Strong Top Line Growth
Non-GAAP net sales increased 10% year-over-year to $119.6 million, driven by robust domestic demand from traditional banks and leading fintechs.
Pro Forma Adjusted EBITDA Increase
Pro forma adjusted EBITDA increased 26% to $46.3 million for the quarter, driven by organic revenue growth and operational efficiencies.
Guidance Raise for Fiscal Year 2025
Non-GAAP net sales are expected to be approximately $455 million, and pro forma adjusted EBITDA is expected to be approximately $158 million, both up from prior guidance.
Improved Gross Margin
Non-GAAP gross margin for the quarter was 57.5% of net sales, compared to 51.6% for the same quarter of the prior year, reflecting improved manufacturing efficiencies.
High-Profile Customer Program Launches
Launch and expansion of several metal card programs, including Chase Sapphire Reserve and the Coinbase One Card, demonstrating strong market leadership.
Positive Contribution from Arculus
Arculus delivered a net positive quarter, supported by continued operational progress and commercial momentum, including partnerships with Coinbase and American Express.
Reduced Net Debt
Net debt was reduced to $96 million with a net debt leverage ratio of 0.66x, a significant improvement from the prior year's net debt of $295.5 million and a 2.15x leverage ratio.