Usio announces financial results for second quarter 2024

The total number of payments processed across all payment channels increased by 29% compared to the same period last year

SAN ANTONIO, Aug. 14, 2024 (GLOBE NEWSWIRE) — Usio, Inc. (Nasdaq: USIO), a leading FinTech company offering a full range of integrated, cloud-based electronic payment and embedded financial solutions, today announced financial results for the second quarter ended June 30, 2024.

Louis Hoch, President and Chief Executive Officer of Usio, said: “Momentum remains strong, with a backlog of PayFac contracted integrated software vendors, “ISVs,” yet to deploy representing over $1.4 billion in potential processing dollars. Total dollar payment volume growth accelerated to 29% in the second quarter, with all of our electronic transaction processing businesses generating double-digit growth across all of their key processing metrics. However, based on first half revenue and expected future volumes consistent with our initial projections due to PayFac’s contracted ISVs deploying more slowly than we previously predicted, we are reducing our revenue guidance to 3-7% growth and our EPS guidance to $0.0-$0.03 per share. However, we are raising our fiscal year 2024 Adjusted EBITDA guidance¹ “Revenue will be in the range of $4.25 million to $5.0 million as gross margins are expected to improve.”