Usio sees FY24 EPS view to 0c-3c EPS , consensus 6c

Lowers FY24 revenue guidance to 3-7% growth…based on first half revenues, and anticipated future volumes respective to our initial projections due to PayFac’s contracted ISVs implementing slower than we had previously forecasted, we are lowering our revenue guidance to 3-7% growth, and our EPS expectations to $0.0-$0.03 per share. …raising our expectations for fiscal 2024 Adjusted EBITDA to be between $4.25 and $5.0 million, as gross margins are expected to improve.” Revenues for the quarter were once again in line with our expectations for the quarter and were down from a year ago, primarily due to the continued managed wind down of a large Prepaid program related to the NYC COVID Incentive program. Excluding that single program, revenues would have been up for both the quarter and the first half of the year compared to a year ago. Revenues in the quarter were led by Credit card, specifically in our Payfac division, where revenues were up 22% on a 25% increase in volumes, overcoming the attrition in our legacy portfolios to increase total credit card revenues 2%. Prepaid card services, despite the decline in revenues, has a positive growth trajectory, with card load volume growing 55% from the comparable quarter of 2023, to a record $133 million, and exceeded $100 million for the fourth consecutive quarter. ACH