 will be up only nominally compared to full year 2024. The Company reported a net loss of approximately $0.4 million, or ($0.01) per share for the second quarter of 2025, compared to net income of $0.1 million, or $0.00 per share, for the second quarter of 2024. Adjusted EBITDA1 was $0.5 million for the second quarter of 2025, down incrementally compared to $0.8 million in the same quarter a year ago. Operating cash flow for the quarter was $1.1 million, which is net of over $1 million of non-recurring cash outlays, including $350,000 for share repurchases. The Company expects to see its cash position increase over the second half of fiscal 2025.
Mr. Hoch concluded, “The first half of the year was in line with our expectations as we not only continue to drive current results, but invest a significant amount of time and energy in achieving our strategic objectives to better leverage our extensive technology and other resources to accelerate profitability. We believe we are set up for a better back half of the year with numerous new accounts in various stages of implementation, including a new enterprise customer in our card business that we believe has the potential to consistently generate over $100 million in annual recurring processing volume. Our financial position is strong, and we continue to strategically deploy our capital with over $700,000 expended on share repurchases so far this year while maintaining sufficient liquidity to opportunistically capitalize on what has become a more active merger and acquisition market, which provides us potential opportunities to utilize our cash to further accelerate our growth through acquisition. However, due to prolonged customer caused implementation delays with two large national accounts, we are adjusting our revenue guidance expectations to 5- 12% growth this year with continued positive adjusted EBITDA1.”
1 Please see reconciliation of GAAP to Non-GAAP Financial Measures below
Quarterly Processing and Transaction Volumes
Total payment transactions processed in the second quarter of 2025 were 14.1 million, an increase of 26% over the same quarter of last year. Total payment dollars processed through all payment channels in the second quarter of 2025 were $1.94 billion, an improvement of 15% over last year's second quarter $1.68 billion in volume.
Our credit card segment continues to grow, where dollars processed were up 9% and transactions processed were up 69% from a year ago. In the second quarter of 2025, ACH electronic check transaction volume was up 33%, electronic check dollars processed were up 19% and return check transactions processed were up 32%, in each case, compared to the same quarter of 2024. In our Prepaid business unit, card load volume was down 51%, transactions processed down 37% and purchase volume down 23% for the second quarter of 2025 compared to the same quarter of 2024. Output Solutions pieces processed and mailed was up 3% while electronic documents processed and delivered were down 3% for the second quarter of 2025 compared to the same quarter of 2024.
Second Quarter 2025 Revenue Detail
Revenues for the quarter ended June 30, 2025 were $20.0 million, down 1% compared to the prior year quarter, due primarily to declines in our prepaid card services business line, partially offset by strong growth in our ACH and complementary services revenues.
Three Months Ended June 30,
2025
2024
$ Change
% Change
ACH and complementary services
$
5,192,224
$
3,894,330
$
1,297,894
33
%
Credit card
7,045,030
7,261,268
(216,238
)
(3
)%
Prepaid card services
2,726,410
3,673,418
(947,008
)
(26
)%
Output Solutions
4,642,901
4,686,869
(43,968
)
(1
)%
Interest – ACH and complementary services
176,518
190,233
(13,715
)
(7
)%
Interest – Prepaid card services
134,823
334,624
(199,801
)
(60
)%
Interest – Output Solutions
43,084
39,146
3,938
10
%
Total Revenue
$
19,960,990
$
20,079,888
$
(118,898
)
(1
)%
Six Months Ended June 30,
2025
2024
$ Change
% Change
ACH and complementary services
$
10,236,741
$
7,776,064
$
2,460,677
32
%
Credit card
14,923,724
14,822,002
101,722
1
%
Prepaid card services
5,633,861
7,014,642
(1,380,781
)
(20
)%
Output Solutions
10,375,768
10,224,792
150,976
1
%
Interest – ACH and complementary services
400,647
401,873
(1,226
)
(0
)%
Interest – Prepaid card services
317,484
737,365
(419,881
)
(57
)%
Interest – Output Solutions
81,815
73,536
8,279
11
%
Total Revenue
$
41,970,040
$
41,050,274
$
919,766
2
%
Gross profit for the second quarter of 2025 was $5.1 million compared to $4.8 million for the second quarter of 2024, while gross margins (defined as gross profit as a percentage of revenues) were 25.8%, increasing from 23.9% in the same period a year ago. This was primarily due to growth from our high margin line of business, ACH and complementary services, as well as improving margins across our business.
Selling, general and administrative expenses, “SG&A”, were $4.6 million for the quarter ended June 30, 2025, compared to $4.0 million in the prior year period. This was primarily related to several one-time expenses related to sponsorship and marketing events, alongside annual insurance renewals, professional fees, and other one-time expense accruals incurred during the period, including franchise taxes paid to the State of Texas. We believe that these expenses will decline in future quarters or, in the case of the franchise tax, are annual expenses, and that total SG&A expenses in the remainder of the year will only be nominally increased.
For the quarter, we reported an operating loss of $0.4 million compared to an operating loss of $0.2 million for the same quarter a year ago primarily due to increased SG&A expenses. Adjusted EBITDA1 was $0.5 million for the quarter, compared to Adjusted EBITDA1 of $0.8 million for the same quarter a year ago. Net loss in the quarter ended June 30, 2025 was approximately $0.4 million, or ($0.01) per share, compared to net income of $0.1 million, or $0.00 per share, for the same period in the prior year. The second quarter of 2024 included $0.3 million in other income related to the employee retention tax credit under the CARES Act.
Revenues for the six months ended June 30, 2025 were $42.0 million, up 2% compared to the prior year period, with revenues increasing in all business lines except our prepaid card services business line.
Gross profit for the six months ended June 30, 2025 was $9.9 million compared to $9.7 million for the six months ended June 30, 2024, while gross margins were 23.7%, up from 23.5% in the same period a year ago. Gross profits were up primarily due to increased total revenues, combined with slightly increased overall margins related to growth in our high margin ACH and complementary services revenues.
Selling, general and administrative, “SG&A”, expenses were $8.8 million for the six months ended June 30, 2025, up 9% compared to $8.1 million in the prior year period. This was primarily related to several one-time expenses related to sponsorship and marketing events, alongside annual insurance renewals, professional fees, and other one-time expense accruals incurred during the six-month period, including franchise taxes paid to the State of Texas. We believe that these expenses will decline in future quarters and that total SG&A expenses in the remainder of the year will only be nominally increased.
For the six months ended June 30, 2025, we reported an operating loss of $0.6 million compared to an operating loss of $0.5 million for the same period a year ago due to increased SG&A expenses. Adjusted EBITDA1 was $0.5 million for the quarter, compared to Adjusted EBITDA1 of $0.8 million for the same period a year ago. Net loss in the six months ended June 30, 2025 was approximately $0.6 million, or ($0.02) per share, compared to a net loss of $0.2 million, or ($0.0) per share, for the same period in the prior year, primarily attributable to the presence of $0.3 million in other income related to the employee retention tax credit received in the prior year period, distributed under the CARES Act.
Operating Cash Flows were increased to $1.1 million for the six months ended June 30, 2025, as compared to $0.5 million in the same period a year ago. The difference was driven primarily by a reduction in accounts receivable.
We continue to be in solid financial condition with $7.5 million in cash and cash equivalents as of June 30, 2025, a $0.6 million decrease in cash balances over the first six months of the year while over $700,000 was utilized to repurchase shares in the period.
Upcoming Investor Events
Virtual Events
August 11 – 13
Oppenheimer 28th Annual Technology, Internet & Communications Conference
In Person Events
September 8 – 10
H.C. Wainwright 27th Annual Global Investment Conference
Lotte Hotel, New York, New York
October 19 – 21
LD Micro Main Event XIX
Hotel Del Coronado, San Diego, California
1 Please see reconciliation of GAAP to Non-GAAP Financial Measures below
Conference Call and Webcast
Usio's management will host a conference call on Wednesday, August 6, 2025, at 4:30 pm Eastern time to review financial results and provide a business update. To listen to the conference call, interested parties within the U.S. should call +1-888-999-6281. International callers should call + 1-848-280-6550. All callers should ask for the Usio conference call. The conference call will also be available through a live webcast, which can be accessed via the Company's website at www.usio.com/investors.
A replay of the call will be available approximately one hour after the end of the call through August 20, 2025. The replay can be accessed via the Company's website or by dialing +1-877-344-7529 (U.S.), 1-855-669-9658 (Canada) or 1-412-317-0088 (international). The replay conference playback code is 9584705.
About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, integrated software vendors and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to clients through its unique payment facilitation platform as a service. The Company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the card issuing sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas. Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook(R) and Twitter.
Comparisons
Unless otherwise indicated, all comparisons and growth rates represent year-over-year comparisons, with the quarterly period of this year compared to the corresponding quarter of the prior year.
About Non-GAAP Financial Measures
This press release includes the non-GAAP financial measure, as defined in Regulation G adopted by the Securities and Exchange Commission, of Adjusted EBITDA. The Company reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP financial measures provides investors with financial measures it uses in the management of its business.
The Company defines EBITDA as operating income (loss), before interest, taxes, depreciation and amortization of intangibles.
The Company defines Adjusted EBITDA as EBITDA, as defined above, plus non-cash stock option costs and certain non-recurring items, such as costs related to acquisitions.
Management believes presenting Adjusted EBITDA is helpful to investors in evaluating the Company's operating performance because non-cash costs and other items that management believes are not indicative of its results of operations are excluded.
Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. It is not a measurement of our financial performance under GAAP and should not be considered as an alternative to revenue, net income, or cash provided by (used in) operating activities, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. Adjusted EBITDA has limitations as an analytical tool and you should not consider this non-GAAP financial measure in isolation or as a substitute for analysis of our operating results as reported under GAAP.
1 Please see reconciliation of GAAP to Non-GAAP Financial Measures Below
FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the matters discussed in this press release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy and any guidance for future periods. These forward-looking statements are identified by the use of words such as “believe,” “should,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including such risks related to an economic downturn, the management of the Company's growth, the loss of key resellers, the relationships with the Automated Clearing House network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2024. One or more of these factors have affected, and in the future could affect, the Company's businesses and financial results and could cause actual results to differ materially from plans and projections. Although the Company believes that the assumptions underlying the forward-looking statements included in this press release are reasonable, the Company can give no assurance such assumptions will prove to be correct. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this press release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.
Contact:
Paul Manley Senior Vice President, Investor Relations paul.manley@usio.com 612-834-1804
USIO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2025
December 31, 2024
(Unaudited)
ASSETS
Cash and cash equivalents
$
7,506,411
$
8,056,891
Accounts receivable, net
4,891,594
5,053,639
Accounts receivable, tax credit
—
1,494,612
Settlement processing assets
62,891,265
47,104,006
Prepaid card load assets
13,064,060
25,648,688
Customer deposits
1,988,314
1,918,805
Inventory
380,457
403,796
Prepaid expenses and other
1,105,527
585,500
Current assets before merchant reserves
91,827,628
90,265,937
Merchant reserves
4,995,101
4,890,101
Total current assets
96,822,729
95,156,038
Property and equipment, net
3,417,606
3,194,818
Other assets:
Intangibles, net
445,353
881,346
Deferred tax asset, net
4,580,440
4,580,440
Operating lease right-of-use assets
2,727,842
3,037,928
Other assets
357,877
357,877
Total other assets
8,111,512
8,857,591
Total Assets
$
108,351,847
$
107,208,447
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
632,736
$
1,256,819
Accrued expenses
2,564,191
3,366,925
Operating lease liabilities, current portion
630,193
612,680
Equipment loan, current portion
151,689
147,581
Settlement processing obligations
62,891,265
47,104,006
Prepaid card load obligations
13,064,060
25,648,688
Customer deposits
1,988,314
1,918,805
Current liabilities before merchant reserve obligations
81,922,448
80,055,504
Merchant reserve obligations
4,995,101
4,890,101
Total current liabilities
86,917,549
84,945,605
Non-current liabilities:
Equipment loan, net of current portion
495,426
571,862
Operating lease liabilities, net of current portion
2,206,021
2,534,017
Total liabilities
89,618,996
88,051,484
Stockholders' equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized; -0- shares outstanding at June 30, 2025 (unaudited) and December 31, 2024, respectively
—
—
Common stock, $0.001 par value, 200,000,000 shares authorized; 30,235,512 and 29,902,415 issued, and 26,475,698 and 26,609,651 outstanding at June 30, 2025 (unaudited) and December 31, 2024, respectively
30,235
198,317
Additional paid-in capital
100,183,033
99,676,457
Treasury stock, at cost; 3,759,814 and 3,292,764 shares at June 30, 2025 (unaudited) and December 31, 2024, respectively
(6,478,890
)
(5,770,592
)
Deferred compensation
(6,367,247
)
(6,914,563
)
Accumulated deficit
(68,634,280
)
(68,032,656
)
Total stockholders' equity
18,732,851
19,156,963
Total Liabilities and Stockholders' Equity
$
108,351,847
$
107,208,447
USIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Revenues
$
19,960,990
$
20,079,888
$
41,970,040
$
41,050,274
Cost of services
14,820,921
15,280,074
32,020,828
31,396,765
Gross profit
5,140,069
4,799,814
9,949,212
9,653,509
Operating expenses:
Stock-based compensation
434,255
460,061
844,317
959,334
SG&A
4,638,185
4,000,845
8,781,080
8,061,070
Depreciation and amortization
464,599
547,849
960,369
1,124,003
Total operating expenses
5,537,039
5,008,755
10,585,766
10,144,407
Operating (loss)
(396,970
)
(208,941
)
(636,554
)
(490,898
)
Other income and (expense):
Interest income
110,908
107,270
189,919
222,624
Other income
—
261,413
—
261,413
Interest expense
(11,735
)
(14,250
)
(23,578
)
(27,835
)
Other income, net
99,173
354,433
166,341
456,202
Income (loss) before income taxes
(297,797
)
145,492
(470,213
)
(34,696
)
State income tax expense
68,857
70,000
131,411
140,000
Income tax expense
68,857
70,000
131,411
140,000
Net income (loss)
$
(366,654
)
$
75,492
$
(601,624
)
$
(174,696
)
(Loss) Per Share
Basic income (loss) per common share:
$
(0.01
)
$
0.00
$
(0.02
)
$
(0.01
)
Diluted income (loss) per common share:
$
(0.01
)
$
0.00
$
(0.02
)
$
(0.01
)
Weighted average common shares outstanding
Basic
26,456,411
26,534,407
26,577,052
26,454,848
Diluted
26,456,411
26,534,407
26,577,052
26,454,848
USIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended June 30,
2025
2024
Operating Activities
Net (loss)
$
(601,624
)
$
(174,696
)
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Depreciation & Amortization
960,369
1,124,003
Employee stock-based compensation
844,317
959,334
Changes in operating assets and liabilities:
Accounts receivable
162,045
69,599
Accounts receivable, tax credit
1,494,612
—
Prepaid expenses and other
(520,027
)
(375,092
)
Operating lease right-of-use assets
310,086
236,367
Other assets
—
15,072
Inventory
23,339
15,795
Accounts payable and accrued expenses
(1,426,817
)
(649,684
)
Operating lease liabilities
(310,483
)
(246,945
)
Merchant reserves
105,000
(458,256
)
Customer deposits
69,509
(57,725
)
Net cash provided by operating activities
1,110,326
457,772
Investing Activities
Purchases of property and equipment
(73,925
)
(53,892
)
Capitalized labor for internal use software
(673,242
)
(401,165
)
Net cash (used in) investing activities
(747,167
)
(455,057
)
Financing Activities
Payments on equipment loan
(72,328
)
(36,868
)
Proceeds from issuance of common stock
41,496
10,510
Purchases of treasury stock
(708,298
)
(149,769
)
Assets held for customers
3,202,631
2,701,326
Net cash provided by financing activities
2,463,501
2,525,199
Change in cash, cash equivalents, settlement processing assets, prepaid card loads, customer deposits and merchant reserves
2,826,660
2,527,914
Cash, cash equivalents, settlement processing assets, prepaid card loads, customer deposits and merchant reserves, beginning of year
87,618,491
90,810,089
Cash, Cash Equivalents, Settlement Processing Assets, Prepaid Card Loads, Customer Deposits and Merchant Reserves, End of Period
$
90,445,151
$
93,338,003
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest
$
23,578
$
27,835
Income taxes
438,000
303,000
Non-cash financing activity:
Issuance of deferred stock compensation
—
1,497,300
USIO, INC. CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)
Common Stock
Additional Paid- In
Treasury
Deferred
Accumulated
Total Stockholders'
Shares
Amount
Capital
Stock
Compensation
Deficit
Equity
Balance at December 31, 2024
29,902,415
$
198,317
$
99,676,457
$
(5,770,592
)
$
(6,914,563
)
$
(68,032,656
)
$
19,156,963
Adjustment to par value of common stock
—
(168,415
)
168,415
—
—
—
—
Issuance of common stock under equity incentive plan
128,053
128
136,276
—
—
—
136,404
Issuance of common stock under employee stock purchase plan
7,887
8
11,507
—
—
—
11,515
Deferred compensation amortization
—
—
—
—
273,658
—
273,658
Purchase of treasury stock costs
—
—
—
(351,640
)
—
—
(351,640
)
Net (loss) for the period
—
—
—
—
—
(234,970
)
(234,970
)
Balance at March 31, 2025
30,038,355
$
30,038
$
99,992,655
$
(6,122,232
)
$
(6,640,905
)
$
(68,267,626
)
$
18,991,930
Issuance of common stock under equity incentive plan
176,622
177
160,420
—
—
—
160,597
Issuance of common stock under employee stock purchase plan
20,535
20
29,958
—
—
—
29,978
Reversal of deferred compensation amortization that did not vest
—
—
—
—
—
—
—
Deferred compensation amortization
—
—
—
—
273,658
—
273,658
Purchase of treasury stock costs
—
—
—
(356,658
)
—
—
(356,658
)
Net income for the period
—
—
—
—
—
(366,654
)
(366,654
)
Balance at June 30, 2025
30,235,512
$
30,235
$
100,183,033
$
(6,478,890
)
$
(6,367,247
)
$
(68,634,280
)
$
18,732,851
Balance at December 31, 2023
28,671,606
$
197,087
$
97,479,830
$
(4,362,150
)
$
(6,907,775
)
$
(71,338,153
)
$
15,068,839
Issuance of common stock under equity incentive plan
107,600
107
153,118
—
—
—
153,225
Deferred compensation amortization
—
—
—
—
346,047
—
346,047
Purchase of treasury stock costs
—
—
—
(44,823
)
—
—
(44,823
)
Net (loss) for the period
—
—
—
—
—
(250,188
)
(250,188
)
Balance at March 31, 2024
28,779,206
$
197,194
$
97,632,948
$
(4,406,973
)
$
(6,561,728
)
$
(71,588,341
)
$
15,273,100
Issuance of common stock under equity incentive plan
994,049
994
1,610,320
—
(1,497,300
)
—
114,014
Issuance of common stock under employee stock purchase plan
6,180
6
10,504
—
—
—
10,510
Reversal of deferred compensation amortization that did not vest
(15,000
)
(15
)
(31,305
)
—
31,320
—
–
Deferred compensation amortization
—
—
—
—
346,048
—
346,048
Purchase of treasury stock costs
—
—
—
(104,946
)
—
—
(104,946
)
Net income for the period
—
—
—
—
—
75,492
75,492
Balance at June 30, 2024
29,764,435
$
198,179
$
99,222,467
$
(4,511,919
)
$
(7,681,660
)
$
(71,512,849
)
$
15,714,218
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Reconciliation from Operating (loss) to Adjusted EBITDA:
