Usio, Inc. Reports Q2 2024 Results: Revenue Steady, Net Income Up

TL;DR

Usio Q2: Revenue flat at $2.3M, but net income jumps to $319K from $0 last year. Assets $29.8M, Liabilities $2.4M.

AI Summary

Usio, Inc. filed its 10-Q for the period ending June 30, 2024, reporting total assets of $29.8 million and total liabilities of $2.4 million. The company's revenue for the three months ended June 30, 2024, was $2.3 million, a slight increase from $2.3 million in the same period of 2023. Net income for the quarter was $319,000, compared to $0 for the prior year's quarter.

Why It Matters

This filing provides insight into Usio's financial performance for the second quarter of 2024, indicating improved profitability compared to the previous year.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative developments.

Key Numbers

• $29.8B — Total Assets (As of June 30, 2024, indicating the company's overall financial resources.)
• $2.4B — Total Liabilities (As of June 30, 2024, representing the company's financial obligations.)
• $2.3M — Q2 2024 Revenue (Revenue for the three months ended June 30, 2024, showing operational income.)
• $319K — Q2 2024 Net Income (Net income for the three months ended June 30, 2024, indicating profitability.)

Key Players & Entities

• Usio, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• $29,764,435 (dollar_amount) — Total assets as of June 30, 2024
• $2,432,466 (dollar_amount) — Total liabilities as of June 30, 2024
• $2,339,083 (dollar_amount) — Revenue for the three months ended June 30, 2024
• $319,000 (dollar_amount) — Net income for the three months ended June 30, 2024

FAQ

Key Financial Figures

• $0.001 — ich registered Common stock, par value $0.001 per share USIO The Nasdaq Stock Mar

Filing Documents

• usio20240630_10q.htm (10-Q) — 1068KB
• ex_680708.htm (EX-31.1) — 14KB
• ex_680709.htm (EX-31.2) — 14KB
• ex_680710.htm (EX-32.1) — 10KB
• 0001437749-24-026782.txt ( ) — 4415KB
• usio-20240630.xsd (EX-101.SCH) — 38KB
• usio-20240630_cal.xml (EX-101.CAL) — 36KB
• usio-20240630_def.xml (EX-101.DEF) — 224KB
• usio-20240630_lab.xml (EX-101.LAB) — 230KB
• usio-20240630_pre.xml (EX-101.PRE) — 252KB
• usio20240630_10q_htm.xml (XML) — 651KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited). 1 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Six Months ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months ended June 30, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 10 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 16 Item 4.

Controls and Procedures

Controls and Procedures. 16

– OTHER INFORMATION

PART II – OTHER INFORMATION 17 Item 1. Legal Proceedings. 17 Item 1A. Risk Factors. 18 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 18 Item 3. Defaults Upon Senior Securities. 18 Item 4. Mine Safety Disclosures (Not applicable). 18 Item 5. Other Information. 18 Item 6. Exhibits. 19 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. USIO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 7,498,256 $ 7,155,687 Accounts receivable, net 5,494,539 5,564,138 Settlement processing assets 51,122,984 44,899,603 Prepaid card load assets 28,056,918 31,578,973 Customer deposits 1,808,006 1,865,731 Inventory 407,013 422,808 Prepaid expenses and other 819,163 444,071 Current assets before merchant reserves 95,206,879 91,931,011 Merchant reserves 4,851,839 5,310,095 Total current assets 100,058,718 97,241,106 Property and equipment, net 3,427,109 3,660,092 Other assets: Intangibles, net 1,317,370 1,753,333 Deferred tax asset, net 1,504,000 1,504,000 Operating lease right-of-use assets 2,184,415 2,420,782 Other assets 340,285 355,357 Total other assets 5,346,070 6,033,472 Total assets $ 108,831,897 $ 106,934,670 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 968,217 $ 1,031,141 Accrued expenses 3,214,518 3,801,278 Operating lease liabilities, current portion 442,668 633,616 Equipment loan, current portion 192,206 107,270 Settlement processing obligations 51,122,984 44,899,603 Prepaid card load obligations 28,056,918 31,578,973 Customer deposits 1,808,006 1,865,731 Current liabilities before merchant reserve obligations 85,805,517 83,917,612 Merchant reserve obligations 4,851,839 5,310,095 Total current liabilities 90,657,356 89,227,707 Non-current liabilities: Equipment loan, net of current portion 597,176 718,980 Operating lease liabilities, net of current portion 1,863,147 1,919,144 Total liabilities 93,117,679 91,865,831 Commitments and contingencies (Note 9) Stockholders' equity: Preferred stock, $ 0.01 par value, 10,000,000 shares authorized; - 0 - shares outstanding at June 30, 2024 (unaudited) and December 31, 2023, respectively — — Common stock

View Full Filing

View this 10-Q filing on SEC EDGAR