CPI CARD GROUP INC., 10-K filed on 3/4/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Feb. 27, 2025
Jun. 30, 2024
Cover Abstract      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Securities Act File Number 001-37584    
Entity Registrant Name CPI Card Group Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 26-0344657    
Entity Address, Address Line One 10368 W. Centennial Road    
Entity Address, City or Town Littleton    
Entity Address, State or Province CO    
Entity Address, Postal Zip Code 80127    
City Area Code 720    
Local Phone Number 681-6304    
Title of 12(b) Security Common Stock, $0.001 par value    
Trading Symbol PMTS    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Document Financial Statement Error Correction [Flag] false    
Entity Public Float     $ 129.2
Entity Common Stock, Shares Outstanding   11,240,507  
Entity Central Index Key 0001641614    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Auditor Name KPMG LLP    
Auditor Firm ID 185    
Auditor Location Denver, Colorado    
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 33,544 $ 12,413
Accounts receivable, net 85,491 73,724
Inventories, net 72,660 70,594
Prepaid expenses and other current assets 11,347 8,647
Total current assets 203,042 165,378
Plant, equipment, leasehold improvements and operating lease right-of-use assets, net 68,648 63,053
Intangible assets, net 10,492 14,122
Goodwill 47,150 47,150
Other assets 20,325 3,980
Total assets 349,657 293,683
Current liabilities:    
Accounts payable 16,123 12,802
Accrued expenses 57,979 35,803
Deferred revenue and customer deposits 1,485 840
Total current liabilities 75,587 49,445
Long-term debt 280,405 264,997
Deferred income taxes 3,318 7,139
Other long-term liabilities 25,968 24,038
Total liabilities 385,278 345,619
Commitments and contingencies (Note 14)
Series A Preferred Stock; $0.001 par value-100,000 shares authorized; 0 shares issued and outstanding at December 31, 2024 and 2023
Stockholders' deficit:    
Common stock; $0.001 par value-100,000,000 shares authorized; 11,240,507 and 11,446,155 shares issued and outstanding at December 31, 2024 and 2023, respectively 11 11
Capital deficiency (105,429) (102,223)
Accumulated earnings 69,797 50,276
Total stockholders' deficit (35,621) (51,936)
Total liabilities and stockholders' deficit $ 349,657 $ 293,683
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Consolidated Balance Sheets    
Preferred shares, par value (in dollars per share) $ 0.001 $ 0.001
Preferred shares, authorized shares (in shares) 100,000 100,000
Preferred shares, issued shares (in shares) 0 0
Preferred shares, outstanding shares (in shares) 0 0
Common shares, par value (in dollars per share) $ 0.001 $ 0.001
Common shares, authorized shares (in shares) 100,000,000 100,000,000
Common shares, issued shares (in shares) 11,240,507 11,446,155
Common shares, outstanding shares (in shares) 11,240,507 11,446,155
v3.25.0.1
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Net sales:    
Total net sales $ 480,601 $ 444,547
Cost of sales:    
Depreciation and amortization 11,394 10,287
Total cost of sales 309,382 289,058
Gross profit 171,219 155,489
Operating expenses:    
Selling, general and administrative (exclusive of depreciation and amortization shown below) 103,401 88,255
Depreciation and amortization 5,026 5,644
Total operating expenses 108,427 93,899
Income from operations 62,792 61,590
Other expense, net:    
Interest, net (34,087) (26,913)
Loss on debt extinguishment (2,987) (243)
Other (expense) income, net (691) 28
Total other expense, net (37,765) (27,128)
Income before income taxes 25,027 34,462
Income tax expense (5,506) (10,477)
Net income $ 19,521 $ 23,985
Basic earnings per share (in dollars per share) $ 1.75 $ 2.1
Diluted earnings per share (in dollars per share) $ 1.64 $ 2.01
Basic weighted-average shares outstanding (in shares) 11,152,648 11,426,124
Diluted weighted-average shares outstanding (in shares) 11,878,076 11,917,556
Comprehensive income:    
Net income $ 19,521 $ 23,985
Total comprehensive income 19,521 23,985
Products    
Net sales:    
Total net sales 250,008 249,354
Cost of sales:    
Products (exclusive of depreciation and amortization shown below) 166,036 161,374
Services    
Net sales:    
Total net sales 230,593 195,193
Cost of sales:    
Products (exclusive of depreciation and amortization shown below) $ 131,952 $ 117,397
v3.25.0.1
Consolidated Statements of Stockholders' Deficit - USD ($)
$ in Thousands
Common Stock
Capital deficiency
Accumulated earnings (loss)
Total
Beginning balance at Dec. 31, 2022 $ 11 $ (108,379) $ 26,291 $ (82,077)
Beginning balance (in shares) at Dec. 31, 2022 11,390,355      
Shares issued under stock-based compensation plans   (368)   (368)
Shares issued under stock-based compensation plans (in shares) 68,980      
Stock-based compensation   7,507   7,507
Repurchase and retirement of common shares   (983)   (983)
Repurchase and retirement of common shares (in shares) (13,180)      
Components of comprehensive income:        
Net income     23,985 23,985
Ending balance at Dec. 31, 2023 $ 11 (102,223) 50,276 $ (51,936)
Ending balance (in shares) at Dec. 31, 2023 11,446,155     11,446,155
Shares issued under stock-based compensation plans   (3,806)   $ (3,806)
Shares issued under stock-based compensation plans (in shares) 267,636      
Stock-based compensation   8,545   8,545
Repurchase and retirement of common shares   (7,945)   $ (7,945)
Repurchase and retirement of common shares (in shares) (473,284)     (473,284)
Components of comprehensive income:        
Net income     19,521 $ 19,521
Ending balance at Dec. 31, 2024 $ 11 $ (105,429) $ 69,797 $ (35,621)
Ending balance (in shares) at Dec. 31, 2024 11,240,507     11,240,507
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities    
Net income $ 19,521 $ 23,985
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 12,790 12,065
Amortization expense 3,630 3,866
Stock-based compensation expense 8,545 7,507
Amortization of debt issuance costs 1,536 1,855
Loss on early extinguishment of debt 8,763 243
Deferred income taxes and other, net (3,935) (324)
Changes in operating assets and liabilities:    
Accounts receivable, net (11,786) 6,795
Inventories (1,990) (1,638)
Prepaid expenses and other assets (19,665) 2,346
Income taxes, net 985 (1,162)
Accounts payable 2,762 (11,260)
Accrued expenses and other liabilities 21,512 (7,506)
Deferred revenue and customer deposits 645 (2,731)
Cash provided by operating activities 43,313 34,041
Investing activities    
Capital expenditures for plant, equipment and leasehold improvements, net (9,257) (6,405)
Other 36 183
Cash used in investing activities (9,221) (6,222)
Financing activities    
Principal payments on 2026 Senior Notes (267,897) (16,954)
Proceeds from 2029 Senior Notes 285,000  
Net proceeds from ABL Revolver   (5,000)
Payments on finance lease obligations (5,221) (3,871)
Common stock repurchased (8,678) (250)
Debt issuance costs (6,583)  
Payment for debt early redemption premium (5,776)  
Taxes withheld and paid on stock-based compensation awards (3,806) (368)
Cash used in financing activities (12,961) (26,443)
Net increase in cash and cash equivalents 21,131 1,376
Cash and cash equivalents, beginning of period 12,413 11,037
Cash and cash equivalents, end of period 33,544 12,413
Supplemental disclosures of cash flow information    
Cash paid (refunded) during the period for: Interest 26,319 25,738
Cash paid (refunded) during the period for: Income taxes paid 9,760 10,462
Cash paid (refunded) during the period for: Income taxes refunded (475) (86)
Right-of-use assets obtained in exchange for lease obligations- Operating leases 1,292 3,091
Right-of-use assets obtained in exchange for lease obligations- Financing leases 9,929 11,285
Accounts payable and accrued expenses for capital expenditures for plant, equipment and leasehold improvements $ 662 $ 102
v3.25.0.1
Business
 12 Months Ended
Dec. 31, 2024
Business  
Business

​

1. Business

CPI Card Group Inc. (which, together with its subsidiary companies, is referred to herein as “CPI” or the “Company”) is a payments technology company providing a comprehensive range of payment cards and related digital solutions. CPI is a leader in several areas of the U.S. payment card solutions market, including debit and credit card production, personalization, and SaaS-based instant issuance services. CPI is also a market leader in the production of Prepaid Debit Cards and related secure packaging solutions.

CPI’s revenues are primarily generated from the production of and services related to secure debit and credit cards that are issued on the networks of the Payment Card Brands (Visa, Mastercard, American Express, and Discover), including Prepaid Debit Cards. The Company’s business consists of the following reportable segments:

●Debit and Credit: primarily produces secure debit and credit cards and provides card services for U.S. card-issuing financial institutions. Services include personalization; instant issuance, which provides customers the ability to issue an instant personalized debit or credit card on-demand within a customer location; and other payment solutions such as digital push provisioning for mobile wallets;
●Prepaid Debit: primarily provides secure packaging solutions, Prepaid Debit Cards, and other integrated prepaid card services, to prepaid program managers in the U.S.; and
●Other: primarily corporate expenses.
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements include the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

Use of Estimates

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These accounting principles require management to make assumptions and estimates relating to the reporting of assets and liabilities in its preparation of the consolidated financial statements. Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, goodwill and intangible assets, leases, valuation allowances for inventories and deferred taxes, revenue recognized for work performed but not completed, recognition of amounts and timing of contract costs and uncertain tax positions. Actual results could differ from those estimates.

​

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents and they are stated at cost, which approximates fair value.

​

Trade Accounts Receivable and Concentration of Credit Risk

Accounts receivable are stated at the amount management expects to collect from outstanding balances. The Company performs ongoing credit evaluations of its customers and generally requires no collateral to secure accounts receivable.

​

​

​

​

​

​

​

​

​

    

December 31, 

​

​

2024

​

2023

Trade accounts receivable

 

$

78,464

 

$

69,245

Unbilled accounts receivable

 

​

7,213

 

​

4,725

​

 

​

85,677

 

​

73,970

Less allowance for credit losses

​

​

(186)

​

​

(246)

Total accounts receivable, net

​

$

85,491

​

$

73,724

​

The Company maintains an allowance for potential credit losses based upon its assessment of the collectability of accounts receivable. Accounts are written off against the allowance when it is determined collection will not occur. The provision for credit losses was immaterial for both the years ended December 31, 2024 and 2023.

​

For both years ended December 31, 2024 and 2023, one customer represented 18% of the Company’s consolidated net sales.

Inventories

Inventories consist of raw materials and finished goods, and are measured at the lower of cost or net realizable value (determined on a first-in, first-out or specific identification basis). Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Finished goods inventory represents primarily stock cards and Card@Once hardware. The stock cards are not produced for a specific customer, but are ready to be personalized and sold as customer orders are received. The Company monitors inventory for events or circumstances that may indicate the net realizable value is less than the carrying value of inventory, such as negative margins, expiration of material usage and other forms of obsolescence, and records adjustments to the valuation of inventory, as necessary.

For the year ended December 31, 2024 approximately 95% of the total value of purchased microchips and antennas came from three main suppliers, and approximately 78% came from one supplier. Approximately 96% of the total value of purchased microchips and antennas for the year ended December 31, 2023 came from four main suppliers, and approximately 72% came from one supplier.

Plant, Equipment and Leasehold Improvements

Plant, equipment and leasehold improvements are recorded at cost. Accumulated depreciation is computed using the straight-line method over the lesser of the estimated useful life of the related assets (generally 3 to 10 years for machinery and equipment, furniture, computer equipment, and leasehold improvements) or, when applicable, the lease term. Maintenance and repairs that do not extend the useful life of the respective assets are charged to expense as incurred. Capital expenditures are presented net of lessor reimbursements on the consolidated statement of cash flows for assets acquired when corresponding financing leases were contemplated to be executed at the asset purchase date and such financing leases are entered into shortly after asset acquisition. Any financing leases executed for the acquisition of right-of-use machinery and equipment assets are presented in the supplemental disclosures of non-cash information on the statement of cash flows. Financing leases are further described in Note 9, “Financing and Operating Leases.”

Long-lived assets with finite lives are reviewed for impairment whenever events indicate that the carrying amount of the asset or the carrying amounts of the asset group containing the asset may not be recoverable. In such reviews, estimated undiscounted future cash flows associated with these assets or asset groups are compared with their carrying value to determine if a write-down to fair value is required.

Goodwill and Intangible Assets

The Company accounts for its goodwill under the authoritative guidance for goodwill and other intangible assets (ASC 350) and tests at least annually or more frequently when an event occurs or circumstances change that indicates the carrying value may not be recoverable. The Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. The Company performs its goodwill impairment test by comparing the fair value of the reporting unit with the carrying amount. If this qualitative assessment indicates it is more likely than not the fair value of a reporting unit is less than the carrying amount, a one-step quantitative test is then performed. Factors management considers in this assessment include macroeconomic, industry and market considerations, overall financial performance (both current and projected), cost increases impacting earnings and cash flows, changes in management and strategy, and changes in the composition or carrying amount of net assets. In the event a reporting unit’s carrying value exceeds its fair value, the Company recognizes an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value.

Acquired finite-lived intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets, and are reviewed for impairment whenever events indicate that the carrying amount of the asset may not be recoverable. In such reviews, estimated undiscounted future cash flows associated with these assets are compared with their carrying value to determine if a write-down to fair value is required.

Sales Tax

The Company records sales tax collected from its customers on a net basis, and therefore excludes it from net sales as defined in ASC 606, Revenue from Contracts with Customers. Cash collected from customers is recorded in “Accrued expenses” on the Company’s consolidated balance sheets and then remitted to the proper taxing authority.

Income Taxes

The Company accounts for income taxes using an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.

The Company has deferred tax assets and liabilities and maintains valuation allowances where it is more likely than not that all or a portion of deferred tax assets will not be realized. To the extent the Company determines that it will not realize the benefit of some or all of its deferred tax assets, then these deferred tax assets will be adjusted through the Company’s income tax expense in the period in which this determination is made.

The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. The reserves are established when the Company believes that certain positions are likely to be challenged and may not be fully sustained on review by tax authorities. The Company adjusts uncertain tax positions in light of changing facts and circumstances, such as the closing of a tax audit or refinement of an estimate. The Company recognizes the tax benefits from uncertain tax positions only when it is more likely than not, based on the technical merits of the position, that the tax position will be sustained upon examination, including the resolution of any related appeals or litigation. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense.

Stock-Based Compensation

The Company accounts for stock-based compensation pursuant to ASC 718, Share-Based Payments. All stock-based compensation is required to be measured at fair value and expensed over the requisite service period. The Company accounts for forfeitures as they occur and reverses previously recognized expense for the unvested portion of the forfeited shares. The Company recognizes compensation expense on awards on a straight-line basis over the vesting period for each tranche of an award. Upon the exercise of stock options, shares of common stock are issued from authorized common shares. Refer to Note 16 “Stock-Based Compensation” for additional discussion regarding details of the Company's stock-based compensation plans.

Net Sales

Products Net Sales

“Products” net sales are recognized when obligations under the terms of a contract with a customer are satisfied. In most instances, this occurs over time as cards are produced for specific customers and have no alternative use and the Company has an enforceable right to payment for work performed. For work performed but not completed and unbilled, the Company estimates revenue by taking actual costs incurred and applying historical margins for similar types of contracts. Items included in “Products” net sales are the design and production of payment cards, including contact, contactless, eco-focused, and magnetic stripe cards, CPI’s eco-focused solutions, including cards made with upcycled plastic, metal cards, private label credit cards and retail gift cards. Card@Once hardware and consumables are also included in “Products” net sales, and their associated revenues are recognized at the time of shipping. The Company includes gross shipping and handling revenue in net sales, and shipping and handling costs in cost of sales.

​

Services Net Sales

​

Net sales are recognized for “Services” as the services are performed. Items included in “Services” net sales include the personalization and fulfillment of payment cards, providing tamper-evident secure packaging and fulfillment services to prepaid program managers, and SaaS-based personalization of instant issuance debit and credit cards. As applicable, for work performed but not completed and unbilled, the Company estimates revenue by taking actual costs incurred and applying historical margins for similar types of contracts.

​

Customer Contracts

The Company often enters into Master Services Agreements (“MSAs”) with its customers. Generally, enforceable rights and obligations for goods and services occur only when a customer places a purchase order or statement of work to obtain goods or services under an MSA. The contract term as defined by ASC 606, Revenue from Contracts with Customers, is the length of time it takes to deliver the goods or services promised under the purchase order or statement of work. As such, the Company's contracts are generally short term in nature.

​

Costs to Obtain a Contract with a Customer

Costs to obtain a contract (“contract costs”) include only those costs incurred to obtain a contract that the Company would not have incurred if the contract had not been obtained. For contracts where the term is greater than one year, these costs are recorded as an asset and amortized consistent with the timing of the related revenue over the life of the contract. The current portion of the asset is included in “Prepaid expenses and other current assets” and the noncurrent portion is included in “Other assets” on the Company's consolidated balance sheets. Contract costs incurred but unpaid are included in “Accrued expenses” on the Company's consolidated balance sheets. Contract costs are expensed as incurred when the amortization period is one year or less.

​

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

​

In November 2023, the Financial Accounting Standards Board issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which will require enhanced segment disclosures. Adoption of this accounting standard is effective for the Company for fiscal years beginning after December 15, 2023. The application of ASU 2023-07 did not change which segments are currently reported but did result in additional disclosure in the notes to the financial statements.

​

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require a disaggregated rate reconciliation disclosure as well as additional information regarding taxes paid. Adoption of this accounting standard is effective for the Company for fiscal years beginning after December 15, 2024. The Company has elected not to early adopt this accounting standard.

The adoption of this standard will result in additional income tax disclosures; however, the Company does not anticipate that it will have a material impact on the Company’s consolidated financial position and results of operations.

In November 2024, the Financial Accounting Standards Board issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which will require disclosure of disaggregated information about certain expense captions presented in the income statement. Adoption of this accounting standard is effective for the Company for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The requirements should be applied on a prospective basis while retrospective application is permitted. The Company is evaluating the impact of adoption of this standard and does not anticipate that it will have a material impact on the Company’s consolidated financial position and results of operations.
v3.25.0.1
Net Sales
 12 Months Ended
Dec. 31, 2024
Net Sales.  
Net Sales

3. Net Sales

​

The Company disaggregates its net sales by major source as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended December 31, 2024

​

​

Products

​

Services

​

Total

Debit and Credit

​

$

251,146

​

$

124,115

​

$

375,261

Prepaid Debit

​

​

—

​

​

106,541

​

​

106,541

Intersegment eliminations

​

​

(1,138)

​

​

(63)

​

 

(1,201)

Total

​

$

250,008

​

$

230,593

​

$

480,601

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended December 31, 2023

​

​

Products

​

Services

​

Total

Debit and Credit

​

$

250,047

​

$

111,010

​

$

361,057

Prepaid Debit

​

​

—

​

​

84,237

​

​

84,237

Intersegment eliminations

​

​

(693)

​

 

(54)

​

 

(747)

Total

​

$

249,354

​

$

195,193

​

$

444,547

​
v3.25.0.1
Inventories
 12 Months Ended
Dec. 31, 2024
Inventories  
Inventories

4. Inventories

​

Inventories consisted of the following:

​

​

​

​

​

​

​

​

​

​

December 31,

​

    

2024

    

2023

Raw materials

 

$

64,818

​

$

64,056

Finished goods

​

​

7,842

​

 

6,538

Total inventories, net

 

$

72,660

​

$

70,594

​
v3.25.0.1
Plant, Equipment, Leasehold Improvements and Operating Lease Right-of-Use Assets
 12 Months Ended
Dec. 31, 2024
Plant, Equipment, Leasehold Improvements and Operating Lease Right-of-Use Assets  
Plant, Equipment, Leasehold Improvements and Operating Lease Right-of-Use Assets

​

5. Plant, Equipment, Leasehold Improvements and Operating Lease Right-of-Use Assets

​

Plant, equipment, leasehold improvements and operating lease right-of-use assets consisted of the following:

​

​

​

​

​

​

​

​

​

​

December 31,

​

    

2024

    

2023

Machinery and equipment

​

$

71,781

​

$

67,506

Machinery and equipment under financing leases

​

​

32,272

​

​

23,774

Furniture, fixtures and computer equipment

​

​

1,123

​

 

107

Leasehold improvements

​

​

18,875

​

 

16,335

Construction in progress

​

​

5,141

​

 

1,778

Operating lease right-of-use assets

​

​

15,090

​

​

19,989

​

​

​

144,282

​

 

129,489

Less accumulated depreciation and amortization

​

​

(75,634)

​

 

(66,436)

Total plant, equipment, leasehold improvements and operating lease right-of-use assets, net

 

$

68,648

​

$

63,053

​

Operating lease right-of-use assets, net of accumulated amortization, are further described in Note 9, “Financing and Operating Leases.”

​

There were no impairments of the Company’s plant, equipment, leasehold improvements and operating leases right-of-use assets for the years ended December 31, 2024 and 2023.

v3.25.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Other Intangible Assets  
Goodwill and Other Intangible Assets

6. Goodwill and Other Intangible Assets

​

The Company reports all of its goodwill in the Debit and Credit segment at December 31, 2024 and 2023. The Company completed its goodwill impairment testing as of October 1, 2024 and did not identify any goodwill impairment during the years ended December 31, 2024 and 2023.

​

Intangible assets consist of customer relationships, acquired technology, and trademarks. There were no impairments of the Company’s amortizable intangible assets for the years ended December 31, 2024 and 2023.

At December 31, 2024 and 2023, intangible assets, excluding goodwill, were comprised of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

  

Weighted Average

  

​

  

Accumulated

  

Net Book

  

​

  

Accumulated

  

Net Book

​

​

Life (Years)

​

Cost

​

Amortization

​

Value

​

Cost

​

Amortization

​

Value

Customer relationships

 

17.2

​

$

55,454

​

$

(45,248)

​

$

10,206

​

$

55,454

​

$

(41,971)

​

$

13,483

Acquired technology

 

10.0

​

 

7,101

​

​

(7,101)

​

​

—

​

 

7,101

​

​

(6,967)

​

​

134

Trademarks

​

8.7

​

​

3,330

​

​

(3,044)

​

​

286

​

​

3,330

​

​

(2,825)

​

​

505

Intangible assets subject to amortization

​

​

​

$

65,885

​

$

(55,393)

​

$

10,492

​

$

65,885

​

$

(51,763)

​

$

14,122

​

The estimated future aggregate amortization expense for the identified amortizable intangibles noted above as of December 31, 2024 was as follows:

​

​

​

​

​

2025

​

$

3,440

2026

    

 

2,471

2027

​

​

1,947

2028

​

​

1,580

2029

​

​

1,054

​

​

$

10,492

​

​
v3.25.0.1
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2024
Fair Value of Financial Instruments  
Fair Value of Financial Instruments

7. Fair Value of Financial Instruments

​

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). In determining fair value, the Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

​

●Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.
●Level 2 — Observable inputs other than Level 1 prices, such as quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term for the assets or liabilities.
●Level 3 — Valuations based on unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

​

The Company’s financial assets and liabilities that are not required to be re-measured at fair value in the consolidated balance sheets were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying

​

​

​

Fair Value Measurement at

​

​

Value as of

​

Fair Value as of

​

December 31, 2024

​

​

December 31,

​

December 31,

​

(Using Fair Value Hierarchy)

​

    

2024

    

2024

    

Level 1

    

Level 2

    

Level 3

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2029 Senior Notes

 

$

285,000

 

$

304,571

​

$

—

 

$

304,571

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying

​

​

​

Fair Value Measurement at

​

​

Value as of

​

Fair Value as of

​

December 31, 2023

​

​

December 31,

​

December 31,

​

(Using Fair Value Hierarchy)

​

    

2023

    

2023

    

Level 1

    

Level 2

    

Level 3

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026 Senior Notes

​

$

267,897

 

$

261,834

​

$

—

 

$

261,834

​

$

—

​

​

The aggregate fair value of the Company’s 2029 Senior Notes and 2026 Senior Notes (each as defined in Note 10, “Long-Term Debt”) was based on quoted prices for identical or similar liabilities in markets that are not active and, as a result, they are classified as Level 2 inputs.

​

The carrying amounts for cash and cash equivalents, accounts receivable and accounts payable each approximate fair value due to their short-term nature.
v3.25.0.1
Accrued Expenses
 12 Months Ended
Dec. 31, 2024
Accrued Expenses.  
Accrued Expenses

8. Accrued Expenses

​

Accrued expenses consisted of the following:

​

​

​

​

​

​

​

​

​

    

December 31,

​

​

2024

​

2023

Accrued payroll and related employee expenses

 

$

9,493

 

$

11,431

Accrued employee performance-based incentive compensation

 

​

4,664

 

​

667

Employer payroll taxes

​

​

868

​

​

298

Accrued rebates

​

​

3,956

​

​

2,919

Capitalized contract costs payable

​

​

8,000

​

​

—

Accrued interest

 

​

13,506

 

​

6,830

Current operating and financing lease liabilities

​

​

9,065

​

​

7,318

Accrued share repurchases

​

​

—

​

​

733

Other

​

​

8,427

​

​

5,607

Total accrued expenses

​

$

57,979

​

$

35,803

​

​

Other accrued expenses as of December 31, 2024 and 2023 consisted primarily of miscellaneous accruals for invoices not yet received, executive retention and severance, and self-insurance claims incurred but have yet to be reported.
v3.25.0.1
Financing and Operating Leases
 12 Months Ended
Dec. 31, 2024
Financing and Operating Leases  
Financing and Operating Leases

9. Financing and Operating Leases

​

Right-of-use (“ROU”) represents the right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. A lease is deemed to exist when the Company has the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration paid. The right to control is deemed to occur when the Company has the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. Certain leases contain escalation provisions and/or renewal options, giving the Company the right to extend the leases by up to 10 years. However, these options are generally not reflected in the calculation of the ROU assets and lease liabilities due to uncertainty surrounding the likelihood of renewal.

The components of operating and finance lease costs were as follows:

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

​

2024

​

2023

Operating lease costs

​

$

3,278

​

$

3,191

Short-term and variable lease costs

​

​

1,009

​

​

741

Total expense from operating leases

​

$

4,287

​

$

3,932

​

​

​

​

​

​

​

Finance lease costs:

​

​

​

​

​

​

Right-of-use amortization expense

​

$

3,198

​

$

2,314

Interest on lease liabilities

​

​

1,104

​

​

784

Total financing lease costs

​

$

4,302

​

$

3,098

​

The following table reflects balances for operating and financing leases:

​

​

​

​

​

​

​

​

​

    

December 31, 

​

​

2024

​

2023

Operating leases:

​

​

​

​

​

​

Operating lease right-of-use assets, net of amortization

​

$

9,853

​

$

11,234

​

​

​

​

​

​

​

Current operating lease liabilities

​

$

2,468

​

$

2,539

Non-current operating lease liabilities

​

​

8,242

​

​

9,384

Total operating lease liabilities

​

$

10,710

​

$

11,923

​

​

​

​

​

​

​

Financing leases:

​

​

​

​

​

​

Plant, equipment and leasehold improvements

​

$

32,272

​

$

23,774

Accumulated depreciation

​

​

(6,533)

​

​

(3,335)

Total financing leases in plant, equipment and leasehold improvements, net

​

$

25,739

​

$

20,439

​

​

​

​

​

​

​

Current financing lease liabilities

​

$

6,597

​

$

4,779

Non-current financing lease liabilities

​

​

16,204

​

​

13,327

Total financing lease liabilities

​

$

22,801

​

$

18,106

​

Finance and operating lease ROU assets are recorded in “Plant, equipment, leasehold improvements, and

operating lease right-of-use assets, net” on the Company's consolidated balance sheets. Financing and operating lease liabilities are recorded in “Accrued expenses” and “Other long-term liabilities” on the Company's consolidated balance sheets. As of December 31, 2024, the Company had additional operating lease payment obligations, related to buildings and office space, of approximately $8.0 million which had not yet commenced. These leases are expected to commence in 2025 and have lease terms of up to 10 years.

​

Components of lease expense were as follows:

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

​

​

2024

​

​

2023

Weighted-average remaining lease term:

​

​

​

​

​

​

Operating leases

​

​

4.06

​

​

4.70

Financing leases

​

​

3.84

​

​

3.98

​

​

​

​

​

​

​

Weighted-average discount rate:

​

​

​

​

​

​

Operating leases

​

​

7.04%

​

​

7.19%

Financing leases

​

​

6.23%

​

​

6.28%

​

Cash paid on operating lease liabilities was $2.5 million and $2.4 million during the years ended December 31, 2024 and 2023, respectively.

​

Future cash payment with respect to lease obligations as of December 31, 2024 were as follows:

​

​

​

​

​

​

​

​

​

​

Operating

​

Financing

​

​

Lease

​

Leases

Year Ending

​

​

​

​

​

​

2025

​

$

3,142

​

$

7,831

2026

​

​

2,987

​

​

6,416

2027

​

​

2,833

​

​

5,485

2028

​

​

2,513

​

​

4,224

2029

​

​

886

​

​

1,707

Total lease payments

​

​

12,361

​

​

25,663

Less imputed interest

​

​

(1,651)

​

​

(2,862)

Total

​

$

10,710

​

$

22,801

​
v3.25.0.1
Long-Term Debt
 12 Months Ended
Dec. 31, 2024
Long-Term Debt.  
Long-Term Debt

10. Long-Term Debt

​

As of December 31, 2024 and 2023, long-term debt consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

December 31,

​

​

​

    

2024

    

2023

2029 Senior Notes

​

​

​

​

$

285,000

​

$

—

2026 Senior Notes

​

​

​

​

​

—

​

​

267,897

Unamortized deferred financing costs

​

​

 

​

​

(4,595)

​

​

(2,900)

Total long-term debt

​

​

​

​

​

280,405

​

​

264,997

Less current maturities

​

​

​

​

​

—

​

​

—

Long-term debt, net of current maturities

​

​

​

​

$

280,405

​

$

264,997

​

2029 Senior Notes

On July 11, 2024 (the “Closing Date”), the Company completed a private offering by its wholly-owned subsidiary, CPI CG Inc. (the “Issuer”), of $285.0 million aggregate principal amount of 10.000% Senior Secured Notes due 2029 (the “2029 Senior Notes”) and related guarantees at an issue price of 100%. The notes and related guarantees were offered and sold in a private transaction exempt from the registration requirements of the Securities Act of 1933, as amended, to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and outside the United States to certain non-U.S. persons in compliance with Regulation S under the Securities Act.

​

Net proceeds from the 2029 Senior Notes, together with cash on hand, were used to redeem the entire principal balance of $267.9 million of the 8.625% Senior Secured Notes due 2026 (the “2026 Senior Notes”) as of the Closing Date, and to pay related fees, an early redemption premium of 2.156%, and other expenses. The early redemption premium paid is recorded in “Interest, net” on the consolidated statement of operations and comprehensive income for the year ended December 31, 2024.

​

The 2029 Senior Notes mature on July 15, 2029. Interest is payable on the 2029 Senior Notes on January 15 and July 15 of each year, beginning on January 15, 2025. The 2029 Senior Notes are guaranteed by the Company and its domestic subsidiaries (other than the Issuer), and are secured by substantially all of the assets of the Issuer and the guarantors, subject to customary exceptions. The Company may be required to make an offer to repurchase the 2029 Senior Notes, upon the occurrence of certain events including a change of control or certain asset sales. The 2029 Senior Notes also require the Company to comply with certain covenants limiting the ability of the Company and the Company’s restricted subsidiaries to, among other things, incur or guarantee additional debt or issue disqualified stock or certain preferred stock; create or incur liens; pay dividends, redeem stock or make other distributions; make certain investments; create restrictions on the ability of the Company’s restricted subsidiaries to pay dividends to the Company or make other intercompany transfers; transfer or sell assets; merge or consolidate; and enter into certain transactions with affiliates, subject to a number of important exceptions and qualifications as set forth in the indenture governing the 2029 Senior Notes.

​

​

2029 ABL Revolver

On the Closing Date, the Company and CPI CG Inc. as borrower (the “Borrower”), entered into a credit agreement (the “ABL Credit Agreement”) with JPMorgan Chase Bank, N.A., as lender, administrative agent and collateral agent, providing for an asset-based, senior secured revolving credit facility (the “2029 ABL Revolver”) of up to $75.0 million (the “Maximum Revolver Amount”). The 2029 ABL Revolver is guaranteed by the Company and its subsidiaries (other than excluded subsidiaries (as defined in the ABL Credit Agreement)), and is secured by substantially all of the assets of the Company, the Borrower and their subsidiaries (other than excluded subsidiaries (as defined in the ABL Credit Agreement)).

The 2029 ABL Revolver consists of revolving loans, letters of credit and swing line loans provided by lenders, with a sublimit on letters of credit outstanding at any time of $10.0 million. The 2029 ABL Revolver also includes an uncommitted accordion feature whereby the Borrower may increase the 2029 ABL Revolver commitment by an aggregate amount not to exceed $25.0 million, subject to certain conditions. The 2029 ABL Revolver matures on the earliest to occur of July 11, 2029 and the date that is 91 days prior to the maturity of the 2029 Senior Notes.

As of the Closing Date, the Borrower had $4.0 million of outstanding borrowings under a prior Credit Agreement with Wells Fargo Bank, N.A. entered into in March 2021 (the “2026 ABL Revolver”). The Company used initial borrowings under the 2029 ABL Revolver, together with cash on hand and proceeds under the notes, to repay in full and terminate the 2026 ABL Revolver and to pay related fees and expenses, and will use future borrowings for general corporate purposes.

Borrowings under the 2029 ABL Revolver bear interest at a rate per annum that ranges based on the applicable term secured overnight financing rate (“SOFR”) as administered by the Federal Reserve Bank of New York plus 1.50% to 1.75% (subject, in each case, to a credit spread adjustment of 0.10%), based on the average daily borrowing capacity under the 2029 ABL Revolver over the most recently completed month. The unused portion of the 2029 ABL Revolver commitment accrues a commitment fee, which ranges from 0.375% to 0.50% per annum, based on the average daily excess availability under the 2029 ABL Revolver over the immediately preceding month.

The 2029 ABL Revolver includes limitations on the Borrower’s ability to borrow in certain situations, including limitations based on the calculation of borrowing capacity and further limitations that are triggered if the amount available to borrow under the ABL Revolver is less than the greater of $7.5 million and 10% of the Maximum Revolver Amount. The borrowing capacity represents the net availability under the ABL Revolver and is calculated as the lesser of a) the total of certain eligible assets, including cash, accounts receivable and inventories, further reduced by stated contribution percentages and adjustments (the “Borrowing Base”) and b) the Maximum Revolver Amount. The Borrowing Base is further reduced by credit line reserves and letters of credit, as well as the loan ledger balance outstanding on the ABL Revolver. Additionally, commencing with the month immediately following a date on which borrowing capacity is below the greater of $7.5 million and 10% of the Maximum Revolver Amount and until such time that borrowing capacity equals or exceeds the greater of $7.5 million and 10% of the Maximum Revolver Amount for 30 consecutive days, the Company must maintain a fixed charge coverage ratio (as defined in the ABL Credit Agreement) of at least 1.00 to 1.00, calculated for the trailing 12 months, in order to borrow under the ABL Revolver.

The 2029 ABL Revolver contains covenants limiting the ability of the Company, the Borrower and the Company’s restricted subsidiaries to, among other things, incur or guarantee additional debt or issue disqualified stock or certain preferred stock; create or incur liens; pay dividends, redeem stock or make other distributions; make certain investments; create restrictions on the ability of the Borrower and its restricted subsidiaries to pay dividends to the Company or make other intercompany transfers; transfer or sell assets; merge or consolidate; and enter into certain transactions with affiliates, subject to a number of important exceptions and qualifications as set forth in the ABL Credit Agreement.

As of December 31, 2024, there were no outstanding borrowings on the 2029 ABL Revolver.

Deferred Financing Costs

​

Certain costs incurred with borrowings are reflected as a reduction to the long-term debt balance. These costs are amortized as an adjustment to interest expense over the life of the borrowing using the effective-interest rate method. As of December 31, 2024, the remaining unamortized debt issuance costs recorded on the 2029 Senior Notes were $4.6 million and are reported as a reduction to the long-term debt balance. The remaining unamortized debt issuance

costs on the 2029 ABL Revolver were $1.4 million and are recorded as other assets (current and long-term) on the consolidated balance sheet as of December 31, 2024.

During the year ended December 31, 2024, the Company recorded a $3.0 million loss on debt extinguishment relating to the unamortized deferred financing costs in connection with the redemption of the 2026 Senior Notes and the termination of the 2026 ABL Revolver.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Taxes  
Income Taxes

11. Income Taxes

​

Income tax expense and effective income tax rates consist of the following:

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

    

2024

    

2023

    

Current taxes:

​

​

​

​

​

​

​

Domestic

 

$

9,318

​

$

10,126

​

Foreign

​

 

9

​

 

20

​

​

​

​

9,327

​

 

10,146

​

Deferred taxes:

​

​

​

​

​

​

​

Domestic

​

​

(3,821)

​

 

331

​

Foreign

​

​

—

​

 

—

​

​

​

​

(3,821)

​

 

331

​

Income tax expense

 

$

5,506

​

$

10,477

​

Income before income taxes:

​

​

​

​

​

​

​

Domestic income

 

$

24,987

​

$

34,400

​

Foreign income

​

​

40

​

 

62

​

Total

 

$

25,027

​

$

34,462

​

Effective income tax rate

​

 

22.0

%

​

30.4

%

​

The Company’s effective tax rates on pre-tax income were 22.0% and 30.4% for the years ended December 31, 2024 and 2023, respectively. The decrease in the Company’s effective tax rate for the year ended December 31, 2024 compared to the prior year related to increased deductibility of stock-based compensation realized upon certain stock option exercises and restricted stock unit vesting, and a decrease in unrecognized tax benefits due to the lapse of statute of limitations. The effective tax rate for the year ended December 31, 2023 was impacted by limitation of executive compensation deductibility related to the former CEO’s retention agreement.

​

For the years ended December 31, 2024 and 2023, the effective tax rate differs from the U.S. federal statutory income tax rate as follows:

​

​

​

​

​

​

​

​

​

December 31,

​

​

​

2024

    

2023

    

Tax at federal statutory rate

​

21.0

%

21.0

%

State taxes, net

​

5.4

 

4.4

 

Expiration of capital loss carryover

​

7.1

​

—

​

Valuation allowance

​

(7.1)

​

—

​

Unrecognized tax benefits

​

(2.8)

​

0.1

​

Tax credits

​

(1.4)

​

(0.5)

​

Permanent items(1)

​

(0.2)

​

5.3

​

Other

​

—

 

0.1

 

Effective income tax rate

​

22.0

%

30.4

%

(1)Includes the deductibility limitations on excess compensation.

​

For the year ended December 31, 2024, the effective tax rate differs from the federal statutory rate primarily due to state income taxes, which had a tax rate impact of 5.4%. Other items impacting the effective tax rate in 2024 include unrecognized tax benefits, tax deductibility limitations on executive compensation and permanent items. For the year ended December 31, 2023, the effective tax rate differs from the federal statutory rate primarily due to state income

taxes, which had a tax rate impact of 4.4%. Other items impacting the effective tax rate in 2023 include tax deductibility limitations on executive compensation and permanent items.

The components of the deferred tax assets and liabilities are as follows:

​

​

​

​

​

​

​

​

​

​

December 31,

​

    

2024

​

2023

Deferred tax assets:

​

​

​

​

​

​

Accrued expense

​

$

3,414

​

$

1,928

Net operating loss carryforward

​

​

133

​

 

130

Stock-based compensation

​

​

2,400

​

 

1,798

Interest limitation

​

​

2,424

​

​

1,689

Lease liability

​

​

2,730

​

​

3,026

Capital loss carryover

​

​

—

​

​

2,110

Research and development costs

​

​

2,070

​

​

1,350

Other

​

​

2,772

​

​

3,244

Total gross deferred tax assets

​

​

15,943

​

 

15,275

Valuation allowance

​

 

(872)

​

 

(2,616)

Net deferred tax assets

​

​

15,071

​

 

12,659

Deferred tax liabilities:

​

​

​

​

​

​

Plant, equipment and leasehold improvements

​

 

(8,552)

​

 

(8,825)

Intangible assets

​

 

(6,075)

​

 

(6,745)

Right-of-use assets

​

​

(2,511)

​

​

(2,851)

Other

​

 

(1,251)

​

 

(1,377)

Total gross deferred tax liabilities

​

 

(18,389)

​

 

(19,798)

Net deferred tax liabilities

​

$

(3,318)

​

$

(7,139)

​

The valuation allowance as of December 31, 2024, is primarily relating to the use of state interest deductions that may generate future state net operating losses, which may not be fully recognized. The valuation allowance as of December 31, 2023 related to a capital loss realized on the sale of a foreign subsidiary whereby the Company did not anticipate a capital gain in the foreseeable future that would allow for the recognition of the capital loss carryover. The capital loss carryover expired after five years, which was December 31, 2024.

Under a provision in the 2017 U.S. Tax Cuts and Jobs Act, beginning in 2022, research and development costs incurred are no longer allowed as an immediate deduction for federal income tax purposes. Rather, these expenditures incurred must be capitalized and amortized over a five-year period for activities conducted in the United States and a 15 year period for activities conducted outside the United States.

The Company has a minimal amount of state and local operating loss carryforwards which will expire at various dates from 2033 to 2038. The Company does expect to be able to utilize these losses prior to expiration.

The Company has recorded compensation for certain covered employees in excess of $1.0 million per year. Under Internal Revenue Code (IRC) Section 162(m), the Company is prohibited from deducting the amount of tax compensation that exceeds $1.0 million per year for these employees. The covered employees are defined as the CEO, Chief Financial Officer (“CFO”), and the three next-highest-compensated officers of the Company. The Company considers the impact of the estimated IRC Section 162(m) limitations on the future deductibility of existing temporary differences.

Unrecognized Tax Benefits

Unrecognized tax benefits represent the aggregate tax effect of differences between the tax return positions and the amounts otherwise recognized in the Company’s consolidated financial statements, and are reflected in “Accrued expenses” and “Other long-term liabilities” on the Company’s consolidated balance sheets. The Company accounts for

uncertain tax positions by recognizing the financial statement effects of a tax provision only when based upon the technical merits, it is “more-likely-than-not” that the tax position will be sustained upon examination.

​

​

​

​

​

Balance as of December 31, 2023

​

$

1,317

Increase related to current year tax position

​

​

82

Increase related to prior year tax position

​

​

37

Decrease related to lapse of statute of limitations

​

​

(767)

Balance as of December 31, 2024

​

$

669

​

The Company recognizes interest and penalties with respect to unrecognized tax benefits as a component of income tax expense. The amount of accrued interest and penalties related to unrecognized tax benefits was $0.1 million and $0.3 million for the years ended December 31, 2024 and 2023, respectively.

The Company believes that it is reasonably possible that approximately $0.5 million of its unrecognized tax benefits may be recognized by the end of 2025 as a result of a lapse of the statute of limitations, which is reflected in “Accrued expenses” on the Company’s consolidated balance sheets as of December 31, 2024.
v3.25.0.1
Stockholders' Deficit
 12 Months Ended
Dec. 31, 2024
Stockholders' Deficit  
Stockholders' Deficit

12. Stockholders’ Deficit

Common Stock

Common stock has a par value of $0.001 per share. Holders of common stock are entitled to receive dividends and distributions subject to the participation rights of holders of all classes of stock at the time outstanding, as such holders may have prior rights as to dividends pursuant to the rights of any series of preferred stock. Upon any liquidation, dissolution, or winding up of the Company, after required payments are made to holders of any series of Preferred Stock, any remaining assets of the Company will be distributed ratably to the holders of common stock. Holders of common stock are entitled to one vote per share.

​

Share Repurchases

​

On November 2, 2023, the Company's board of directors approved a share repurchase plan authorizing the Company to repurchase up to $20.0 million of the Company's common stock, par value $0.001 per share. This authorization expired on December 31, 2024 with a remaining unused authorized amount of $11.2 million.

​

During the year ended December 31, 2024, the Company repurchased 473,284 shares of its common stock at an average price of $18.16 per share, excluding commissions, or $8.6 million in aggregate, on a trade date basis. This amount includes 364,848 shares purchased from one of the Company’s significant stockholders at an average price of $18.09 per share, in accordance with the stock repurchase agreements entered into with Tricor Pacific Capital Partners (Fund IV) US, LP (“Parallel49”).

​

Secondary Offering

On September 30, 2024, significant stockholders Tricor Pacific Capital Partners (Fund IV), LP and Tricor Pacific Capital Partners (Fund IV) US, LP entered into an underwriting agreement for the sale of an aggregate of 1,380,000 shares of CPI common stock in a public offering. In conjunction with the Company’s initial public offering in October 2015, the Company entered into a registration rights agreement with its significant stockholders whereby the Company is required to pay expenses incurred in an offering of shares of CPI common stock by the Company’s significant stockholders other than underwriters’ fees, discounts, commissions, and certain transfer taxes.

The offering contemplated in the underwriting agreement closed on October 2, 2024, and total expenses paid by the Company on behalf of the significant stockholders pursuant to the registration rights agreement for the offering were approximately $0.5 million. The Company did not sell any securities in the offering and did not receive any proceeds from the sale of the shares offered by the significant stockholders.
v3.25.0.1
Earnings per Share
 12 Months Ended
Dec. 31, 2024
Earnings per Share  
Earnings per Share

13. Earnings per Share

Basic and diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if outstanding stock options at the presented dates are exercised and shares of restricted stock have vested. For the years ended December 31, 2024 and 2023, 36,826 and 72,049 potentially dilutive securities, respectively, are excluded from the calculation of diluted earnings per share. The effect of these shares was anti-dilutive under the treasury stock method, as the assumed proceeds of the options and restricted stock per unit were above our average share price during the periods.

​

The following table sets forth the computation of basic and diluted earnings per share:

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

    

2024

​

2023

Numerator:

​

​

    

    

​

    

Net income

​

$

19,521

​

$

23,985

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

Basic weighted-average common shares outstanding

​

 

11,152,648

​

 

11,426,124

Dilutive shares

​

​

725,428

​

​

491,432

Diluted weighted-average common shares outstanding

​

​

11,878,076

​

​

11,917,556

​

​

​

​

​

​

​

Basic earnings per share

​

$

1.75

​

$

2.10

​

​

​

​

​

​

​

Diluted earnings per share

​

$

1.64

​

$

2.01

​
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies.  
Commitments and Contingencies

14. Commitments and Contingencies

Commitments

During 2023, the Company entered into a capacity reservation agreement with one of its chip suppliers to reserve production supply capacity due to the current global supply shortage environment. Under the agreement, we agreed to pay certain fees in exchange for the supplier’s commitment to reserve capacity to produce a set quantity of chips from 2023 through 2026, subject to certain conditions, and we have committed to purchase those chips. As of December 31, 2024, the remaining commitment was $62.0 million, of which $49.9 million is expected to be paid in the next 12 months with the remaining expected to be paid in 2026. The Company's total purchases under this commitment were $68.4 million and $60.8 million during the years ended December 31, 2024 and 2023, respectively.

Refer to Note 9 “Financing and Operating Leases” for details on the Company’s future cash payments with respect to financing and operating leases. During the normal course of business, the Company enters into non-cancellable agreements to purchase goods and services, including production equipment and information technology systems. The Company leases real property for its facilities under non-cancellable operating lease agreements. Land and facility leases expire at various dates between 2026 and 2029 and contain various provisions for rental adjustments and renewals. The leases typically require the Company to pay property taxes, insurance and normal maintenance costs. The Company’s financing leases expire at various dates between 2025 and 2029 and contain purchase options which the Company may exercise to keep the machinery in use.

Contingencies

In accordance with applicable accounting guidance, the Company establishes an accrued expense when loss contingencies are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. As a matter develops, the Company, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. Once the loss contingency is deemed to be both probable and estimable, the Company will establish an accrued expense and record a corresponding amount of expense. The Company expenses professional fees associated with litigation claims and assessments as incurred. The Company is subject to routine legal proceedings in the ordinary course of business. The

Company believes that the ultimate resolution of any such matters will not have a material adverse effect on its business, financial condition or results of operations.

Voluntary Disclosure Program

The Company is subject to unclaimed or abandoned property (escheat) laws which require it to turn over to state governmental authorities the property of others held by the Company that has been unclaimed for specified periods of time. Property subject to escheat laws generally relates to uncashed checks, trade accounts receivable credits and unpaid payable balances. During the second quarter of 2022, the Company received a letter from the Delaware Secretary of State inviting the Company to participate in the Delaware Secretary of State’s Abandoned or Unclaimed Property Voluntary Disclosure Agreement Program to avoid being sent an audit notice by the Delaware Department of Finance. On August 31, 2022, the Company entered into Delaware’s Voluntary Disclosure Agreement Program in order to voluntarily comply with Delaware’s abandoned property law in exchange for certain protections and benefits. The Company intends to work in good faith to complete a review of its books and records related to unclaimed or abandoned property during the periods required under the program. Any potential loss, or range of loss, that may result from this matter is not currently reasonably estimable.
v3.25.0.1
Employee Benefit Plan
 12 Months Ended
Dec. 31, 2024
Employee Benefit Plan  
Employee Benefit Plan

15. Employee Benefit Plan

The Company maintains a qualified defined-contribution plan under the provisions of the Internal Revenue Code Section 401(k), which covers substantially all employees in the United States who meet certain eligibility requirements. Under the plan, participants may defer their salary subject to statutory limitations and may direct the contributions among various investment options. The Company matches 100% of the participant’s first 3% of deferrals and 50% matching on each of the 4th and 5th percent contributed by the participant. As the Company operates the plan as a safe harbor 401(k) plan, the Company’s match is 100% vested at the time of the match.

The aggregate amounts charged to expense in connection with the plan were $2.4 million and $2.1 million for the years ended December 31, 2024 and 2023, respectively.
v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Stock-Based Compensation  
Stock-Based Compensation

16. Stock-Based Compensation

CPI Card Group Inc. Omnibus Incentive Plan

In October 2015, the Company adopted the CPI Card Group Inc. Omnibus Incentive Plan (as amended and supplemented, the “Omnibus Plan”) pursuant to which cash and equity-based incentives may be granted to participating employees, advisors and directors. Effective January 30, 2024, the Company’s stockholders approved an amendment to the Omnibus Plan to increase the total number of shares of the Company’s common stock reserved and available for issuance thereunder by 1,000,000 shares, resulting in a total of 3,200,000 shares issuable under the Omnibus Plan.

As of December 31, 2024, there were 866,564 shares of common stock available for grant under the Omnibus Plan. Options have seven-year terms and are issued with exercise prices equal to the fair market value of the Company’s common stock on the grant date.

The following is a summary of the activity in outstanding stock options under the Omnibus Plan:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

​

​

​

​

​

​

​

Remaining

​

​

​

​

​

​

​

Weighted-Average

​

Contractual

​

Aggregate

​

​

​

​

Exercise

​

Term

​

Intrinsic

​

​

Options

​

Price

​

(in Years)

​

Value

Outstanding as of December 31, 2023

​

909,438

​

$

18.79

​

4.06

​

$

6,482

Exercised

​

(125,144)

​

​

5.98

​

—

​

​

​

Expired

​

(1,459)

​

​

24.71

​

—

​

​

​

Forfeited

​

(1,572)

​

​

18.01

​

—

​

​

​

Outstanding as of December 31, 2024

​

781,263

​

$

20.84

​

2.67

​

$

9,925

Options vested and exercisable as of December 31, 2024

​

711,979

​

$

20.70

​

2.52

​

$

9,333

Options vested and expected to vest as of December 31, 2024

​

781,263

​

$

20.84

​

2.67

​

$

9,925

​

The following is a summary of the activity in unvested stock options under the Omnibus Plan:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

​

Grant-Date

​

​

Number

​

Fair Value

Unvested as of December 31, 2023

​

160,121

​

$

10.92

Vested

​

(89,265)

​

​

10.69

Forfeited

​

(1,572)

​

​

11.12

Unvested as of December 31, 2024

​

69,284

​

$

11.21

​

Unvested stock options of 69,284 as of December 31, 2024 have a seven-year term and are expected to vest ratably over a two-year period on each anniversary of the grant date. No options were granted during the year ended December 31, 2024. The weighted average fair value of options granted during the year ended December 31, 2023 was $11.21. The total fair value of options vested during the years ended December 31, 2024 and 2023 was $1.0 million and $1.2 million, respectively.

The fair value of the stock option awards granted for the year ended December 31, 2023 was determined using a Black-Scholes option-pricing model with the following weighted-average assumptions:

​

​

​

​

​

​

​

​

​

December 31,

​

​

​

2024

​

2023

​

Expected term in years (1)

​

—

​

2.90

​

Volatility (2)

​

—

%

73.16

%

Risk-free interest rate (3)

​

—

%

4.46

%

Dividend yield (4)

​

—

%

—

%

(1)The Company estimated the expected term based on the average of the weighted-average vesting period and the contractual term of the stock option awards by utilizing the “simplified method,” as the Company does not have sufficient available historical data to estimate the expected term of these stock option awards.
(2)Volatility was based on a weighting of the Company’s historical volatility and a representative peer group, which is comprised of companies with similar industry, size and financial leverage.
(3)The risk-free interest rate was determined by using the United States Treasury rate for the period consistent with the expected term described above.
(4)The Company’s expected annual dividend yield was zero based on current practice. 

​

The following table summarizes the changes in the number of outstanding restricted stock units for the year ended December 31, 2024 under the Omnibus Plan:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

    

​

    

​

​

Remaining

​

​

​

​

Weighted-Average

​

Amortization

​

​

​

​

Grant-Date

​

Period

​

​

Shares 

​

Fair Value

​

(in Years)

Outstanding as of December 31, 2023

 

713,360

​

$

21.25

​

​

Granted

​

226,739

​

​

23.90

​

​

Vested

​

(305,348)

​

​

21.57

​

​

Forfeited

 

(38,535)

​

​

20.30

​

​

Outstanding as of December 31, 2024

 

596,216

​

$

22.15

​

1.25

​

The restricted stock unit awards contain conditions associated with continued employment or service. Restricted stock units granted in 2024 are expected to vest ratably over a one or three-year period on each anniversary of the grant date. Shares of common stock will be issued to the award recipients on the vesting date. The weighted average fair value of restricted stock units granted during the years ended December 31, 2024 and 2023 was $23.90 and $21.39, respectively. The total fair value of shares vested during the years ended December 31, 2024 and 2023 was $6.6 million and $2.2 million, respectively.

​

During 2024, executives received a quarterly restricted stock unit grant comprising one-fourth of the annual equity-based incentive component of their total compensation. The number of shares awarded will be determined based on a value tied to the monthly average closing price of the Company’s common stock.

In June 2023, the Company announced an award comprised of 25% nonqualified stock options and 75% restricted stock units to its CEO at the time as an incentive to remain employed by the Company through February 28, 2024. The first one-third of the awards was granted in June 2023, the second one-third was granted in August 2023, and the remainder was granted in November 2023. All of these awards will vest ratably over a two-year period irrespective of employment status with expense related to these awards to be recognized by the Company through February 28, 2024. As part of the CEO’s incentive package, the requisite service and exercise periods for his awards granted in 2023 prior to June 2023 were also modified with expense related to the modification being recognized in June 2023 through February 2024.

In January 2024, the Company granted 60,000 performance stock units (PSU) in connection with the appointment of its CEO, with a grant date fair value of $0.9 million using a Monte Carlo simulation model. The PSU award will vest, subject to continued employment, in equal one-third increments upon the attainment of the rolling weighted average closing price of the Company’s common stock equaling or exceeding each of $35.00, $50.00, and $65.00, in each case, for at least 90 consecutive trading days during the five-year performance period commencing on the grant date. Additionally, the Company granted its CEO 40,000 restricted stock units which will vest entirely at the end of the four year service period.

As of December 31, 2024, the total unrecognized compensation expense related to unvested options and restricted stock units was $7.1 million, which the Company expects to recognize over an estimated weighted-average period of approximately 1.3 years.
v3.25.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting  
Segment Reporting

17. Segment Reporting

The Company’s chief operating decision maker is its CEO, who is charged with management of the Company and is responsible for the evaluation of operating performance and decision-making about the allocation of resources to operating segments based on the measures of net sales and EBITDA.

As the Company uses the term, “EBITDA” is defined as income before interest expense, income taxes, depreciation and amortization. The Company’s chief operating decision maker believes EBITDA is a meaningful measure and is useful as a supplement to GAAP measures as it represents a transparent view of the Company’s operating performance that is unaffected by fluctuations in property, equipment and leasehold improvement additions. The Company’s chief operating decision maker uses EBITDA to perform periodic reviews and comparison of operating trends and to identify strategies to improve the allocation of resources amongst segments.

As of December 31, 2024, the Company’s reportable segments were as follows:

●Debit and Credit;
●Prepaid Debit; and
●Other.

​

Debit and Credit Segment

The Debit and Credit segment primarily produces secure debit and credit cards and provides card services, including digital services, for U.S. card-issuing financial institutions. Products produced by this segment primarily include payment cards, including contact, contactless, eco-focused, and magnetic stripe cards. This segment also provides personalization services; instant issuance solutions, which provides customers the ability to issue an instant personalized debit or credit card on-demand within a customer location; and other payment solutions such as digital push provisioning.

Prepaid Debit Segment

The Prepaid Debit segment primarily provides integrated prepaid card services to prepaid program managers primarily in the U.S., including tamper-evident secure packaging. This segment also produces payment cards issued on the networks of the Payment Card Brands that are included in the tamper-evident secure packages.

Other

The Other segment includes corporate expenses.

Performance Measures of Reportable Segments

​

Net sales and EBITDA of the Company’s reportable segments, as well as a reconciliation of total segment EBITDA to income from operations and net income for the years ended December 31, 2024 and 2023, were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2024

​

Debit and Credit

​

Prepaid Debit

​

Other

​

Intersegment Eliminations

​

Total

Net sales

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Products

$

251,146

​

$

—

​

$

—

​

$

(1,138)

​

$

250,008

Services

​

124,115

​

​

106,541

​

​

—

​

​

(63)

​

​

230,593

Total net sales

​

375,261

​

​

106,541

​

​

—

​

​

(1,201)

​

​

480,601

Cost of sales

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Products(1)

​

167,174

​

​

—

​

​

—

​

​

(1,138)

​

​

166,036

Services(1)

​

72,255

​

​

59,760

​

​

—

​

​

(63)

​

​

131,952

Depreciation and amortization

​

7,737

​

​

3,657

​

​

—

​

​

—

​

​

11,394

Total cost of sales

​

247,166

​

​

63,417

​

​

—

​

​

(1,201)

​

​

309,382

Gross profit

​

128,095

​

​

43,124

​

​

—

​

​

—

​

​

171,219

Operating expenses

​

35,239

​

​

5,923

​

​

67,265

​

​

—

​

​

108,427

Income (loss) from operations

$

92,856

​

$

37,201

​

$

(67,265)

​

$

—

​

$

62,792

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBITDA by segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) from operations

$

92,856

​

$

37,201

​

$

(67,265)

​

$

—

​

$

62,792

Depreciation and amortization

​

8,854

​

​

3,896

​

​

3,670

​

​

—

​

​

16,420

Other income (expense)

​

(82)

​

​

(10)

​

​

(3,586)

​

​

—

​

​

(3,678)

EBITDA

$

101,628

​

$

41,087

​

$

(67,181)

​

$

—

​

$

75,534

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross profit margin

​

34.1%

​

​

40.5%

​

​

*

​

​

*

​

​

35.6%

EBITDA margin

​

27.1%

​

​

38.6%

​

​

*

​

​

*

​

​

15.7%

*

Calculation not meaningful.

(1)

Exclusive of depreciation and amortization.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2023

​

Debit and Credit

​

Prepaid Debit

​

Other

​

Intersegment Eliminations

​

Total

Net sales

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Products

$

250,047

​

$

—

​

$

—

​

$

(693)

​

$

249,354

Services

​

111,010

​

​

84,237

​

​

—

​

​

(54)

​

​

195,193

Total net sales

​

361,057

​

​

84,237

​

​

—

​

​

(747)

​

​

444,547

Cost of sales

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Products(1)

​

162,067

​

​

—

​

​

—

​

​

(693)

​

​

161,374

Services(1)

​

64,461

​

​

52,990

​

​

—

​

​

(54)

​

​

117,397

Depreciation and amortization

​

7,753

​

​

2,534

​

​

—

​

​

—

​

​

10,287

Total cost of sales

​

234,281

​

​

55,524

​

​

—

​

​

(747)

​

​

289,058

Gross profit

​

126,776

​

​

28,713

​

​

—

​

​

—

​

​

155,489

Operating expenses

​

31,870

​

​

3,786

​

​

58,243

​

​

—

​

​

93,899

Income (loss) from operations

$

94,906

​

$

24,927

​

$

(58,243)

​

$

—

​

$

61,590

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBITDA by segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) from operations

$

94,906

​

$

24,927

​

$

(58,243)

​

$

—

​

$

61,590

Depreciation and amortization

​

9,025

​

​

2,860

​

​

4,046

​

​

—

​

​

15,931

Other income (expense)

​

29

​

​

(1)

​

​

(243)

​

​

—

​

​

(215)

EBITDA

$

103,960

​

$

27,786

​

$

(54,440)

​

$

—

​

$

77,306

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross profit margin

​

35.1%

​

​

34.1%

​

​

*

​

​

*

​

​

35.0%

EBITDA margin

​

28.8%

​

​

33.0%

​

​

*

​

​

*

​

​

17.4%

*

Calculation not meaningful.

(1)

Exclusive of depreciation and amortization.

​

​

​

​

​

​

​

​

​

​

December 31,

​

    

2024

    

2023

Net income

 

$

19,521

 

$

23,985

Interest, net

​

 

34,087

​

 

26,913

Income tax expense

​

​

5,506

​

​

10,477

Depreciation and amortization

​

 

16,420

​

 

15,931

EBITDA

 

$

75,534

 

$

77,306

​

Balance Sheet Data of Reportable Segments

​

Total assets of the Company’s reportable segments as of December 31, 2024 and 2023 were as follows:

​

​

​

​

​

​

​

​

​

​

December 31,

​

    

2024

    

2023

Debit and Credit

 

$

248,970

 

$

235,680

Prepaid Debit

​

​

60,621

​

 

38,265

Other

​

​

40,066

​

 

19,738

Total assets

​

$

349,657

 

$

293,683

​

Capital Expenditures of Reportable Segments

​

Total capital expenditures of the Company’s reportable segments as of December 31, 2024 and 2023 were as follows:

​

​

​

​

​

​

​

​

​

​

December 31,

​

    

2024

    

2023

Debit and Credit

 

$

6,921

 

$

5,116

Prepaid Debit

​

​

2,319

​

 

963

Other

​

​

17

​

 

326

Total capital expenditures

​

$

9,257

 

$

6,405

​

​
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure    
Net Income (Loss) $ 19,521 $ 23,985
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Cyber threat actors and the types of threats posed are becoming more sophisticated and effective and are increasingly targeting commercial companies. In seeking to mitigate these cyber threats to our business, we take a comprehensive approach to cybersecurity risk management and make securing the data, customers and other stakeholders entrusted to us, a top priority. The board of directors and our management are actively involved in the oversight of our risk management program, which includes cybersecurity. We have established policies, standards, processes and practices for assessing, identifying and managing material risks from cybersecurity threats. There may be instances where our policies and procedures are not properly followed or where such policies and procedures prove to be ineffective. As of the date hereof, we are not aware of any material risk from cybersecurity threats that has materially affected the Company, including our business strategy, results of operations or financial condition. We can provide no assurance that there will not be incidents in the future or that such incidents will not materially affect us, including our business strategy, results of operations, or financial condition. For more information regarding risks related to system security risks, data protection breaches and cyber-attacks, see the risk factor entitled “System security risks, data protection breaches, and cyber-attacks could compromise our proprietary information, impair customer and vendor relationships, disrupt our internal operations, harm perception of our products and expose us to litigation and/or regulatory penalties, which could have a material adverse effect on our business and our reputation” included as part of our risk factor disclosures at Item 1A of this Annual Report on Form 10-K.

Risk Management and Strategy

Our policies and processes for assessing, identifying and managing material risks from cybersecurity threats are integrated into our overall risk management program and are based on the frameworks established by the National Institute of Standards and Technology (“NIST”) and other applicable industry standards. Our cybersecurity program in particular focuses on the following key areas:

Collaboration

We work to identify and address our cybersecurity risks through a comprehensive, cross-functional approach. Key security, risk and compliance stakeholders meet regularly to develop strategies for preserving the confidentiality, integrity and availability of Company and customer information, identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents. We maintain controls and procedures that are designed to encourage prompt escalation of certain cybersecurity incidents so that decisions regarding customer and supplier disclosure, public disclosure and reporting of such incidents can be made by management and the board of directors in a timely manner.

Risk Assessment

Annually, the Security Committee (defined below) conducts a cybersecurity risk assessment that takes into account information from internal stakeholders, known information security vulnerabilities and information from external sources (e.g., reported security incidents that have impacted other companies, industry trends and evaluations by third parties and consultants). The results of the assessment are used to drive alignment on, and prioritization of, initiatives to enhance our security controls, make recommendations to improve processes and inform a broader enterprise-level risk assessment that is analyzed by the Security Committee and presented to the board of directors, Audit Committee and members of management.

Technical Safeguards

The Company’s cybersecurity program evaluates new threats to learn new attacker techniques, adopt defenses and implement new safeguards to protect our information systems from cybersecurity threats. These safeguards are evaluated and improved based on vulnerability assessments, cybersecurity threat intelligence and incident response experience. Independent assessments of the safeguards by external third-party consultants, which also include the detection of threats, are evaluated and improvements to systems are incorporated.

Incident Response and Recovery Planning

In an effort to effectively respond to a security event, we follow a comprehensive cybersecurity incident response plan. We regularly review, test and evaluate the plan for effectiveness.

Third-Party Risk Management

We have implemented controls designed to identify and mitigate cybersecurity threats associated with our use of third-party service providers. Such providers are subject to security risk assessments at the time of onboarding, contract renewal and upon detection of an increase in risk profile. We use a variety of inputs in such risk assessments, including information supplied by providers and third parties. In addition, we require our providers to meet appropriate security requirements, controls and responsibilities and investigate security incidents that have impacted our third-party providers, as appropriate.

Education and Awareness

Our Company policies require our employees to assist in the protection of our customers’ data. We have various training programs, conducted frequently, designed to heighten employees' awareness of current threats, educate them on effective mitigation strategies and reinforce the importance of handling and safeguarding customer and employee data in accordance with our established security protocols. To evaluate the effectiveness of these training programs and monitor the effectiveness of our security controls, we have implemented mock testing practices. Annual incident response training is conducted for administrative personnel that would be expected to be involved with, and respond to, a security incident.

External Assessments

Our cybersecurity policies, standards, processes and practices are regularly assessed by consultants and external auditors. These assessments include a variety of activities including information security maturity assessments, audits

and independent reviews of our information security control environment and operating effectiveness. We conduct regular independent cyber audits to assess our controls and alignment against the NIST Cybersecurity Framework, compromise assessments to baseline and assess if a current or past compromise had occurred within our infrastructure, and maintain industry certifications and attestations that demonstrate our dedication to protecting customer data. The results of significant assessments are reported to management, the board of directors and Audit Committee. Cybersecurity processes are adjusted based on the information provided from these assessments.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

Our policies and processes for assessing, identifying and managing material risks from cybersecurity threats are integrated into our overall risk management program and are based on the frameworks established by the National Institute of Standards and Technology (“NIST”) and other applicable industry standards. Our cybersecurity program in particular focuses on the following key areas:

Collaboration

We work to identify and address our cybersecurity risks through a comprehensive, cross-functional approach. Key security, risk and compliance stakeholders meet regularly to develop strategies for preserving the confidentiality, integrity and availability of Company and customer information, identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents. We maintain controls and procedures that are designed to encourage prompt escalation of certain cybersecurity incidents so that decisions regarding customer and supplier disclosure, public disclosure and reporting of such incidents can be made by management and the board of directors in a timely manner.

Risk Assessment

Annually, the Security Committee (defined below) conducts a cybersecurity risk assessment that takes into account information from internal stakeholders, known information security vulnerabilities and information from external sources (e.g., reported security incidents that have impacted other companies, industry trends and evaluations by third parties and consultants). The results of the assessment are used to drive alignment on, and prioritization of, initiatives to enhance our security controls, make recommendations to improve processes and inform a broader enterprise-level risk assessment that is analyzed by the Security Committee and presented to the board of directors, Audit Committee and members of management.

Technical Safeguards

The Company’s cybersecurity program evaluates new threats to learn new attacker techniques, adopt defenses and implement new safeguards to protect our information systems from cybersecurity threats. These safeguards are evaluated and improved based on vulnerability assessments, cybersecurity threat intelligence and incident response experience. Independent assessments of the safeguards by external third-party consultants, which also include the detection of threats, are evaluated and improvements to systems are incorporated.

Incident Response and Recovery Planning

In an effort to effectively respond to a security event, we follow a comprehensive cybersecurity incident response plan. We regularly review, test and evaluate the plan for effectiveness.

Third-Party Risk Management

We have implemented controls designed to identify and mitigate cybersecurity threats associated with our use of third-party service providers. Such providers are subject to security risk assessments at the time of onboarding, contract renewal and upon detection of an increase in risk profile. We use a variety of inputs in such risk assessments, including information supplied by providers and third parties. In addition, we require our providers to meet appropriate security requirements, controls and responsibilities and investigate security incidents that have impacted our third-party providers, as appropriate.

Education and Awareness

Our Company policies require our employees to assist in the protection of our customers’ data. We have various training programs, conducted frequently, designed to heighten employees' awareness of current threats, educate them on effective mitigation strategies and reinforce the importance of handling and safeguarding customer and employee data in accordance with our established security protocols. To evaluate the effectiveness of these training programs and monitor the effectiveness of our security controls, we have implemented mock testing practices. Annual incident response training is conducted for administrative personnel that would be expected to be involved with, and respond to, a security incident.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Board Oversight

The board of directors, in coordination with the Audit Committee, oversees our management of cybersecurity risk. They receive regular reports from management about the prevention, detection, mitigation and remediation of cybersecurity incidents, including material security risks and information security vulnerabilities. Our Audit Committee, as part of its risk oversight function, is responsible for overseeing our cybersecurity program. The Audit Committee receives regular updates from management on cybersecurity risk resulting from risk assessments, progress of risk reduction initiatives, external auditor feedback, control maturity assessments and relevant internal and industry cybersecurity incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Audit Committee, as part of its risk oversight function, is responsible for overseeing our cybersecurity program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] They receive regular reports from management about the prevention, detection, mitigation and remediation of cybersecurity incidents, including material security risks and information security vulnerabilities. Our Audit Committee, as part of its risk oversight function, is responsible for overseeing our cybersecurity program. The Audit Committee receives regular updates from management on cybersecurity risk resulting from risk assessments, progress of risk reduction initiatives, external auditor feedback, control maturity assessments and relevant internal and industry cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block]

Our Chief Information Security Officer (“CISO”), Chief Information Officer (“CIO”), Chief Technology Officer (“CTO”), Chief Legal and Compliance Officer (“CLCO”) and Director of Information and Cybersecurity (“DC”) have primary responsibility for assessing and managing material cybersecurity risks and are members of an internal committee that reviews issues and initiatives related to data security and privacy (the “Security Committee”), which drives alignment on security decisions across the Company. The CISO has over 20 years of experience in various roles related to information security and related technology, including roles specific to managing security requirements related to organizations operating in the payment card industry. The CIO, CTO and DC also each have over 20 years of experience serving in various roles in information technology fields; the CIO has over 25 years of global technology leadership across fintech, software, and payments industries, leading technology, product, and engineering organizations for multinational companies, with extensive experience in implementing software solutions and managing risk across the entire technology lifecycle. The CTO has been with the Company since 2014 and the DC previously served as the Chief Information Security Officer at an IT services and consulting company. The CLCO has over 20 years of experience managing risks and related disclosure requirements, including risks arising from cybersecurity threats, at publicly traded companies. The Security Committee meets at least quarterly to evaluate security performance metrics, prioritize risks identified through threat intelligence, vulnerability and risk assessments, external audits, and incident response insights, and review the progress of approved security enhancements. The Security Committee also considers and makes recommendations to the Audit Committee on security policies and procedures, security service requirements and risk mitigation strategies.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Chief Information Security Officer (“CISO”), Chief Information Officer (“CIO”), Chief Technology Officer (“CTO”), Chief Legal and Compliance Officer (“CLCO”) and Director of Information and Cybersecurity (“DC”)
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO has over 20 years of experience in various roles related to information security and related technology, including roles specific to managing security requirements related to organizations operating in the payment card industry. The CIO, CTO and DC also each have over 20 years of experience serving in various roles in information technology fields; the CIO has over 25 years of global technology leadership across fintech, software, and payments industries, leading technology, product, and engineering organizations for multinational companies, with extensive experience in implementing software solutions and managing risk across the entire technology lifecycle. The CTO has been with the Company since 2014 and the DC previously served as the Chief Information Security Officer at an IT services and consulting company. The CLCO has over 20 years of experience managing risks and related disclosure requirements, including risks arising from cybersecurity threats, at publicly traded companies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Security Committee meets at least quarterly to evaluate security performance metrics, prioritize risks identified through threat intelligence, vulnerability and risk assessments, external audits, and incident response insights, and review the progress of approved security enhancements. The Security Committee also considers and makes recommendations to the Audit Committee on security policies and procedures, security service requirements and risk mitigation strategies
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies  
Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements include the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates

Use of Estimates

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These accounting principles require management to make assumptions and estimates relating to the reporting of assets and liabilities in its preparation of the consolidated financial statements. Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, goodwill and intangible assets, leases, valuation allowances for inventories and deferred taxes, revenue recognized for work performed but not completed, recognition of amounts and timing of contract costs and uncertain tax positions. Actual results could differ from those estimates.
Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents and they are stated at cost, which approximates fair value.
Trade Accounts Receivable and Concentration of Credit Risk

​

Trade Accounts Receivable and Concentration of Credit Risk

Accounts receivable are stated at the amount management expects to collect from outstanding balances. The Company performs ongoing credit evaluations of its customers and generally requires no collateral to secure accounts receivable.

​

​

​

​

​

​

​

​

​

    

December 31, 

​

​

2024

​

2023

Trade accounts receivable

 

$

78,464

 

$

69,245

Unbilled accounts receivable

 

​

7,213

 

​

4,725

​

 

​

85,677

 

​

73,970

Less allowance for credit losses

​

​

(186)

​

​

(246)

Total accounts receivable, net

​

$

85,491

​

$

73,724

​

The Company maintains an allowance for potential credit losses based upon its assessment of the collectability of accounts receivable. Accounts are written off against the allowance when it is determined collection will not occur. The provision for credit losses was immaterial for both the years ended December 31, 2024 and 2023.

​

For both years ended December 31, 2024 and 2023, one customer represented 18% of the Company’s consolidated net sales.
Inventories

Inventories

Inventories consist of raw materials and finished goods, and are measured at the lower of cost or net realizable value (determined on a first-in, first-out or specific identification basis). Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Finished goods inventory represents primarily stock cards and Card@Once hardware. The stock cards are not produced for a specific customer, but are ready to be personalized and sold as customer orders are received. The Company monitors inventory for events or circumstances that may indicate the net realizable value is less than the carrying value of inventory, such as negative margins, expiration of material usage and other forms of obsolescence, and records adjustments to the valuation of inventory, as necessary.

For the year ended December 31, 2024 approximately 95% of the total value of purchased microchips and antennas came from three main suppliers, and approximately 78% came from one supplier. Approximately 96% of the total value of purchased microchips and antennas for the year ended December 31, 2023 came from four main suppliers, and approximately 72% came from one supplier.
Plant, Equipment and Leasehold Improvements

Plant, Equipment and Leasehold Improvements

Plant, equipment and leasehold improvements are recorded at cost. Accumulated depreciation is computed using the straight-line method over the lesser of the estimated useful life of the related assets (generally 3 to 10 years for machinery and equipment, furniture, computer equipment, and leasehold improvements) or, when applicable, the lease term. Maintenance and repairs that do not extend the useful life of the respective assets are charged to expense as incurred. Capital expenditures are presented net of lessor reimbursements on the consolidated statement of cash flows for assets acquired when corresponding financing leases were contemplated to be executed at the asset purchase date and such financing leases are entered into shortly after asset acquisition. Any financing leases executed for the acquisition of right-of-use machinery and equipment assets are presented in the supplemental disclosures of non-cash information on the statement of cash flows. Financing leases are further described in Note 9, “Financing and Operating Leases.”

Long-lived assets with finite lives are reviewed for impairment whenever events indicate that the carrying amount of the asset or the carrying amounts of the asset group containing the asset may not be recoverable. In such reviews, estimated undiscounted future cash flows associated with these assets or asset groups are compared with their carrying value to determine if a write-down to fair value is required.

Goodwill and Intangible Assets

Goodwill and Intangible Assets

The Company accounts for its goodwill under the authoritative guidance for goodwill and other intangible assets (ASC 350) and tests at least annually or more frequently when an event occurs or circumstances change that indicates the carrying value may not be recoverable. The Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. The Company performs its goodwill impairment test by comparing the fair value of the reporting unit with the carrying amount. If this qualitative assessment indicates it is more likely than not the fair value of a reporting unit is less than the carrying amount, a one-step quantitative test is then performed. Factors management considers in this assessment include macroeconomic, industry and market considerations, overall financial performance (both current and projected), cost increases impacting earnings and cash flows, changes in management and strategy, and changes in the composition or carrying amount of net assets. In the event a reporting unit’s carrying value exceeds its fair value, the Company recognizes an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value.

Acquired finite-lived intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets, and are reviewed for impairment whenever events indicate that the carrying amount of the asset may not be recoverable. In such reviews, estimated undiscounted future cash flows associated with these assets are compared with their carrying value to determine if a write-down to fair value is required.
Sales Tax

Sales Tax

The Company records sales tax collected from its customers on a net basis, and therefore excludes it from net sales as defined in ASC 606, Revenue from Contracts with Customers. Cash collected from customers is recorded in “Accrued expenses” on the Company’s consolidated balance sheets and then remitted to the proper taxing authority.
Income Taxes

Income Taxes

The Company accounts for income taxes using an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.

The Company has deferred tax assets and liabilities and maintains valuation allowances where it is more likely than not that all or a portion of deferred tax assets will not be realized. To the extent the Company determines that it will not realize the benefit of some or all of its deferred tax assets, then these deferred tax assets will be adjusted through the Company’s income tax expense in the period in which this determination is made.

The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. The reserves are established when the Company believes that certain positions are likely to be challenged and may not be fully sustained on review by tax authorities. The Company adjusts uncertain tax positions in light of changing facts and circumstances, such as the closing of a tax audit or refinement of an estimate. The Company recognizes the tax benefits from uncertain tax positions only when it is more likely than not, based on the technical merits of the position, that the tax position will be sustained upon examination, including the resolution of any related appeals or litigation. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense.
Stock-Based Compensation

Stock-Based Compensation

The Company accounts for stock-based compensation pursuant to ASC 718, Share-Based Payments. All stock-based compensation is required to be measured at fair value and expensed over the requisite service period. The Company accounts for forfeitures as they occur and reverses previously recognized expense for the unvested portion of the forfeited shares. The Company recognizes compensation expense on awards on a straight-line basis over the vesting period for each tranche of an award. Upon the exercise of stock options, shares of common stock are issued from authorized common shares. Refer to Note 16 “Stock-Based Compensation” for additional discussion regarding details of the Company's stock-based compensation plans.
Net Sales

Net Sales

Products Net Sales

“Products” net sales are recognized when obligations under the terms of a contract with a customer are satisfied. In most instances, this occurs over time as cards are produced for specific customers and have no alternative use and the Company has an enforceable right to payment for work performed. For work performed but not completed and unbilled, the Company estimates revenue by taking actual costs incurred and applying historical margins for similar types of contracts. Items included in “Products” net sales are the design and production of payment cards, including contact, contactless, eco-focused, and magnetic stripe cards, CPI’s eco-focused solutions, including cards made with upcycled plastic, metal cards, private label credit cards and retail gift cards. Card@Once hardware and consumables are also included in “Products” net sales, and their associated revenues are recognized at the time of shipping. The Company includes gross shipping and handling revenue in net sales, and shipping and handling costs in cost of sales.

​

Services Net Sales

​

Net sales are recognized for “Services” as the services are performed. Items included in “Services” net sales include the personalization and fulfillment of payment cards, providing tamper-evident secure packaging and fulfillment services to prepaid program managers, and SaaS-based personalization of instant issuance debit and credit cards. As applicable, for work performed but not completed and unbilled, the Company estimates revenue by taking actual costs incurred and applying historical margins for similar types of contracts.

​

Customer Contracts

The Company often enters into Master Services Agreements (“MSAs”) with its customers. Generally, enforceable rights and obligations for goods and services occur only when a customer places a purchase order or statement of work to obtain goods or services under an MSA. The contract term as defined by ASC 606, Revenue from Contracts with Customers, is the length of time it takes to deliver the goods or services promised under the purchase order or statement of work. As such, the Company's contracts are generally short term in nature.

​

Costs to Obtain a Contract with a Customer

Costs to obtain a contract (“contract costs”) include only those costs incurred to obtain a contract that the Company would not have incurred if the contract had not been obtained. For contracts where the term is greater than one year, these costs are recorded as an asset and amortized consistent with the timing of the related revenue over the life of the contract. The current portion of the asset is included in “Prepaid expenses and other current assets” and the noncurrent portion is included in “Other assets” on the Company's consolidated balance sheets. Contract costs incurred but unpaid are included in “Accrued expenses” on the Company's consolidated balance sheets. Contract costs are expensed as incurred when the amortization period is one year or less.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

​

In November 2023, the Financial Accounting Standards Board issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which will require enhanced segment disclosures. Adoption of this accounting standard is effective for the Company for fiscal years beginning after December 15, 2023. The application of ASU 2023-07 did not change which segments are currently reported but did result in additional disclosure in the notes to the financial statements.

​

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require a disaggregated rate reconciliation disclosure as well as additional information regarding taxes paid. Adoption of this accounting standard is effective for the Company for fiscal years beginning after December 15, 2024. The Company has elected not to early adopt this accounting standard.

The adoption of this standard will result in additional income tax disclosures; however, the Company does not anticipate that it will have a material impact on the Company’s consolidated financial position and results of operations.

In November 2024, the Financial Accounting Standards Board issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which will require disclosure of disaggregated information about certain expense captions presented in the income statement. Adoption of this accounting standard is effective for the Company for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The requirements should be applied on a prospective basis while retrospective application is permitted. The Company is evaluating the impact of adoption of this standard and does not anticipate that it will have a material impact on the Company’s consolidated financial position and results of operations.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies  
Schedule of accounts receivable

​

​

​

​

​

​

​

​

​

    

December 31, 

​

​

2024

​

2023

Trade accounts receivable

 

$

78,464

 

$

69,245

Unbilled accounts receivable

 

​

7,213

 

​

4,725

​

 

​

85,677

 

​

73,970

Less allowance for credit losses

​

​

(186)

​

​

(246)

Total accounts receivable, net

​

$

85,491

​

$

73,724
v3.25.0.1
Net Sales (Tables)
 12 Months Ended
Dec. 31, 2024
Net Sales.  
Schedule of disaggregation of net sales by major source

​

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended December 31, 2024

​

​

Products

​

Services

​

Total

Debit and Credit

​

$

251,146

​

$

124,115

​

$

375,261

Prepaid Debit

​

​

—

​

​

106,541

​

​

106,541

Intersegment eliminations

​

​

(1,138)

​

​

(63)

​

 

(1,201)

Total

​

$

250,008

​

$

230,593

​

$

480,601

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended December 31, 2023

​

​

Products

​

Services

​

Total

Debit and Credit

​

$

250,047

​

$

111,010

​

$

361,057

Prepaid Debit

​

​

—

​

​

84,237

​

​

84,237

Intersegment eliminations

​

​

(693)

​

 

(54)

​

 

(747)

Total

​

$

249,354

​

$

195,193

​

$

444,547

​
v3.25.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2024
Inventories  
Schedule of inventories

​

​

​

​

​

​

​

​

​

​

December 31,

​

    

2024

    

2023

Raw materials

 

$

64,818

​

$

64,056

Finished goods

​

​

7,842

​

 

6,538

Total inventories, net

 

$

72,660

​

$

70,594

​
v3.25.0.1
Plant, Equipment, Leasehold Improvements and Operating Lease Right-of-Use Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Plant, Equipment, Leasehold Improvements and Operating Lease Right-of-Use Assets  
Schedule of plant, equipment, leasehold improvements and operating lease right-to-use assets

​

​

​

​

​

​

​

​

​

​

December 31,

​

    

2024

    

2023

Machinery and equipment

​

$

71,781

​

$

67,506

Machinery and equipment under financing leases

​

​

32,272

​

​

23,774

Furniture, fixtures and computer equipment

​

​

1,123

​

 

107

Leasehold improvements

​

​

18,875

​

 

16,335

Construction in progress

​

​

5,141

​

 

1,778

Operating lease right-of-use assets

​

​

15,090

​

​

19,989

​

​

​

144,282

​

 

129,489

Less accumulated depreciation and amortization

​

​

(75,634)

​

 

(66,436)

Total plant, equipment, leasehold improvements and operating lease right-of-use assets, net

 

$

68,648

​

$

63,053
v3.25.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Other Intangible Assets  
Schedule of intangible assets excluding goodwill

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

  

Weighted Average

  

​

  

Accumulated

  

Net Book

  

​

  

Accumulated

  

Net Book

​

​

Life (Years)

​

Cost

​

Amortization

​

Value

​

Cost

​

Amortization

​

Value

Customer relationships

 

17.2

​

$

55,454

​

$

(45,248)

​

$

10,206

​

$

55,454

​

$

(41,971)

​

$

13,483

Acquired technology

 

10.0

​

 

7,101

​

​

(7,101)

​

​

—

​

 

7,101

​

​

(6,967)

​

​

134

Trademarks

​

8.7

​

​

3,330

​

​

(3,044)

​

​

286

​

​

3,330

​

​

(2,825)

​

​

505

Intangible assets subject to amortization

​

​

​

$

65,885

​

$

(55,393)

​

$

10,492

​

$

65,885

​

$

(51,763)

​

$

14,122
Schedule of future aggregate amortization expense for identified amortizable intangibles

​

​

​

​

​

2025

​

$

3,440

2026

    

 

2,471

2027

​

​

1,947

2028

​

​

1,580

2029

​

​

1,054

​

​

$

10,492
v3.25.0.1
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value of Financial Instruments  
Schedule of financial assets and liabilities subject to fair value measurements

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying

​

​

​

Fair Value Measurement at

​

​

Value as of

​

Fair Value as of

​

December 31, 2024

​

​

December 31,

​

December 31,

​

(Using Fair Value Hierarchy)

​

    

2024

    

2024

    

Level 1

    

Level 2

    

Level 3

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2029 Senior Notes

 

$

285,000

 

$

304,571

​

$

—

 

$

304,571

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying

​

​

​

Fair Value Measurement at

​

​

Value as of

​

Fair Value as of

​

December 31, 2023

​

​

December 31,

​

December 31,

​

(Using Fair Value Hierarchy)

​

    

2023

    

2023

    

Level 1

    

Level 2

    

Level 3

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026 Senior Notes

​

$

267,897

 

$

261,834

​

$

—

 

$

261,834

​

$

—
v3.25.0.1
Accrued Expenses (Tables)
 12 Months Ended
Dec. 31, 2024
Accrued Expenses.  
Schedule of accrued expenses

​

​

​

​

​

​

​

​

​

    

December 31,

​

​

2024

​

2023

Accrued payroll and related employee expenses

 

$

9,493

 

$

11,431

Accrued employee performance-based incentive compensation

 

​

4,664

 

​

667

Employer payroll taxes

​

​

868

​

​

298

Accrued rebates

​

​

3,956

​

​

2,919

Capitalized contract costs payable

​

​

8,000

​

​

—

Accrued interest

 

​

13,506

 

​

6,830

Current operating and financing lease liabilities

​

​

9,065

​

​

7,318

Accrued share repurchases

​

​

—

​

​

733

Other

​

​

8,427

​

​

5,607

Total accrued expenses

​

$

57,979

​

$

35,803
v3.25.0.1
Financing and Operating Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Financing and Operating Leases  
Schedule of operating and finance lease costs

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

​

2024

​

2023

Operating lease costs

​

$

3,278

​

$

3,191

Short-term and variable lease costs

​

​

1,009

​

​

741

Total expense from operating leases

​

$

4,287

​

$

3,932

​

​

​

​

​

​

​

Finance lease costs:

​

​

​

​

​

​

Right-of-use amortization expense

​

$

3,198

​

$

2,314

Interest on lease liabilities

​

​

1,104

​

​

784

Total financing lease costs

​

$

4,302

​

$

3,098
Schedule of balances for operating and financing leases

​

​

​

​

​

​

​

​

​

    

December 31, 

​

​

2024

​

2023

Operating leases:

​

​

​

​

​

​

Operating lease right-of-use assets, net of amortization

​

$

9,853

​

$

11,234

​

​

​

​

​

​

​

Current operating lease liabilities

​

$

2,468

​

$

2,539

Non-current operating lease liabilities

​

​

8,242

​

​

9,384

Total operating lease liabilities

​

$

10,710

​

$

11,923

​

​

​

​

​

​

​

Financing leases:

​

​

​

​

​

​

Plant, equipment and leasehold improvements

​

$

32,272

​

$

23,774

Accumulated depreciation

​

​

(6,533)

​

​

(3,335)

Total financing leases in plant, equipment and leasehold improvements, net

​

$

25,739

​

$

20,439

​

​

​

​

​

​

​

Current financing lease liabilities

​

$

6,597

​

$

4,779

Non-current financing lease liabilities

​

​

16,204

​

​

13,327

Total financing lease liabilities

​

$

22,801

​

$

18,106
Schedule of components of lease expense

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

​

​

2024

​

​

2023

Weighted-average remaining lease term:

​

​

​

​

​

​

Operating leases

​

​

4.06

​

​

4.70

Financing leases

​

​

3.84

​

​

3.98

​

​

​

​

​

​

​

Weighted-average discount rate:

​

​

​

​

​

​

Operating leases

​

​

7.04%

​

​

7.19%

Financing leases

​

​

6.23%

​

​

6.28%
Schedule of future cash payment of operating lease obligations

​

Future cash payment with respect to lease obligations as of December 31, 2024 were as follows:

​

​

​

​

​

​

​

​

​

​

Operating

​

Financing

​

​

Lease

​

Leases

Year Ending

​

​

​

​

​

​

2025

​

$

3,142

​

$

7,831

2026

​

​

2,987

​

​

6,416

2027

​

​

2,833

​

​

5,485

2028

​

​

2,513

​

​

4,224

2029

​

​

886

​

​

1,707

Total lease payments

​

​

12,361

​

​

25,663

Less imputed interest

​

​

(1,651)

​

​

(2,862)

Total

​

$

10,710

​

$

22,801

​
Schedule of future cash payment of financing lease obligations

​

​

​

​

​

​

​

​

​

​

Operating

​

Financing

​

​

Lease

​

Leases

Year Ending

​

​

​

​

​

​

2025

​

$

3,142

​

$

7,831

2026

​

​

2,987

​

​

6,416

2027

​

​

2,833

​

​

5,485

2028

​

​

2,513

​

​

4,224

2029

​

​

886

​

​

1,707

Total lease payments

​

​

12,361

​

​

25,663

Less imputed interest

​

​

(1,651)

​

​

(2,862)

Total

​

$

10,710

​

$

22,801

​
v3.25.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Long-Term Debt.  
Schedule of long-term debt

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

December 31,

​

​

​

    

2024

    

2023

2029 Senior Notes

​

​

​

​

$

285,000

​

$

—

2026 Senior Notes

​

​

​

​

​

—

​

​

267,897

Unamortized deferred financing costs

​

​

 

​

​

(4,595)

​

​

(2,900)

Total long-term debt

​

​

​

​

​

280,405

​

​

264,997

Less current maturities

​

​

​

​

​

—

​

​

—

Long-term debt, net of current maturities

​

​

​

​

$

280,405

​

$

264,997

​
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of income tax (benefit) expense from continuing operations and effective income tax rates

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

    

2024

    

2023

    

Current taxes:

​

​

​

​

​

​

​

Domestic

 

$

9,318

​

$

10,126

​

Foreign

​

 

9

​

 

20

​

​

​

​

9,327

​

 

10,146

​

Deferred taxes:

​

​

​

​

​

​

​

Domestic

​

​

(3,821)

​

 

331

​

Foreign

​

​

—

​

 

—

​

​

​

​

(3,821)

​

 

331

​

Income tax expense

 

$

5,506

​

$

10,477

​

Income before income taxes:

​

​

​

​

​

​

​

Domestic income

 

$

24,987

​

$

34,400

​

Foreign income

​

​

40

​

 

62

​

Total

 

$

25,027

​

$

34,462

​

Effective income tax rate

​

 

22.0

%

​

30.4

%
Schedule of effective income tax rate reconciliation

​

​

​

​

​

​

​

​

​

December 31,

​

​

​

2024

    

2023

    

Tax at federal statutory rate

​

21.0

%

21.0

%

State taxes, net

​

5.4

 

4.4

 

Expiration of capital loss carryover

​

7.1

​

—

​

Valuation allowance

​

(7.1)

​

—

​

Unrecognized tax benefits

​

(2.8)

​

0.1

​

Tax credits

​

(1.4)

​

(0.5)

​

Permanent items(1)

​

(0.2)

​

5.3

​

Other

​

—

 

0.1

 

Effective income tax rate

​

22.0

%

30.4

%

(1)Includes the deductibility limitations on excess compensation.
Schedule of components of deferred tax assets and liabilities

​

​

​

​

​

​

​

​

​

​

December 31,

​

    

2024

​

2023

Deferred tax assets:

​

​

​

​

​

​

Accrued expense

​

$

3,414

​

$

1,928

Net operating loss carryforward

​

​

133

​

 

130

Stock-based compensation

​

​

2,400

​

 

1,798

Interest limitation

​

​

2,424

​

​

1,689

Lease liability

​

​

2,730

​

​

3,026

Capital loss carryover

​

​

—

​

​

2,110

Research and development costs

​

​

2,070

​

​

1,350

Other

​

​

2,772

​

​

3,244

Total gross deferred tax assets

​

​

15,943

​

 

15,275

Valuation allowance

​

 

(872)

​

 

(2,616)

Net deferred tax assets

​

​

15,071

​

 

12,659

Deferred tax liabilities:

​

​

​

​

​

​

Plant, equipment and leasehold improvements

​

 

(8,552)

​

 

(8,825)

Intangible assets

​

 

(6,075)

​

 

(6,745)

Right-of-use assets

​

​

(2,511)

​

​

(2,851)

Other

​

 

(1,251)

​

 

(1,377)

Total gross deferred tax liabilities

​

 

(18,389)

​

 

(19,798)

Net deferred tax liabilities

​

$

(3,318)

​

$

(7,139)
Unrecognized Tax Benefits

​

​

​

​

​

Balance as of December 31, 2023

​

$

1,317

Increase related to current year tax position

​

​

82

Increase related to prior year tax position

​

​

37

Decrease related to lapse of statute of limitations

​

​

(767)

Balance as of December 31, 2024

​

$

669
v3.25.0.1
Earnings per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings per Share  
Computation of basic and diluted earnings per share

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

    

2024

​

2023

Numerator:

​

​

    

    

​

    

Net income

​

$

19,521

​

$

23,985

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

Basic weighted-average common shares outstanding

​

 

11,152,648

​

 

11,426,124

Dilutive shares

​

​

725,428

​

​

491,432

Diluted weighted-average common shares outstanding

​

​

11,878,076

​

​

11,917,556

​

​

​

​

​

​

​

Basic earnings per share

​

$

1.75

​

$

2.10

​

​

​

​

​

​

​

Diluted earnings per share

​

$

1.64

​

$

2.01

​
v3.25.0.1
Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Stock-Based Compensation  
Summary of outstanding and exercisable stock options

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

​

​

​

​

​

​

​

Remaining

​

​

​

​

​

​

​

Weighted-Average

​

Contractual

​

Aggregate

​

​

​

​

Exercise

​

Term

​

Intrinsic

​

​

Options

​

Price

​

(in Years)

​

Value

Outstanding as of December 31, 2023

​

909,438

​

$

18.79

​

4.06

​

$

6,482

Exercised

​

(125,144)

​

​

5.98

​

—

​

​

​

Expired

​

(1,459)

​

​

24.71

​

—

​

​

​

Forfeited

​

(1,572)

​

​

18.01

​

—

​

​

​

Outstanding as of December 31, 2024

​

781,263

​

$

20.84

​

2.67

​

$

9,925

Options vested and exercisable as of December 31, 2024

​

711,979

​

$

20.70

​

2.52

​

$

9,333

Options vested and expected to vest as of December 31, 2024

​

781,263

​

$

20.84

​

2.67

​

$

9,925
Schedule of vesting for unvested options

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

​

Grant-Date

​

​

Number

​

Fair Value

Unvested as of December 31, 2023

​

160,121

​

$

10.92

Vested

​

(89,265)

​

​

10.69

Forfeited

​

(1,572)

​

​

11.12

Unvested as of December 31, 2024

​

69,284

​

$

11.21
Schedule of valuation assumptions

​

​

​

​

​

​

​

​

​

December 31,

​

​

​

2024

​

2023

​

Expected term in years (1)

​

—

​

2.90

​

Volatility (2)

​

—

%

73.16

%

Risk-free interest rate (3)

​

—

%

4.46

%

Dividend yield (4)

​

—

%

—

%

(1)The Company estimated the expected term based on the average of the weighted-average vesting period and the contractual term of the stock option awards by utilizing the “simplified method,” as the Company does not have sufficient available historical data to estimate the expected term of these stock option awards.
(2)Volatility was based on a weighting of the Company’s historical volatility and a representative peer group, which is comprised of companies with similar industry, size and financial leverage.
(3)The risk-free interest rate was determined by using the United States Treasury rate for the period consistent with the expected term described above.
(4)The Company’s expected annual dividend yield was zero based on current practice. 
Summary of changes in outstanding restricted stock units

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

    

​

    

​

​

Remaining

​

​

​

​

Weighted-Average

​

Amortization

​

​

​

​

Grant-Date

​

Period

​

​

Shares 

​

Fair Value

​

(in Years)

Outstanding as of December 31, 2023

 

713,360

​

$

21.25

​

​

Granted

​

226,739

​

​

23.90

​

​

Vested

​

(305,348)

​

​

21.57

​

​

Forfeited

 

(38,535)

​

​

20.30

​

​

Outstanding as of December 31, 2024

 

596,216

​

$

22.15

​

1.25
v3.25.0.1
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting  
Schedule of revenue and EBITDA of the company's reportable segments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2024

​

Debit and Credit

​

Prepaid Debit

​

Other

​

Intersegment Eliminations

​

Total

Net sales

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Products

$

251,146

​

$

—

​

$

—

​

$

(1,138)

​

$

250,008

Services

​

124,115

​

​

106,541

​

​

—

​

​

(63)

​

​

230,593

Total net sales

​

375,261

​

​

106,541

​

​

—

​

​

(1,201)

​

​

480,601

Cost of sales

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Products(1)

​

167,174

​

​

—

​

​

—

​

​

(1,138)

​

​

166,036

Services(1)

​

72,255

​

​

59,760

​

​

—

​

​

(63)

​

​

131,952

Depreciation and amortization

​

7,737

​

​

3,657

​

​

—

​

​

—

​

​

11,394

Total cost of sales

​

247,166

​

​

63,417

​

​

—

​

​

(1,201)

​

​

309,382

Gross profit

​

128,095

​

​

43,124

​

​

—

​

​

—

​

​

171,219

Operating expenses

​

35,239

​

​

5,923

​

​

67,265

​

​

—

​

​

108,427

Income (loss) from operations

$

92,856

​

$

37,201

​

$

(67,265)

​

$

—

​

$

62,792

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBITDA by segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) from operations

$

92,856

​

$

37,201

​

$

(67,265)

​

$

—

​

$

62,792

Depreciation and amortization

​

8,854

​

​

3,896

​

​

3,670

​

​

—

​

​

16,420

Other income (expense)

​

(82)

​

​

(10)

​

​

(3,586)

​

​

—

​

​

(3,678)

EBITDA

$

101,628

​

$

41,087

​

$

(67,181)

​

$

—

​

$

75,534

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross profit margin

​

34.1%

​

​

40.5%

​

​

*

​

​

*

​

​

35.6%

EBITDA margin

​

27.1%

​

​

38.6%

​

​

*

​

​

*

​

​

15.7%

*

Calculation not meaningful.

(1)

Exclusive of depreciation and amortization.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2023

​

Debit and Credit

​

Prepaid Debit

​

Other

​

Intersegment Eliminations

​

Total

Net sales

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Products

$

250,047

​

$

—

​

$

—

​

$

(693)

​

$

249,354

Services

​

111,010

​

​

84,237

​

​

—

​

​

(54)

​

​

195,193

Total net sales

​

361,057

​

​

84,237

​

​

—

​

​

(747)

​

​

444,547

Cost of sales

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Products(1)

​

162,067

​

​

—

​

​

—

​

​

(693)

​

​

161,374

Services(1)

​

64,461

​

​

52,990

​

​

—

​

​

(54)

​

​

117,397

Depreciation and amortization

​

7,753

​

​

2,534

​

​

—

​

​

—

​

​

10,287

Total cost of sales

​

234,281

​

​

55,524

​

​

—

​

​

(747)

​

​

289,058

Gross profit

​

126,776

​

​

28,713

​

​

—

​

​

—

​

​

155,489

Operating expenses

​

31,870

​

​

3,786

​

​

58,243

​

​

—

​

​

93,899

Income (loss) from operations

$

94,906

​

$

24,927

​

$

(58,243)

​

$

—

​

$

61,590

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBITDA by segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) from operations

$

94,906

​

$

24,927

​

$

(58,243)

​

$

—

​

$

61,590

Depreciation and amortization

​

9,025

​

​

2,860

​

​

4,046

​

​

—

​

​

15,931

Other income (expense)

​

29

​

​

(1)

​

​

(243)

​

​

—

​

​

(215)

EBITDA

$

103,960

​

$

27,786

​

$

(54,440)

​

$

—

​

$

77,306

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross profit margin

​

35.1%

​

​

34.1%

​

​

*

​

​

*

​

​

35.0%

EBITDA margin

​

28.8%

​

​

33.0%

​

​

*

​

​

*

​

​

17.4%

*

Calculation not meaningful.

(1)

Exclusive of depreciation and amortization.
Schedule of reconciliation of total segment EBITDA to income before taxes

​

​

​

​

​

​

​

​

​

​

December 31,

​

    

2024

    

2023

Net income

 

$

19,521

 

$

23,985

Interest, net

​

 

34,087

​

 

26,913

Income tax expense

​

​

5,506

​

​

10,477

Depreciation and amortization

​

 

16,420

​

 

15,931

EBITDA

 

$

75,534

 

$

77,306
Schedule of total assets of the company's reportable segments

​

​

​

​

​

​

​

​

​

​

December 31,

​

    

2024

    

2023

Debit and Credit

 

$

248,970

 

$

235,680

Prepaid Debit

​

​

60,621

​

 

38,265

Other

​

​

40,066

​

 

19,738

Total assets

​

$

349,657

 

$

293,683
Total capital expenditures of the Company's reportable segments

​

​

​

​

​

​

​

​

​

​

December 31,

​

    

2024

    

2023

Debit and Credit

 

$

6,921

 

$

5,116

Prepaid Debit

​

​

2,319

​

 

963

Other

​

​

17

​

 

326

Total capital expenditures

​

$

9,257

 

$

6,405
v3.25.0.1
Summary of Significant Accounting Policies - Trade Accounts Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Trade Accounts Receivable    
Trade accounts receivable $ 78,464 $ 69,245
Unbilled accounts receivable 7,213 4,725
Trade and unbilled accounts receivable 85,677 73,970
Less allowance for credit losses (186) (246)
Total accounts receivable, net $ 85,491 $ 73,724
v3.25.0.1
Summary of Significant Accounting Policies - Bad debts and Concentration of Credit Risk (Details)
 12 Months Ended
Dec. 31, 2024
customer
item
Dec. 31, 2023
item
customer
Customer Concentration Risk | Net sales | Major Customer Number One    
Allowance for bad debt and credit activity    
Number of customers | customer 1 1
Concentration risk (as a percent) 18.00% 18.00%
Supplier Concentration Risk | Cost of Goods and Service Benchmark | Three Suppliers    
Allowance for bad debt and credit activity    
Concentration risk (as a percent) 95.00%  
Number of suppliers 3  
Supplier Concentration Risk | Cost of Goods and Service Benchmark | Four Suppliers    
Allowance for bad debt and credit activity    
Concentration risk (as a percent)   96.00%
Number of suppliers   4
Supplier Concentration Risk | Cost of Goods and Service Benchmark | One Supplier    
Allowance for bad debt and credit activity    
Concentration risk (as a percent) 78.00% 72.00%
Number of suppliers 1 1
v3.25.0.1
Summary of Significant Accounting Policies - Plant, Equipment and Leasehold Improvements (Details)
Dec. 31, 2024
Minimum  
Plant, Equipment and Leasehold Improvements  
Useful life (in years) 3 years
Maximum  
Plant, Equipment and Leasehold Improvements  
Useful life (in years) 10 years
v3.25.0.1
Net Sales (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue    
Total net sales $ 480,601 $ 444,547
Operating Segments | Debit and Credit    
Disaggregation of Revenue    
Total net sales 375,261 361,057
Operating Segments | Prepaid Debit    
Disaggregation of Revenue    
Total net sales 106,541 84,237
Intersegment eliminations    
Disaggregation of Revenue    
Total net sales (1,201) (747)
Products    
Disaggregation of Revenue    
Total net sales 250,008 249,354
Products | Operating Segments | Debit and Credit    
Disaggregation of Revenue    
Total net sales 251,146 250,047
Products | Intersegment eliminations    
Disaggregation of Revenue    
Total net sales (1,138) (693)
Services    
Disaggregation of Revenue    
Total net sales 230,593 195,193
Services | Operating Segments | Debit and Credit    
Disaggregation of Revenue    
Total net sales 124,115 111,010
Services | Operating Segments | Prepaid Debit    
Disaggregation of Revenue    
Total net sales 106,541 84,237
Services | Intersegment eliminations    
Disaggregation of Revenue    
Total net sales $ (63) $ (54)
v3.25.0.1
Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Inventories    
Raw materials $ 64,818 $ 64,056
Finished goods 7,842 6,538
Total inventories, net $ 72,660 $ 70,594
v3.25.0.1
Plant, Equipment, Leasehold Improvements and Operating Lease Right-of-Use Assets (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Plant, Equipment and Leasehold Improvements    
Plant, equipment and leasehold improvements, gross $ 144,282,000 $ 129,489,000
Less accumulated depreciation and amortization (75,634,000) (66,436,000)
Total plant, equipment, leasehold improvements and operating lease right-of-use assets, net 68,648,000 63,053,000
Impairments of the Company's plant, equipment, and leasehold improvement assets 0 0
Machinery and equipment    
Plant, Equipment and Leasehold Improvements    
Plant, equipment and leasehold improvements, gross 71,781,000 67,506,000
Machinery and equipment under financing leases    
Plant, Equipment and Leasehold Improvements    
Plant, equipment and leasehold improvements, gross 32,272,000 23,774,000
Furniture, fixtures and computer equipment    
Plant, Equipment and Leasehold Improvements    
Plant, equipment and leasehold improvements, gross 1,123,000 107,000
Leasehold improvements    
Plant, Equipment and Leasehold Improvements    
Plant, equipment and leasehold improvements, gross 18,875,000 16,335,000
Construction in progress    
Plant, Equipment and Leasehold Improvements    
Plant, equipment and leasehold improvements, gross 5,141,000 1,778,000
Operating lease right-of-use assets    
Plant, Equipment and Leasehold Improvements    
Plant, equipment and leasehold improvements, gross $ 15,090,000 $ 19,989,000
v3.25.0.1
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Intangible Assets    
Impairment of goodwill $ 0 $ 0
Impairment of acquired finite-lived intangible assets 0 0
Intangible amortization expense 3,630,000 3,866,000
Intangible assets subject to amortization, Gross Book Value 65,885,000 65,885,000
Intangible assets subject to amortization, Accumulated Amortization (55,393,000) (51,763,000)
Intangible assets subject to amortization, Net Book Value $ 10,492,000 14,122,000
Customer relationships    
Intangible Assets    
Weighted Average Life 17 years 2 months 12 days  
Intangible assets subject to amortization, Gross Book Value $ 55,454,000 55,454,000
Intangible assets subject to amortization, Accumulated Amortization (45,248,000) (41,971,000)
Intangible assets subject to amortization, Net Book Value $ 10,206,000 13,483,000
Acquired technology    
Intangible Assets    
Weighted Average Life 10 years  
Intangible assets subject to amortization, Gross Book Value $ 7,101,000 7,101,000
Intangible assets subject to amortization, Accumulated Amortization $ (7,101,000) (6,967,000)
Intangible assets subject to amortization, Net Book Value   134,000
Trademarks    
Intangible Assets    
Weighted Average Life 8 years 8 months 12 days  
Intangible assets subject to amortization, Gross Book Value $ 3,330,000 3,330,000
Intangible assets subject to amortization, Accumulated Amortization (3,044,000) (2,825,000)
Intangible assets subject to amortization, Net Book Value $ 286,000 $ 505,000
v3.25.0.1
Goodwill and Other Intangible Assets - Future Aggregate Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Estimated future aggregate amortization expense    
2025 $ 3,440  
2026 2,471  
2027 1,947  
2028 1,580  
2029 1,054  
Intangible assets subject to amortization, Net Book Value $ 10,492 $ 14,122
v3.25.0.1
Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jul. 11, 2024
Dec. 31, 2023
2029 Senior Notes      
Liabilities:      
Carrying amount $ 285,000    
2029 Senior Notes | Level 2      
Liabilities:      
Long-term debt 304,571    
2026 Senior Notes      
Liabilities:      
Carrying amount   $ 267,900 $ 267,897
2026 Senior Notes | Level 2      
Liabilities:      
Long-term debt     261,834
Estimate of Fair Value | 2029 Senior Notes      
Liabilities:      
Long-term debt $ 304,571    
Estimate of Fair Value | 2026 Senior Notes      
Liabilities:      
Long-term debt     $ 261,834
v3.25.0.1
Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accrued Expenses.    
Accrued payroll and related employee expenses $ 9,493 $ 11,431
Accrued employee performance-based incentive compensation 4,664 667
Employer payroll taxes 868 298
Accrued rebates 3,956 2,919
Capitalized contract costs payable 8,000  
Accrued interest 13,506 6,830
Current operating and financing lease liabilities 9,065 7,318
Accrued share repurchases   733
Other 8,427 5,607
Total accrued expenses $ 57,979 $ 35,803
v3.25.0.1
Financing and Operating Leases - Components of Operating and Finance Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Finance lease option to extend true  
Operating lease option to extend true  
Operating lease costs:    
Operating lease costs $ 3,278 $ 3,191
Short-term and variable lease costs 1,009 741
Total expense from operating leases 4,287 3,932
Finance lease costs:    
Right-of-use amortization expense 3,198 2,314
Interest on lease liabilities 1,104 784
Total financing lease costs $ 4,302 $ 3,098
Maximum    
Finance lease extension term 10 years  
Operating lease extension term 10 years  
v3.25.0.1
Financing and Operating Leases - Operating and Financing Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases    
Operating lease right-of-use assets, net of amortization $ 9,853 $ 11,234
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Total plant, equipment, leasehold improvements and operating lease right-of-use assets, net Total plant, equipment, leasehold improvements and operating lease right-of-use assets, net
Current operating lease liabilities $ 2,468 $ 2,539
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
Non-current operating lease liabilities $ 8,242 $ 9,384
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Total operating lease liabilities $ 10,710 $ 11,923
Property, equipment and leasehold improvements 144,282 129,489
Accumulated depreciation (75,634) (66,436)
Total plant, equipment, leasehold improvements and operating lease right-of-use assets, net 68,648 63,053
Current financing lease liabilities $ 6,597 $ 4,779
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
Non-current financing lease liabilities $ 16,204 $ 13,327
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Total financing lease liabilities $ 22,801 $ 18,106
Operating lease yet to commence obligation $ 8,000  
Operating lease yet to commence maximum term 10 years  
Financing leases    
Leases    
Property, equipment and leasehold improvements $ 32,272 23,774
Accumulated depreciation (6,533) (3,335)
Total plant, equipment, leasehold improvements and operating lease right-of-use assets, net $ 25,739 $ 20,439
v3.25.0.1
Financing and Operating Leases - Components of Lease Expense (Details)
Dec. 31, 2024
Dec. 31, 2023
Weighted Average Remaining Lease Term    
Weighted Average Remaining Lease Term - Operating Leases 4 years 21 days 4 years 8 months 12 days
Weighted Average Remaining Lease Term - Financing Leases 3 years 10 months 2 days 3 years 11 months 23 days
Weighted Average Discount Rate    
Weighted Average Discount Rate - Operating Leases 7.04% 7.19%
Weighted Average Discount Rate - Financing Leases 6.23% 6.28%
v3.25.0.1
Financing and Operating Leases - Lease Maturity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Financing and Operating Leases    
Cash paid on operating lease liabilities $ 2,500 $ 2,400
Operating Leases    
2025 3,142  
2026 2,987  
2027 2,833  
2028 2,513  
2029 886  
Total operating lease payment 12,361  
Less imputed interest (1,651)  
Total operating lease liabilities 10,710 11,923
Financing Leases    
2025 7,831  
2026 6,416  
2027 5,485  
2028 4,224  
2029 1,707  
Total financing lease payment 25,663  
Less imputed interest (2,862)  
Total financing lease liabilities $ 22,801 $ 18,106
v3.25.0.1
Long-Term Debt - Long-Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jul. 11, 2024
Dec. 31, 2023
Long-term Debt      
Unamortized deferred financing costs $ (4,595)   $ (2,900)
Total long-term debt 280,405   264,997
Long-term debt, net of current maturities 280,405   264,997
2029 Senior Notes      
Long-term Debt      
Long-term debt $ 285,000    
2026 Senior Notes      
Long-term Debt      
Long-term debt   $ 267,900 $ 267,897
v3.25.0.1
Long-Term Debt - First Lien Credit Facility (Details)
$ in Thousands
 12 Months Ended
Jul. 11, 2024
USD ($)
D
Dec. 31, 2024
USD ($)
item
Dec. 31, 2023
USD ($)
Long-term Debt      
Loss on debt extinguishment   $ (2,987) $ (243)
2029 Senior Notes      
Long-term Debt      
Number of maturity days | D 91    
Interest rate (as a percent) 10.00%    
Issue Price Percentage (in %) 100.00%    
Long-term debt   285,000  
Aggregate principal amount $ 285,000    
Debi issuance cost   4,600  
Letters of Credit      
Long-term Debt      
Maximum borrowing capacity $ 10,000    
2026 Senior Notes      
Long-term Debt      
Interest rate (as a percent) 8.625%    
Long-term debt $ 267,900   $ 267,897
Redemption percentage 2.156%    
2026 ABL Revolver      
Long-term Debt      
Amount outstanding $ 4,000    
Loss on debt extinguishment   3,000  
2029 ABL Revolver      
Long-term Debt      
Maximum borrowing capacity   75,000  
Maximum uncommitted accordion feature amount $ 25,000    
Adjustment for credit spread 0.10%    
Amount outstanding   0  
Debi issuance cost   $ 1,400  
Amount drawn to trigger net leverage requirement (as a percent)   10.00%  
Available to borrow threshold amount   $ 7,500  
Number of consecutive days at or above available to borrow threshold amount | item   30  
Minimum fixed coverage ratio (as a percent)   1  
2029 ABL Revolver | Minimum      
Long-term Debt      
Applicable margin over reference rate (as a percent) 1.50%    
Unused commitment fee (as a percent) 0.375%    
2029 ABL Revolver | Maximum      
Long-term Debt      
Applicable margin over reference rate (as a percent) 1.75%    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember    
Unused commitment fee (as a percent) 0.50%    
v3.25.0.1
Income Taxes - Continuing Operations - Other (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Current taxes:    
Domestic $ 9,318 $ 10,126
Foreign 9 20
Current income tax (benefit) expense 9,327 10,146
Deferred taxes:    
Domestic (3,821) 331
Deferred income tax (benefit) expense (3,821) 331
Income tax expense 5,506 10,477
Income before income taxes:    
Domestic income 24,987 34,400
Foreign income 40 62
Income before income taxes $ 25,027 $ 34,462
Effective income tax rate (as a percent) 22.00% 30.40%
v3.25.0.1
Income Taxes - Effective Income Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation    
Tax at federal statutory rate (as a percent) 21.00% 21.00%
State taxes, net (as a percent) 5.40% 4.40%
Expiration of capital loss carryover (as a percent) 7.10%  
Valuation allowance (as a percent) (7.10%)  
Unrecognized tax benefits (as a percent) (2.80%) 0.10%
Tax credits (as a percent) (1.40%) (0.50%)
Permanent items (as a percent) (0.20%) 5.30%
Other (as a percent)   0.10%
Effective income tax rate (as a percent) 22.00% 30.40%
Capital Loss Carryforward, Expiration Period 5 years  
v3.25.0.1
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Accrued expense $ 3,414 $ 1,928
Net operating loss carryforward 133 130
Stock-based compensation 2,400 1,798
Interest limitation 2,424 1,689
Lease liability 2,730 3,026
Capital loss carryover   2,110
Research and development costs 2,070 1,350
Other 2,772 3,244
Total gross deferred tax asset 15,943 15,275
Valuation allowance (872) (2,616)
Net deferred tax assets 15,071 12,659
Deferred tax liabilities:    
Plant, property and leasehold improvements (8,552) (8,825)
Intangible assets (6,075) (6,745)
Right-to-use assets (2,511) (2,851)
Other (1,251) (1,377)
Total gross deferred tax liabilities (18,389) (19,798)
Net deferred tax liabilities $ (3,318) $ (7,139)
v3.25.0.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits    
Minimum compensation expense for certain covered employees $ 1,000  
Unrecognized Tax Benefits, Beginning Balance 1,317  
Increase related to current year tax position 82  
Increase related to prior year tax position 37  
Decrease related to lapse of statue of limitations (767)  
Unrecognized Tax Benefits, Ending Balance 669  
Unrecognized tax benefits expected to be recognized in next twelve months 500  
Unrecognized tax benefits, accrued interest and penalties $ 100 $ 300
v3.25.0.1
Stockholders' Deficit (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Vote / shares
$ / shares
shares
Dec. 31, 2023
$ / shares
shares
Oct. 02, 2024
USD ($)
Sep. 30, 2024
shares
Nov. 02, 2023
USD ($)
$ / shares
Repurchase Program          
Maximum value of shares authorized for repurchase under repurchase plan | $         $ 20.0
Common shares, par value (in dollars per share) | $ / shares $ 0.001 $ 0.001     $ 0.001
Shares repurchased and retired (in shares) | shares 473,284        
Average cost of shares repurchased (in dollars per share) | $ / shares $ 18.16        
Value of shares repurchased and retired | $ $ 8.6        
Value of remaining shares available under repurchase authorization | $ $ 11.2        
Common Stock          
Class of Stock          
Voting rights per share | Vote / shares 1        
Repurchase Program          
Shares repurchased and retired (in shares) | shares 473,284 13,180      
Over-allotment option          
Stockholders' Deficit          
Aggregate common shares to be offered | shares       1,380,000  
Estimated total expenses payable on behalf of related party | $     $ 0.5    
Tricor Pacific Capital Partners (Fund IV) US, LP          
Repurchase Program          
Shares repurchased and retired (in shares) | shares 364,848        
Average cost of shares repurchased (in dollars per share) | $ / shares $ 18.09        
v3.25.0.1
Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Numerator:    
Net income $ 19,521 $ 23,985
Denominator:    
Basic weighted-average common shares outstanding (in shares) 11,152,648 11,426,124
Dilutive shares (in shares) 725,428 491,432
Diluted weighted-average common shares outstanding (in shares) 11,878,076 11,917,556
Basic earnings per share (in dollars per share) $ 1.75 $ 2.1
Diluted earnings per share (in dollars per share) $ 1.64 $ 2.01
Outstanding stock based awards    
Potential antidilutive effect of share-based compensation excluded (in shares) 36,826 72,049
v3.25.0.1
Commitments and Contingencies - Commitments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies.    
Remaining commitment $ 62.0  
Remaining commitment, expected to be paid in the next 12 months 49.9  
Total purchases $ 68.4 $ 60.8
v3.25.0.1
Employee Benefit Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Employee Benefits    
Employee benefit plan, Company's portion vested at time of match (as a percent) 100.00%  
Employee benefit plan expense $ 2.4 $ 2.1
Participant's first 3% of deferrals    
Employee Benefits    
Employee benefit plan, Company match (as a percent) 100.00%  
Participant's second 2% of deferrals    
Employee Benefits    
Employee benefit plan, Company match (as a percent) 50.00%  
v3.25.0.1
Stock-Based Compensation - Omnibus Incentive Plan (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Weighted- Average Remaining Contractual Term (in Years)      
Balance (in years)   2 years 8 months 1 day 4 years 21 days
Weighted-Average Remaining Contractual Term (in Years): Options vested and exercisable   2 years 6 months 7 days  
Weighted-Average Remaining Contractual Term (in Years): Options vested and expected to vest   2 years 8 months 1 day  
Omnibus Plan      
Stock based compensation      
Number of shares authorized 3,200,000    
Number of additional shares authorized 1,000,000    
Omnibus Plan | Stock Options      
Stock based compensation      
Number of shares available for grant   866,564  
Stock options granted (in shares)   0  
Total fair value of options vested   $ 1,000 $ 1,200
Outstanding (in shares)   781,263 909,438
Exercise price (in dollars per share)   $ 20.84 $ 18.79
Stock option life (in years)   7 years  
Number of shares      
Balance at beginning of year (in shares)   909,438  
Granted (in shares)   0  
Exercised (in shares)   (125,144)  
Expired (in shares)   (1,459)  
Forfeited (in shares)   (1,572)  
Balance at end of year (in shares)   781,263 909,438
Options: Options vested and exercisable   711,979  
Options: Options vested and expected to vest   781,263  
Weighted-Average Exercise Price      
Balance at beginning of year (in dollars per share)   $ 18.79  
Exercised (in dollars per share)   5.98  
Expired (in dollars per share)   24.71  
Forfeited (in dollars per share)   18.01  
Balance at end of year (in dollars per share)   20.84 $ 18.79
Weighted-Average Exercise Price: Options vested and exercisable   20.7  
Weighted-Average Exercise Price: Options vested and expected to vest   $ 20.84  
Number of unvested options scheduled to vest      
Non-Vested Options as of beginning of period   160,121  
Granted (in shares)   0  
Vested (in shares)   (89,265)  
Forfeited (in shares)   (1,572)  
Non-Vested Options as of end of period   69,284 160,121
Weighted-Average Grant Date Fair Value      
Non-Vested, beginning balance   $ 10.92  
Granted: Weighted-Average Grant Date Fair Value     $ 11.21
Vested: Weighted-Average Grant Date Fair Value   10.69  
Forfeited: Weighted-Average Grant Date Fair Value   11.12  
Non-Vested, ending balance   $ 11.21 $ 10.92
Valuation Assumptions:      
Expected term in years     2 years 10 months 24 days
Volatility (as a percent)     73.16%
Risk-free interest rate     4.46%
Dividend yield (as a percent)   0.00%  
Granted: Weighted-Average Grant Date Fair Value     $ 11.21
Aggregate intrinsic value of stock option awards outstanding   $ 9,925 $ 6,482
Aggregate intrinsic value of stock option awards vested and exercisable   9,333  
Aggregate intrinsic value of stock option awards vested and expected to vest   $ 9,925  
2021 | Omnibus Plan | Stock Options      
Number of unvested options scheduled to vest      
Non-Vested Options as of end of period   69,284  
Valuation Assumptions:      
Term of award   P7Y  
Vesting period   2 years  
v3.25.0.1
Stock-Based Compensation - Restricted Stock Units (Details) - Omnibus Plan - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Weighted Average Grant Date Fair Value    
Unrecognized compensation expense $ 7.1  
Period over which compensation expense expected to recognize 1 year 3 months 19 days  
Restricted stock units    
Stock based compensation    
Granted (in units) 226,739  
Granted (in dollars per unit) $ 23.9 $ 21.39
Outstanding (in units) 596,216 713,360
Outstanding (in dollars per unit) $ 22.15 $ 21.25
Number of Restricted Stock Units    
Units outstanding at the beginning of the period (in shares) 713,360  
Granted (in units) 226,739  
Exercised (in shares) (305,348)  
Forfeited (in shares) (38,535)  
Units outstanding at the end of the period (in shares) 596,216 713,360
Weighted Average Grant Date Fair Value    
Units outstanding at the beginning of the period (in dollars per shares) $ 21.25  
Granted (in dollars per unit) 23.9 $ 21.39
Exercised (in dollars per share) 21.57  
Forfeited (in dollars per share) 20.3  
Units outstanding at the end of the period (in dollars per shares) $ 22.15 $ 21.25
Weighted-Average Remaining Amortization Period 1 year 3 months  
Total fair value of shares vested $ 6.6 $ 2.2
Restricted stock units | Minimum    
Stock based compensation    
Vesting period 1 year  
Restricted stock units | Maximum    
Stock based compensation    
Vesting period 3 years  
v3.25.0.1
Stock-Based Compensation - Additional information (Details)
 12 Months Ended
Dec. 31, 2024
Stock Options  
Stock based compensation  
Percentage of award in a plan 25.00%
Restricted stock units  
Stock based compensation  
Percentage of award in a plan 75.00%
June 2023 award one | Awards vesting category one  
Stock based compensation  
Percentage of award granted 33.00%
June 2023 award one | Awards vesting category two  
Stock based compensation  
Percentage of award granted 33.00%
June 2023 award two  
Stock based compensation  
Vesting period 2 years
v3.25.0.1
Stock-Based Compensation - CPI Card Group Inc. Omnibus Incentive Plan (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Jan. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Restricted stock units | Chief Executive Officer      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Granted (in units) 40,000    
Vesting Percentage   25.00%  
Vesting period 4 years    
Performance Stock Units | Chief Executive Officer      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Granted (in units) 60,000    
Grant date fair value $ 0.9    
Vesting Percentage 33.00%    
Number of consecutive trading days with minimum share price 90 days    
Vesting period 5 years    
Performance Stock Units | Chief Executive Officer | Minimum | Awards vesting category one      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Share price (in dollar per share) $ 35    
Performance Stock Units | Chief Executive Officer | Minimum | Awards vesting category two      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Share price (in dollar per share) 50    
Performance Stock Units | Chief Executive Officer | Minimum | Awards vesting category three      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Share price (in dollar per share) $ 65    
Omnibus Plan | Stock Options      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Number of shares available for grant   866,564  
Stock option life (in years)   7 years  
Stock options granted (in shares)   0  
Outstanding (in shares)   781,263 909,438
Exercise price (in dollars per share)   $ 20.84 $ 18.79
Omnibus Plan | Restricted stock units      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Granted (in units)   226,739  
Omnibus Plan | Restricted stock units | Minimum      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Vesting period   1 year  
v3.25.0.1
Segment Reporting - Revenue and EBITDA from Continuing Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting    
Total net sales $ 480,601 $ 444,547
Depreciation and amortization 11,394 10,287
Total cost of sales 309,382 289,058
Gross profit 171,219 155,489
Operating expenses 108,427 93,899
Income from operations 62,792 61,590
EBITDA by segment:    
Income (loss) from operations 62,792 61,590
Depreciation and amortization 16,420 15,931
Other income (expense) (3,678) (215)
EBITDA $ 75,534 $ 77,306
Gross profit margin (as a percent) 35.60% 35.00%
EBITDA margin (as a percent) 15.70% 17.40%
Products    
Segment Reporting    
Total net sales $ 250,008 $ 249,354
Products (exclusive of depreciation and amortization shown below) 166,036 161,374
Services    
Segment Reporting    
Total net sales 230,593 195,193
Products (exclusive of depreciation and amortization shown below) 131,952 117,397
Operating Segments | Debit and Credit    
Segment Reporting    
Total net sales 375,261 361,057
Depreciation and amortization 7,737 7,753
Total cost of sales 247,166 234,281
Gross profit 128,095 126,776
Operating expenses 35,239 31,870
Income from operations 92,856 94,906
EBITDA by segment:    
Income (loss) from operations 92,856 94,906
Depreciation and amortization 8,854 9,025
Other income (expense) (82) 29
EBITDA $ 101,628 $ 103,960
Gross profit margin (as a percent) 34.10% 35.10%
EBITDA margin (as a percent) 27.10% 28.80%
Operating Segments | Prepaid Debit    
Segment Reporting    
Total net sales $ 106,541 $ 84,237
Depreciation and amortization 3,657 2,534
Total cost of sales 63,417 55,524
Gross profit 43,124 28,713
Operating expenses 5,923 3,786
Income from operations 37,201 24,927
EBITDA by segment:    
Income (loss) from operations 37,201 24,927
Depreciation and amortization 3,896 2,860
Other income (expense) (10) (1)
EBITDA $ 41,087 $ 27,786
Gross profit margin (as a percent) 40.50% 34.10%
EBITDA margin (as a percent) 38.60% 33.00%
Operating Segments | Other    
Segment Reporting    
Operating expenses $ 67,265 $ 58,243
Income from operations (67,265) (58,243)
EBITDA by segment:    
Income (loss) from operations (67,265) (58,243)
Depreciation and amortization 3,670 4,046
Other income (expense) (3,586) (243)
EBITDA (67,181) (54,440)
Operating Segments | Products | Debit and Credit    
Segment Reporting    
Total net sales 251,146 250,047
Products (exclusive of depreciation and amortization shown below) 167,174 162,067
Operating Segments | Services | Debit and Credit    
Segment Reporting    
Total net sales 124,115 111,010
Products (exclusive of depreciation and amortization shown below) 72,255 64,461
Operating Segments | Services | Prepaid Debit    
Segment Reporting    
Total net sales 106,541 84,237
Products (exclusive of depreciation and amortization shown below) 59,760 52,990
Intersegment eliminations    
Segment Reporting    
Total net sales (1,201) (747)
Total cost of sales (1,201) (747)
Intersegment eliminations | Products    
Segment Reporting    
Total net sales (1,138) (693)
Products (exclusive of depreciation and amortization shown below) (1,138) (693)
Intersegment eliminations | Services    
Segment Reporting    
Total net sales (63) (54)
Products (exclusive of depreciation and amortization shown below) $ (63) $ (54)
v3.25.0.1
Segment Reporting - Reconciliation of EBITDA to net income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
EBITDA by segment:    
Net income $ 19,521 $ 23,985
Interest, net 34,087 26,913
Income tax expense 5,506 10,477
Depreciation and amortization 16,420 15,931
EBITDA $ 75,534 $ 77,306
v3.25.0.1
Segment Reporting - Balance Sheet Data (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting    
Total assets $ 349,657 $ 293,683
Operating Segments    
Segment Reporting    
Total assets 349,657 293,683
Operating Segments | Debit and Credit    
Segment Reporting    
Total assets 248,970 235,680
Operating Segments | Prepaid Debit    
Segment Reporting    
Total assets 60,621 38,265
Operating Segments | Other    
Segment Reporting    
Total assets $ 40,066 $ 19,738
v3.25.0.1
Segment Reporting - Capital Expenditure (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting    
Capital expenditures $ 9,257 $ 6,405
Debit and Credit    
Segment Reporting    
Capital expenditures 6,921 5,116
Prepaid Debit    
Segment Reporting    
Capital expenditures 2,319 963
Other    
Segment Reporting    
Capital expenditures $ 17 $ 326