Cash DeclineCash, including restricted, declined to $28.3M in 1Q25 from $36.6M in 4Q24.
Revenue Forecast AdjustmentRevenue forecast for 1Q25 was lowered to better account for the cadence of FinTech monetization efforts, indicating potential challenges in achieving initial targets.
Valuation ConcernsShares are trading at 0.8x EV/sales based on our 2026 forecast vs. the peer median of 1.8x, suggesting a lower valuation relative to peers.