Wed, May 15, 8:22 PM (244 days ago)
Usio, Inc. reported a net loss of $250,188 for Q1 2024, compared to a net income of $14,833 in Q1 2023. Revenues decreased by 5% to $20.3 million, primarily due to lower breakage revenues from prepaid card services as COVID-related incentive programs wind down. Gross profit decreased by 14% to $4.2 million, with gross margin percentage dropping to 20.7% from 22.9%. Cost of services decreased by 3% to $16.1 million. Selling, general, and administrative expenses increased slightly to $4.1 million. Interest income rose significantly due to higher interest rates, contributing to other income of $0.8 million. The company reported adjusted EBITDA of $0.1 million, down from $1.0 million in Q1 2023. Cash used in operations was $2.8 million, with adjusted operating cash flows providing $0.1 million. Usio continues to invest in growth initiatives but faces uncertainties from macroeconomic conditions.