CPI CARD GROUP INC., 10-K filed on 3/5/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 25, 2026
Jun. 30, 2025
Cover Abstract      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
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     $ 148.8
Entity Common Stock, Shares Outstanding   11,460,436  
Documents Incorporated by Reference [Text Block]

Portions of the registrant’s definitive Proxy Statement for its 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.

    
Entity Central Index Key 0001641614    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Auditor Name KPMG LLP    
Auditor Firm ID 185    
Auditor Location Denver, Colorado    
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 21,700 $ 33,544
Accounts receivable, net 95,436 85,491
Inventories, net 72,243 72,660
Prepaid expenses and other current assets 15,565 11,347
Total current assets 204,944 203,042
Plant, equipment, leasehold improvements and operating lease right-of-use assets, net 108,433 68,648
Intangible assets, net 18,544 10,492
Goodwill 48,764 47,150
Other assets 22,506 20,325
Total assets 403,191 349,657
Current liabilities:    
Accounts payable 27,802 16,123
Accrued expenses 52,379 57,979
Deferred revenue and customer deposits 3,916 1,485
Total current liabilities 84,097 75,587
Long-term debt 286,668 280,405
Deferred income taxes 2,251 3,318
Other long-term liabilities 47,508 25,968
Total liabilities 420,524 385,278
Commitments and contingencies (Note 14)
Stockholders' deficit:    
Series A Preferred Stock; $0.001 par value-100,000 shares authorized; 0 shares issued and outstanding at December 31, 2025 and 2024
Common stock; $0.001 par value-100,000,000 shares authorized; 11,456,061 and 11,240,507 shares issued and outstanding at December 31, 2025 and 2024, respectively 11 11
Capital deficit (102,091) (105,429)
Accumulated earnings 84,747 69,797
Total stockholders' deficit (17,333) (35,621)
Total liabilities and stockholders' deficit $ 403,191 $ 349,657
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
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) 11,456,061 11,240,507
Common shares, outstanding shares (in shares) 11,456,061 11,240,507
v3.25.4
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Net sales:    
Revenue $ 543,534 $ 480,601
Cost of goods sold 373,438 309,382
Gross profit 170,096 171,219
Selling, general and administrative expenses 115,255 108,427
Income from operations 54,841 62,792
Other expense, net:    
Interest, net (32,466) (34,087)
Loss on debt extinguishment (287) (2,987)
Other expense, net (348) (691)
Total other expense, net (33,101) (37,765)
Income before income taxes and equity in losses of unconsolidated affiliates 21,740 25,027
Income tax expense (6,656) (5,506)
Equity in losses of unconsolidated affiliates (134)  
Net income $ 14,950 $ 19,521
Basic earnings per share (in dollars per share) $ 1.32 $ 1.75
Diluted earnings per share (in dollars per share) $ 1.25 $ 1.64
Basic weighted-average shares outstanding (in shares) 11,327,232 11,152,648
Diluted weighted-average shares outstanding (in shares) 11,921,875 11,878,076
Comprehensive income:    
Net income $ 14,950 $ 19,521
Total comprehensive income $ 14,950 $ 19,521
v3.25.4
Consolidated Statements of Stockholders' Deficit - USD ($)
$ in Thousands
Common Stock
Capital deficit
Accumulated earnings
Total
Beginning balance at Dec. 31, 2023 $ 11 $ (102,223) $ 50,276 $ (51,936)
Beginning balance (in shares) at Dec. 31, 2023 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
Shares issued under stock-based compensation plans   (1,983)   $ (1,983)
Shares issued under stock-based compensation plans (in shares) 215,554      
Stock-based compensation   5,321   $ 5,321
Repurchase and retirement of common shares (in shares)       0
Components of comprehensive income:        
Net income     14,950 $ 14,950
Ending balance at Dec. 31, 2025 $ 11 $ (102,091) $ 84,747 $ (17,333)
Ending balance (in shares) at Dec. 31, 2025 11,456,061     11,456,061
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Net income $ 14,950 $ 19,521
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 18,113 12,790
Amortization expense 4,348 3,630
Stock-based compensation expense 6,963 8,545
Amortization of debt issuance costs 1,311 1,536
Loss on early extinguishment of debt 887 8,763
Deferred income taxes and other, net 5,617 (3,935)
Changes in operating assets and liabilities:    
Accounts receivable, net (686) (11,786)
Inventories 3,608 (1,990)
Prepaid expenses and other assets 9,722 (19,665)
Income taxes, net (3,024) 985
Accounts payable 7,512 2,762
Accrued expenses and other liabilities (12,248) 21,512
Deferred revenue and customer deposits 2,431 645
Cash provided by operating activities 59,504 43,313
Investing activities    
Capital expenditures for plant, equipment and leasehold improvements, net (18,176) (9,257)
Cash paid for acquisition, net of cash acquired (44,197)  
Cash paid for purchase of equity method investment (2,819)  
Other 63 36
Cash used in investing activities (65,129) (9,221)
Financing activities    
Proceeds from borrowings on debt 67,000 285,000
Payments on debt (62,000) (267,897)
Payments on finance lease obligations (8,372) (5,221)
Common stock repurchased   (8,678)
Debt issuance costs (264) (6,583)
Payment for debt early redemption premium (600) (5,776)
Taxes withheld and paid on stock-based compensation awards (1,983) (3,806)
Cash used in financing activities (6,219) (12,961)
Net (decrease) increase in cash and cash equivalents (11,844) 21,131
Cash and cash equivalents, beginning of period 33,544 12,413
Cash and cash equivalents, end of period 21,700 33,544
Supplemental disclosures of cash flow information    
Interest paid 32,360 26,319
Right-of-use assets obtained in exchange for lease obligations- Operating leases 12,122 1,292
Right-of-use assets obtained in exchange for lease obligations- Financing leases 15,896 9,929
Accounts payable and accrued expenses for capital expenditures for plant, equipment and leasehold improvements 1,992 $ 662
Non-cash equity method investment 7,500  
Non-cash equity in losses of unconsolidated affiliates $ (134)  
v3.25.4
Business
 12 Months Ended
Dec. 31, 2025
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 physical and digital payment solutions for U.S. financial institutions, processors, fintechs, prepaid program managers, and more. 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 solutions. CPI is also a market leader in the production of “Prepaid Debit Cards,” defined as debit cards issued on the networks of the “Payment Card Brands” (Visa, Mastercard, American Express and Discover) but not linked to a traditional bank account, and related secure packaging solutions.

CPI’s revenues are primarily generated from the production of and related offerings of secure debit and credit cards that are issued on the networks of the Payment Card Brands, 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, including 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.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
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.

Beginning in the fourth quarter of 2025, the Company revised our financial statement presentation to better reflect the integrated nature of the services and solutions provided in connection with its product offerings. Accordingly, the Company no longer presents “Products” and “Services” separately within revenue and cost of goods sold, and prior period amounts have been revised to conform the prior period presentation to the current period presentation.

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, 

​

​

2025

​

2024

Trade accounts receivable

 

$

95,902

 

$

78,464

Unbilled accounts receivable

 

​

—

 

​

7,213

​

 

​

95,902

 

​

85,677

Less allowance for credit losses

​

​

(466)

​

​

(186)

Total accounts receivable, net

​

$

95,436

​

$

85,491

​

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, 2025 and 2024.

​

For the years ended December 31, 2025 and 2024, one customer represented 16% and 18%, respectively, of the Company’s consolidated revenue.

Inventories

Inventories consist of raw materials, finished goods, and work in process, 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, 2025 approximately 93% of the total value of purchased microchips and antennas came from three main suppliers, and approximately 74% came from one supplier. Approximately 95% of the total value of purchased microchips and antennas for the year ended December 31, 2024 came from three main suppliers, and approximately 78% came from one supplier.

Business Combinations

The Company accounts for business combinations using the acquisition method of accounting, which requires that most assets (both tangible and intangible) and liabilities are recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of net assets is recognized as goodwill. Certain adjustments to the assessed fair values of the assets and liabilities made subsequent to the acquisition date, but within the measurement period, which is one year or less, are recorded as adjustments to goodwill. Results of operations of the acquired company are included in the Company’s results from the date of the acquisition. Acquisition-related costs are expensed as incurred and included in “Selling, general, and administrative expenses” in the Company’s consolidated statement of operations and comprehensive income.

​

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, Intangibles – Goodwill and Other) 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.

Equity Method Investments

​

The Company accounts for investments in entities over which it has significant influence, but not control or joint control, using the equity method of accounting under ASC 323, Investments – Equity Method and Joint Ventures. Significant influence is generally presumed to exist when the Company holds 20% or more of the voting power of the investee, unless it can be clearly demonstrated that such influence does not exist.

 

Under the equity method, the investment is initially recognized at cost, and the carrying amount is subsequently adjusted to recognize the Company’s share of the investee’s net income or loss, which is recognized in the condensed consolidated statement of operations. The carrying amount of the investment is also adjusted for the Company’s share of other comprehensive income or loss of the investee and is reduced by any dividends received from the investee.

 

The Company assesses its equity method investments for indicators of impairment at each reporting period. If impairment indicators exist and the fair value of the investment has declined below its carrying value and is deemed to be other than temporary, an impairment loss is recognized in the consolidated statements of operations and comprehensive income.

 

​

​

On October 7, 2025, the Company acquired a 20% equity interest in Gift Card Co Pty Ltd, doing business as “Karta.” The total consideration for the transaction was $10.0 million, with $2.5 million paid in cash upon closing, and the remaining $7.5 million recorded as contingent consideration, which is included in “Other long-term liabilities” on the Company’s consolidated balance sheet. The contingent consideration is payable in the form of rebates based on future sales to Karta. The Company also retains an option to purchase an additional 31% of Karta prior to early April 2027. Additionally, the Company incurred $0.3 million in related costs. As of December 31, 2025, the value of the investment was $10.2 million and is included in “Other assets” on the Company's consolidated balance sheet.

​

Sales Tax

​

The Company records sales tax collected from its customers on a net basis, and therefore excludes it from revenue 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.

Revenue Recognition

​

During the second quarter of 2025, the Company reassessed certain aspects of its revenue recognition practices under ASC 606, Revenue from Contracts with Customers, and the legal enforceability of certain contract terms based on evolving business practices where the Company and a customer deviate from contract terms after an order is placed but before it is shipped. This assessment highlights the Company’s approach relating to goods that are in production but have not yet shipped, reflecting its emphasis on maintaining long-term customer relationships.

​

​

Such deviations may impact the legal enforceability of payment terms for goods that are in the process of being produced but have not shipped. As a result, the Company concluded that certain contracts no longer meet the criteria for over-time revenue recognition under ASC 606. Effective prospectively beginning in the second quarter of 2025, the Company began recognizing revenue for these contracts at a point in time, typically upon shipment or customer acceptance. Additionally, in connection with the acquisition and integration of Arroweye Solutions, Inc. ("Arroweye") during the second quarter of 2025, the Company assessed Arroweye’s customer contracts and determined that Arroweye revenue should also be recognized at point-in-time.

​

Customer Contracts

The Company often enters into Master Services Agreements (“MSAs”) with its customers. Generally, enforceable rights and obligations for goods and related 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 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 costs that the Company would not have incurred if the contract had not been obtained. For contracts in which 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. 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. Assets capitalized for contract costs are evaluated for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. No impairments were recorded for the years ended December 31, 2025 and 2024.

​

As of December 31, 2025 and 2024, the Company recorded $2.5 million and $2.1 million, respectively, in “Prepaid expenses and other current assets”, and $8.1 million and $11.1 million, respectively, in “Other assets” related to capitalized contract costs. Amortization of these costs, recorded as a reduction of revenue, totaled $2.6 million and $1.8 million for the years ended December 31, 2025 and 2024, respectively.

​

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

​

In September 2025, the Financial Accounting Standards Board issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), to clarify and modernize the accounting for costs related to internal-use software. Although adoption of this accounting standard would have been effective for the Company for fiscal years beginning after December 15, 2027, the Company elected to early adopt the standard in the third quarter of 2025. Adoption of ASU 2025-06 did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

​

In December 2023, the Financial Accounting Standards Board issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires a disaggregated rate reconciliation disclosure as well as additional information regarding taxes paid on an annual basis. The Company adopted the standard and applied the disclosure requirements on a retrospective basis effective for the year ended December 31, 2025. Adoption of ASU 2023-09 did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

​

​

Recently Issued Accounting Pronouncements

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. Adoption of this accounting standard is effective for the Company for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption 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.

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.
v3.25.4
Inventories
 12 Months Ended
Dec. 31, 2025
Inventories  
Inventories

3. Inventories

​

Inventories consisted of the following:

​

​

​

​

​

​

​

​

​

​

December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Raw materials

 

$

61,564

​

$

63,863

Work in process

​

​

3,868

​

​

955

Finished goods

​

​

6,811

​

 

7,842

Total inventories, net

 

$

72,243

​

$

72,660

​
v3.25.4
Acquisition
 12 Months Ended
Dec. 31, 2025
Acquisition  
Acquisition

​

4. Acquisition

​

Arroweye Acquisition

​

On May 6, 2025, the Company acquired Arroweye, a leading provider of on-demand payment card solutions for the U.S. market based in Las Vegas, Nevada, for a purchase price of $45.8 million. The acquisition was funded through a combination of cash on hand and the Company’s available capacity under the ABL Revolver (defined in Note 10, “Long-Term Debt”), with $1.5 million of the purchase price held in escrow, of which was fully relieved in the fourth quarter of 2025. Additionally, the Company incurred $6.0 million of acquisition and integration costs during the year ended December 31, 2025, which are presented in “Selling, general and administrative” expenses in the Company’s consolidated statement of operations and comprehensive income.

The Arroweye financial results are included in the Company's Debit and Credit segment from the date of acquisition.

​

​

All assets and liabilities have been recorded at fair value, excluding deferred tax liabilities. The following table summarizes the allocations of purchase price:

​

​

​

​

Cash and cash equivalents

$

1,603

Accounts receivable

​

9,424

Inventories

​

3,992

Prepaid expenses and other current assets

​

2,517

Plant, equipment, leasehold improvements and operating lease right-of-use assets

​

17,563

Intangible assets

​

12,400

Goodwill

​

1,614

Deferred income taxes

​

5,583

Other assets

​

298

Total assets

​

54,994

Accounts payable

​

2,837

Accrued expenses

​

3,986

Accrued long-term operating leases

​

2,371

Total purchase price

$

45,800

​

The goodwill recognized for Arroweye is primarily attributable to the assembled workforce and is recorded in the Debit and Credit segment. The amount attributed to goodwill is not tax deductible.

​

The fair values of the identifiable intangible assets acquired at the date of acquisition are as follows:

​

​

​

​

​

​

​

​

​

Weighted Average

​

​

​

​

Life (Years)

​

​

Trademark

​

2.5

​

$

600

Acquired technology

​

7.0

​

​

4,400

Customer relationships

​

15.0

​

​

7,400

Total identifiable intangible assets acquired

​

​

​

$

12,400

​

The fair values of the trademark and customer relationships were determined using the relief from royalty and excess earnings methodologies, respectively. The fair value of acquired technology was determined using the cost to replace methodology. The valuations of the intangible assets were derived using Level 3 inputs and require significant judgment and estimates, including the amount and timing of future cash flows and the determination of royalty and discount rates.
v3.25.4
Plant, Equipment, Leasehold Improvements and Operating Lease Right-of-Use Assets
 12 Months Ended
Dec. 31, 2025
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,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Machinery and equipment

​

$

85,835

​

$

71,781

Machinery and equipment under financing leases

​

​

48,194

​

​

32,272

Furniture, fixtures and computer equipment

​

​

5,795

​

 

1,123

Leasehold improvements

​

​

32,892

​

 

18,875

Construction in progress

​

​

4,746

​

 

5,141

Operating lease right-of-use assets

​

​

27,390

​

​

15,090

​

​

​

204,852

​

 

144,282

Less accumulated depreciation and amortization

​

​

(96,419)

​

 

(75,634)

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

 

$

108,433

​

$

68,648

​

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, 2025 and 2024.

v3.25.4
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024. The Company completed its goodwill impairment testing as of October 1, 2025 and did not identify any goodwill impairment during the years ended December 31, 2025 and 2024.

​

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, 2025 and 2024.

At December 31, 2025 and 2024, intangible assets, excluding goodwill, were comprised of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

December 31, 2024

​

  ​

Weighted Average

  ​

​

  ​

Accumulated

  ​

Net Book

  ​

​

  ​

Accumulated

  ​

Net Book

​

​

Life (Years)

​

Cost

​

Amortization

​

Value

​

Cost

​

Amortization

​

Value

Customer relationships

 

16.9

​

$

62,854

​

$

(48,855)

​

$

13,999

​

$

55,454

​

$

(45,248)

​

$

10,206

Acquired technology

 

7.9

​

 

11,501

​

​

(7,519)

​

​

3,982

​

 

7,101

​

​

(7,101)

​

​

—

Trademarks

​

7.8

​

​

3,930

​

​

(3,367)

​

​

563

​

​

3,330

​

​

(3,044)

​

​

286

Intangible assets subject to amortization

​

​

​

$

78,285

​

$

(59,741)

​

$

18,544

​

$

65,885

​

$

(55,393)

​

$

10,492

​

The estimated future aggregate amortization expense for the identified amortizable intangibles noted above as of December 31, 2025 was as follows:

​

​

​

​

​

2026

​

$

3,833

2027

  ​ ​ ​

 

3,269

2028

​

​

2,702

2029

​

​

2,175

2030

​

​

1,122

Thereafter

​

​

5,443

​

​

$

18,544

​
v3.25.4
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2025
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, 2025

​

​

December 31,

​

December 31,

​

(Using Fair Value Hierarchy)

​

  ​ ​ ​

2025

  ​ ​ ​

2025

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Senior Notes

 

$

265,000

 

$

281,616

​

$

—

 

$

281,616

​

$

—

ABL Revolver

​

$

25,000

​

$

25,000

​

$

—

​

$

25,000

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Senior Notes

​

$

285,000

 

$

304,571

​

$

—

 

$

304,571

​

$

—

​

​

The aggregate fair value of the Company’s Senior Notes (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 fair value measurement associated with the ABL Revolver approximates its carrying value as of December 31, 2025, given the applicable variable interest rates.

​

The carrying amounts for cash and cash equivalents, accounts receivable and accounts payable each approximate fair value due to their short-term nature.
v3.25.4
Accrued Expenses
 12 Months Ended
Dec. 31, 2025
Accrued Expenses.  
Accrued Expenses

8. Accrued Expenses

​

Accrued expenses consisted of the following:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31,

​

​

2025

​

2024

Accrued payroll and related employee expenses

 

$

13,634

 

$

9,493

Accrued employee performance-based incentive compensation

 

​

2,664

 

​

4,664

Employer payroll taxes

​

​

845

​

​

868

Accrued rebates

​

​

2,819

​

​

3,956

Capitalized contract costs payable

​

​

—

​

​

8,000

Accrued interest

 

​

12,792

 

​

13,506

Current operating and financing lease liabilities

​

​

12,457

​

​

9,065

Other

​

​

7,168

​

​

8,427

Total accrued expenses

​

$

52,379

​

$

57,979

​

​

Other accrued expenses as of December 31, 2025 and 2024 consisted primarily of miscellaneous accruals for invoices not yet received, self-insurance claims incurred but not yet reported, and sales and use tax.
v3.25.4
Financing and Operating Leases
 12 Months Ended
Dec. 31, 2025
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,

​

​

2025

​

2024

Operating lease costs

​

$

5,028

​

$

3,278

Short-term and variable lease costs

​

​

1,814

​

​

1,009

Total expense from operating leases

​

$

6,842

​

$

4,287

​

​

​

​

​

​

​

Finance lease costs:

​

​

​

​

​

​

Right-of-use amortization expense

​

$

4,619

​

$

3,198

Interest on lease liabilities

​

​

1,632

​

​

1,104

Total financing lease costs

​

$

6,251

​

$

4,302

​

The following table reflects balances for operating and financing leases:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31, 

​

​

2025

​

2024

Operating leases:

​

​

​

​

​

​

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

​

$

19,139

​

$

9,853

​

​

​

​

​

​

​

Current operating lease liabilities

​

$

3,994

​

$

2,468

Non-current operating lease liabilities

​

​

15,746

​

​

8,242

Total operating lease liabilities

​

$

19,740

​

$

10,710

​

​

​

​

​

​

​

Financing leases:

​

​

​

​

​

​

Plant, equipment and leasehold improvements

​

$

48,194

​

$

32,272

Accumulated depreciation

​

​

(9,618)

​

​

(6,533)

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

​

$

38,576

​

$

25,739

​

​

​

​

​

​

​

Current financing lease liabilities

​

$

8,463

​

$

6,597

Non-current financing lease liabilities

​

​

22,595

​

​

16,204

Total financing lease liabilities

​

$

31,058

​

$

22,801

​

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.

​

​

Components of lease expense were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

​

​

​

2025

​

​

2024

​

Weighted-average remaining lease term:

​

​

​

​

​

​

​

Operating leases

​

​

5.76

​

​

4.06

​

Financing leases

​

​

3.80

​

​

3.84

​

​

​

​

​

​

​

​

​

Weighted-average discount rate:

​

​

​

​

​

​

​

Operating leases

​

​

6.64

%

​

7.04

%

Financing leases

​

​

6.21

%

​

6.23

%

​

Cash paid on operating lease liabilities was $3.1 million and $2.5 million during the years ended December 31, 2025 and 2024, respectively.

​

Future cash payment with respect to lease obligations as of December 31, 2025 were as follows:

​

​

​

​

​

​

​

​

​

​

Operating

​

Financing

​

​

Leases

​

Leases

Year Ending

​

​

​

​

​

​

2026

​

$

5,156

​

$

10,096

2027

​

​

5,049

​

​

9,165

2028

​

​

4,501

​

​

7,904

2029

​

​

2,692

​

​

5,432

2030

​

​

1,369

​

​

2,199

Thereafter

​

​

5,006

​

​

—

Total lease payments

​

​

23,773

​

​

34,796

Less imputed interest

​

​

(4,033)

​

​

(3,738)

Total

​

$

19,740

​

$

31,058

​
v3.25.4
Long-Term Debt
 12 Months Ended
Dec. 31, 2025
Long-Term Debt.  
Long-Term Debt

10. Long-Term Debt

​

As of December 31, 2025 and 2024, long-term debt consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

December 31,

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Senior Notes

​

​

​

​

$

265,000

​

$

285,000

ABL Revolver

​

​

​

​

​

25,000

​

​

—

Unamortized deferred financing costs

​

​

 

​

​

(3,332)

​

​

(4,595)

Total long-term debt

​

​

​

​

​

286,668

​

​

280,405

Less current maturities

​

​

​

​

​

—

​

​

—

Long-term debt, net of current maturities

​

​

​

​

$

286,668

​

$

280,405

​

Senior Notes

On July 11, 2024 (the “Closing Date”), the Company completed a private offering by its wholly-owned subsidiary, CPI CG Inc., of $285.0 million aggregate principal amount of 10.000% Senior Secured Notes due 2029 (the “Senior Notes”) and related guarantees at an issue price of 100%. The Senior Notes mature on July 15, 2029 and interest is payable on January 15 and July 15 of each year.

​

Net proceeds from the 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.

​

On July 15, 2025, the Company used available capacity under the ABL Revolver (defined below) to redeem $20.0 million of its outstanding $285.0 million aggregate principal amount Senior Notes. The redemption was made pursuant to the terms of the indenture governing the Senior Notes, at a redemption price of 103.000% of par plus accrued and unpaid interest to the date of redemption.

​

The Senior Notes mature on July 15, 2029. Interest is payable on the Senior Notes on January 15 and July 15 of each year, beginning on January 15, 2025. The 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 has obligations to make an offer to repay the Senior Notes requiring prepayment in advance of the maturity date upon the occurrence of certain events, including a change of control and certain asset sales. The 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 Senior Notes.

ABL Revolver

On the Closing Date, the Company and CPI CG Inc. as borrower (the “Borrower”), entered into a credit agreement with JPMorgan Chase Bank, N.A., as lender, administrative agent and collateral agent (“JPMorgan”), providing for an asset-based, senior secured revolving credit facility (the “ABL Revolver”) of up to $75.0 million.

On July 2, 2025, the Company, the Borrower, and JPMorgan entered into Amendment No. 1 to Credit Agreement (the “Amendment”), which amends the ABL Revolver to, among other things, increase the available borrowing capacity from $75.0 million to $100.0 million. The Amendment did not modify the maturity date of the ABL Revolver nor the interest rate.

The 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 ABL Revolver also includes an uncommitted accordion feature whereby the Borrower may increase the ABL Revolver commitment by an aggregate amount not to exceed $25.0 million, subject to certain conditions. The 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 Senior Notes.

Borrowings under the ABL Revolver bear interest at a rate per annum that ranges based on the applicable term secured overnight financing rate 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 ABL Revolver over the most recently completed month. The unused portion of the 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 ABL Revolver over the immediately preceding month.

The 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 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.

Deferred Financing Costs

​

Certain costs incurred with borrowings are amortized as an adjustment to interest expense over the life of the borrowing. As of December 31, 2025, the remaining unamortized debt issuance costs recorded on the Senior Notes were $3.3 million and were reported as a reduction to the long-term debt balance. The remaining unamortized debt issuance costs on the ABL Revolver were $1.3 million and were recorded as other assets on the consolidated balance sheet as of December 31, 2025.

During the year ended December 31, 2025, the Company recorded a $0.3 million loss on debt extinguishment relating to the unamortized deferred financing costs in connection with the redemption of the Senior Notes.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Taxes  
Income Taxes

11. Income Taxes

​

The components of income before income tax expense consist of the following:

​

​

​

​

​

​

​

​

​

​

December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

United States

​

$

21,669

​

$

24,986

Foreign

​

​

71

​

​

41

Total

​

$

21,740

​

$

25,027

​

The components of income tax expense consist of the following:

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2025

  ​ ​ ​

2024

Current income tax expense:

​

​

​

​

​

​

US federal

 

$

453

​

$

7,494

US state and local

​

 

1,665

​

 

1,824

Foreign

​

​

21

​

​

9

Total current income tax expense

​

​

2,139

​

 

9,327

​

​

​

​

​

​

​

Deferred income tax expense:

​

​

​

​

​

​

US federal

​

​

4,171

​

 

(3,694)

US state and local

​

​

346

​

 

(127)

Foreign

​

​

—

​

​

—

Total deferred income tax expense

​

​

4,517

​

 

(3,821)

​

​

​

​

​

​

​

Total income tax expense:

​

​

​

​

​

​

US federal

​

​

4,624

​

 

3,800

US state and local

​

​

2,011

​

 

1,697

Foreign

​

​

21

​

​

9

Total income tax expense

​

$

6,656

​

$

5,506

​

For the years ended December 31, 2025 and 2024, the effective tax rate differs from the U.S. federal statutory income tax rate as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

​

2025

  ​ ​ ​

​

2024

  ​ ​ ​

​

​

Amount

​

Percent

​

​

Amount

​

Percent

​

US federal statutory tax rate

​

$

4,565

​

21.0

%

​

$

5,256

​

21.0

%

State and local income taxes, net of federal income tax effect (1)

​

​

1,743

​

8.0

 

​

​

1,428

​

5.7

 

Foreign tax effects:

​

​

​

​

​

​

​

​

​

​

​

​

United Kingdom

​

​

3

​

—

​

​

​

2

​

—

​

Effects of changes in tax laws or rates enacted in the current period

​

​

—

​

—

​

​

​

—

​

—

​

Effect of cross-border tax laws

​

​

—

​

—

​

​

​

—

​

—

​

Tax credits:

​

​

​

​

​

​

​

​

​

​

​

​

Research and development tax credits

​

​

(239)

​

(1.1)

 

​

​

(223)

​

(0.9)

 

Other

​

​

(33)

​

(0.2)

​

​

​

(5)

​

—

​

Changes in valuation allowances

​

​

—

​

—

​

​

​

(1,757)

​

(7.0)

​

Nontaxable or nondeductible items:

​

​

​

​

​

​

​

​

​

​

​

​

Excess compensation (both current and future)

​

​

557

​

2.6

​

​

​

691

​

2.8

​

Share-based payment awards

​

​

158

​

0.7

​

​

​

(906)

​

(3.6)

​

Other

​

​

323

​

1.5

​

​

​

135

​

0.5

​

Changes in unrecognized tax benefits

​

​

(502)

​

(2.3)

​

​

​

(897)

​

(3.6)

​

Other adjustments:

​

​

​

​

​

​

​

​

​

​

​

​

Expiration of capital loss carryover

​

​

—

​

—

​

​

​

1,757

​

7.0

​

Other

​

​

81

​

0.4

​

​

​

25

​

0.1

​

Effective tax rate

​

$

6,656

​

30.6

%

​

$

5,506

​

22.0

%

(1) The majority of the state tax effect relates to Minnesota and California.

​

The increase in the Company’s effective tax rate for the year ended December 31, 2025 compared to the prior year related to non-deductible acquisition-related costs and increased state tax expenses related to the acquisition of Arroweye. The effective tax rate for the year ended December 31, 2024 was impacted by the increased deductibility of stock-based compensation realized upon certain stock option exercises and restricted stock unit vesting.

​

For the year ended December 31, 2025, the effective tax rate differs from the federal statutory rate primarily due to state income taxes, which had a tax rate impact of 8.0%. Other items impacting the effective tax rate in 2025 include tax deductibility limitations on executive compensation and permanent items. 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 5.7%. Other items impacting the effective tax rate in 2024 include tax deductibility limitations on executive compensation, permanent items and unrecognized tax benefits due to statute of limitations.

The amount of taxes paid (net of refunds received) consist of the following:

​

​

​

​

​

​

​

​

​

​

December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

US federal

​

$

5,000

​

$

8,350

US state and local:

​

​

​

​

​

​

Minnesota

 

​

650

​

​

75

Other

​

 

733

​

 

849

Subtotal

​

​

1,383

​

 

924

Foreign:

​

​

​

​

​

​

Other

​

​

14

​

 

11

Subtotal

​

​

14

​

 

11

Total

 

$

6,397

​

$

9,285

​

​

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

​

​

​

​

​

​

​

​

​

​

December 31,

​

  ​ ​ ​

2025

​

2024

Deferred tax assets:

​

​

​

​

​

​

Accrued expense

​

$

3,250

​

$

3,414

Net operating loss carryforward

​

​

22,648

​

 

133

Stock-based compensation

​

​

2,174

​

 

2,400

Interest limitation

​

​

3,920

​

​

2,424

Lease liability

​

​

5,200

​

​

2,730

Research and development costs

​

​

722

​

​

2,070

Other

​

​

2,413

​

​

2,772

Total gross deferred tax assets

​

​

40,327

​

 

15,943

Valuation allowance

​

 

(15,556)

​

 

(872)

Net deferred tax assets

​

​

24,771

​

 

15,071

Deferred tax liabilities:

​

​

​

​

​

​

Plant, equipment and leasehold improvements

​

 

(12,489)

​

 

(8,552)

Intangible assets

​

 

(8,258)

​

 

(6,075)

Right-of-use assets

​

​

(5,042)

​

​

(2,511)

Prepaid expenses and other

​

​

(1,233)

​

​

(1,251)

Total gross deferred tax liabilities

​

 

(27,022)

​

 

(18,389)

Net deferred tax liabilities

​

$

(2,251)

​

$

(3,318)

​

The valuation allowance as of December 31, 2025, is primarily related to Arroweye’s net operating losses that are limited to taxable income generated from acquired business, and the use of state interest deductions that may generate future state net operating losses, which may not be fully recognized.

The Company has state and local operating loss carryforwards which will expire at various dates from 2033 to 2038. The Company generally expects to be able to utilize these losses prior to expiration, but applied a valuation allowance to losses that may not be fully recognized.

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, 2024

​

$

669

Increase related to current year tax position

​

​

97

Increase related to prior year tax position

​

​

22

Decrease related to prior year tax position

​

​

—

Decrease related to lapse of statute of limitations

​

​

(436)

Balance as of December 31, 2025

​

$

352

​

The amount of unrecognized tax benefits that, if recognized, would impact the annual effective tax rate is $0.4 million and $0.7 million for the years ended December 31, 2025 and 2024, respectively.

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 for each of the years ended December 31, 2025 and 2024. The Company remains subject to U.S. federal, state and foreign examinations for years after 2020.

v3.25.4
Stockholders' Deficit
 12 Months Ended
Dec. 31, 2025
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 included 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 with Tricor Pacific Capital Partners (Fund IV) US, LP. The Company did not repurchase any shares of its common stock during the year ended December 31, 2025.

​
v3.25.4
Earnings per Share
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024, potentially dilutive securities of 18,848 and 36,826, 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,

​

  ​ ​ ​

2025

​

2024

Numerator:

​

​

  ​ ​ ​

  ​ ​ ​

​

  ​ ​ ​

Net income

​

$

14,950

​

$

19,521

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

Basic weighted-average common shares outstanding

​

 

11,327,232

​

 

11,152,648

Dilutive shares

​

​

594,643

​

​

725,428

Diluted weighted-average common shares outstanding

​

​

11,921,875

​

​

11,878,076

​

​

​

​

​

​

​

Basic earnings per share

​

$

1.32

​

$

1.75

​

​

​

​

​

​

​

Diluted earnings per share

​

$

1.25

​

$

1.64

​
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies.  
Commitments and Contingencies

14. Commitments and Contingencies

Commitments

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 2035 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 2026 and 2030 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.
v3.25.4
Employee Benefit Plan
 12 Months Ended
Dec. 31, 2025
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 $2.7 million and $2.4 million for the years ended December 31, 2025 and 2024, respectively.
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
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, 2025, there were 783,837 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, 2024

​

781,263

​

$

20.84

​

2.67

​

$

9,925

Exercised

​

(34,206)

​

​

7.02

​

—

​

​

​

Expired

​

(148,596)

​

​

47.59

​

—

​

​

​

Forfeited

​

(527)

​

​

19.12

​

—

​

​

​

Outstanding as of December 31, 2025

​

597,934

​

$

14.98

​

2.07

​

$

2,930

Options vested and exercisable as of December 31, 2025

​

597,934

​

$

14.98

​

2.07

​

$

2,930

Options vested and expected to vest as of December 31, 2025

​

597,934

​

$

14.98

​

2.07

​

$

2,930

​

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, 2024

​

69,284

​

$

11.21

Vested

​

(68,453)

​

​

11.16

Expired

​

(304)

​

​

33.45

Forfeited

​

(527)

​

​

19.12

Unvested as of December 31, 2025

​

—

​

$

—

​

There were no unvested stock options as of December 31, 2025 and there were no options granted during the year. The total fair value of options vested during the years ended December 31, 2025 and 2024 was $0.8 million and $1.0 million, respectively.

The following table summarizes the changes in the number of outstanding restricted stock units for the year ended December 31, 2025 under the Omnibus Plan:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

  ​ ​ ​

​

  ​ ​ ​

​

​

Remaining

​

​

​

​

Weighted-Average

​

Amortization

​

​

​

​

Grant-Date

​

Period

​

​

Shares 

​

Fair Value

​

(in Years)

Outstanding as of December 31, 2024

 

596,216

​

$

22.15

​

​

Granted

​

262,787

​

​

18.96

​

​

Vested

​

(289,523)

​

​

22.30

​

​

Forfeited

 

(55,687)

​

​

20.99

​

​

Outstanding as of December 31, 2025

 

513,793

​

$

20.56

​

1.28

​

The restricted stock unit awards contain conditions associated with continued employment or service. Restricted stock units granted in 2025 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, 2025 and 2024 was $18.96 and $23.90, respectively. The total fair value of shares vested during the years ended December 31, 2025 and 2024 was $6.5 million and $6.6 million, respectively.

​

During 2025, 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 was determined based on a value tied to the monthly average closing price of the Company’s common stock.

​

In January 2024, the Company granted 60,000 performance stock units (PSU) in connection with the appointment of its Chief Executive Officer (“CEO”), with a grant date fair value of $0.9 million using a Monte Carlo simulation model. The PSU award will vest, subject to continuous 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.

In February 2025, the Company granted executives a performance cash award (PCA) with a grant date fair value of $2.0 million using a Monte Carlo simulation model. The PCA vested on December 31, 2025, and was subject to continuous employment and the achievement of certain Company performance goals including the Company’s relative total shareholder return of stock against the Russell 2000 index. Because the award is liability-classified, the award is remeasured at fair value at each reporting date and at settlement, with changes recognized as stock-based compensation expense.

As of December 31, 2025, the total unrecognized compensation expense related to unvested options and restricted stock units was $5.7 million, which the Company expects to recognize over an estimated weighted-average period of less than one year.
v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting  
Segment Reporting

17. Segment Reporting

The Company’s chief operating decision maker is its CEO, who is charged with the 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 revenue 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 (“CODM”) 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 CODM 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, 2025, 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 provide 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 Segment

The Prepaid Debit segment primarily provides integrated prepaid card services to prepaid program managers primarily in the U.S., including payment cards issued on the networks of the Payment Card Brands and related tamper-evident secure packaging.

Other

The Other segment includes corporate expenses.

​

Performance Measures of Reportable Segments

​

Revenue 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, 2025 and 2024, were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2025

​

Debit and Credit

​

Prepaid Debit

​

Other

​

Total Reportable Segments

​

Intersegment Eliminations

​

Total

Revenue

$

451,475

​

$

93,625

​

$

—

​

$

545,100

​

$

(1,566)

​

$

543,534

Cost of goods sold

​

313,321

​

​

61,683

​

​

—

​

​

375,004

​

​

(1,566)

​

​

373,438

Gross profit

​

138,154

​

​

31,942

​

​

—

​

​

170,096

​

​

—

​

​

170,096

Selling, general and administrative expenses

​

46,724

​

​

5,243

​

​

63,288

​

​

115,255

​

​

—

​

​

115,255

Income (loss) from operations

$

91,430

​

$

26,699

​

$

(63,288)

​

$

54,841

​

$

—

​

$

54,841

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBITDA by segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) from operations

$

91,430

​

$

26,699

​

$

(63,288)

​

$

54,841

​

$

—

​

$

54,841

Depreciation and amortization

​

14,308

​

​

4,692

​

​

3,461

​

​

22,461

​

​

—

​

​

22,461

Other expense

​

(387)

​

​

(128)

​

​

(254)

​

​

(769)

​

​

—

​

​

(769)

EBITDA

$

105,351

​

$

31,263

​

$

(60,081)

​

$

76,533

​

$

—

​

$

76,533

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross profit margin

​

30.6%

​

​

34.1%

​

​

*

​

​

31.2%

​

​

*

​

​

31.3%

EBITDA margin

​

23.3%

​

​

33.4%

​

​

*

​

​

14.0%

​

​

*

​

​

14.1%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2024

​

Debit and Credit

​

Prepaid Debit

​

Other

​

Total Reportable Segments

​

Intersegment Eliminations

​

Total

Revenue

$

375,261

​

$

106,541

​

$

—

​

$

481,802

​

$

(1,201)

​

$

480,601

Cost of goods sold

​

247,166

​

​

63,417

​

​

—

​

​

310,583

​

​

(1,201)

​

​

309,382

Gross profit

​

128,095

​

​

43,124

​

​

—

​

​

171,219

​

​

—

​

​

171,219

Selling, general and administrative expenses

​

35,239

​

​

5,923

​

​

67,265

​

​

108,427

​

​

—

​

​

108,427

Income (loss) from operations

$

92,856

​

$

37,201

​

$

(67,265)

​

$

62,792

​

$

—

​

$

62,792

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBITDA by segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) from operations

$

92,856

​

$

37,201

​

$

(67,265)

​

$

62,792

​

$

—

​

$

62,792

Depreciation and amortization

​

8,854

​

​

3,896

​

​

3,670

​

​

16,420

​

​

—

​

​

16,420

Other expense

​

(82)

​

​

(10)

​

​

(3,586)

​

​

(3,678)

​

​

—

​

​

(3,678)

EBITDA

$

101,628

​

$

41,087

​

$

(67,181)

​

$

75,534

​

$

—

​

$

75,534

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross profit margin

​

34.1%

​

​

40.5%

​

​

*

​

​

35.5%

​

​

*

​

​

35.6%

EBITDA margin

​

27.1%

​

​

38.6%

​

​

*

​

​

15.7%

​

​

*

​

​

15.7%

* Calculation not meaningful.

​

​

Reconciliation of Net Income to EBITDA

​

​

​

​

​

​

​

​

​

​

December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Net income

 

$

14,950

 

$

19,521

Interest, net

​

 

32,466

​

 

34,087

Income tax expense

​

​

6,656

​

​

5,506

Depreciation and amortization

​

 

22,461

​

 

16,420

EBITDA

 

$

76,533

 

$

75,534

​

​

Balance Sheet Data and Capital Expenditures of Reportable Segments

​

The Company does not report assets or capital expenditures by segment as the Company’s CODM does not use this information to evaluate reportable segments. Accordingly, the Company does not regularly provide such information by segment to the CODM.

​

2026 Changes in Reportable Segments

​

In connection with the Company’s increased strategic focus on expanding and developing additional proprietary integrated technological solutions for its customer base, the Company will implement a new segment structure to assess performance and allocate resources, beginning in the first quarter of 2026. The changes in our segment structure primarily relate to the separation of our proprietary integrated technological related operations into a separate segment from the Debit and Credit segment. A summary of how the segments will be structured follows:

​

●Secure Card Solutions: primarily produces secure debit and credit cards and provides card personalization services for U.S. card-issuing financial institutions, including highly customizable, on-demand payment card solutions;

​

●Prepaid Solutions: primarily provides prepaid debit cards and secure packaging solutions and other integrated prepaid card services to prepaid program managers in the U.S.; and

​

●Integrated Paytech: primarily provides a SaaS-based instant issuance solution, which gives customers the ability to issue an instant personalized debit or credit card within a customer location; and other digital payment solutions such as push provisioning for mobile wallets.

​
v3.25.4
Subsequent Event
 12 Months Ended
Dec. 31, 2025
Subsequent Event  
Subsequent Event

18. Subsequent Event

​

On February 20, 2026, the U.S. Supreme Court issued a ruling related to federal tariffs. The Company is currently evaluating the ruling and its potential implications. At this time, management cannot reasonably estimate the impact, if any, on the Company’s operations or consolidated financial statements.

​
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 14,950 $ 19,521
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
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 designed to protect our information systems from cybersecurity threats. These safeguards are evaluated and improved based on, for example, 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 assessed and incorporated where appropriate.

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, as appropriate.
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 designed to protect our information systems from cybersecurity threats. These safeguards are evaluated and improved based on, for example, 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 assessed and incorporated where appropriate.

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 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 CTO and DC each have over 20 years of experience serving in various roles in information technology fields; the CTO 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 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 is informed about and monitors the prevention, detection, mitigation and remediation of cybersecurity incidents by meeting at least quarterly to evaluate security performance metrics, prioritizing risks identified through threat intelligence, vulnerability and risk assessments, external audits, and incident response insights, and reviewing 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 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 CTO and DC each have over 20 years of experience serving in various roles in information technology fields; the CTO 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 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] The Security Committee is informed about and monitors the prevention, detection, mitigation and remediation of cybersecurity incidents by meeting at least quarterly to evaluate security performance metrics, prioritizing risks identified through threat intelligence, vulnerability and risk assessments, external audits, and incident response insights, and reviewing 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
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
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.

Beginning in the fourth quarter of 2025, the Company revised our financial statement presentation to better reflect the integrated nature of the services and solutions provided in connection with its product offerings. Accordingly, the Company no longer presents “Products” and “Services” separately within revenue and cost of goods sold, and prior period amounts have been revised to conform the prior period presentation to the current period presentation.
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, 

​

​

2025

​

2024

Trade accounts receivable

 

$

95,902

 

$

78,464

Unbilled accounts receivable

 

​

—

 

​

7,213

​

 

​

95,902

 

​

85,677

Less allowance for credit losses

​

​

(466)

​

​

(186)

Total accounts receivable, net

​

$

95,436

​

$

85,491

​

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, 2025 and 2024.

​

For the years ended December 31, 2025 and 2024, one customer represented 16% and 18%, respectively, of the Company’s consolidated revenue.
Inventories

Inventories

Inventories consist of raw materials, finished goods, and work in process, 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, 2025 approximately 93% of the total value of purchased microchips and antennas came from three main suppliers, and approximately 74% came from one supplier. Approximately 95% of the total value of purchased microchips and antennas for the year ended December 31, 2024 came from three main suppliers, and approximately 78% came from one supplier.
Business Combinations

Business Combinations

The Company accounts for business combinations using the acquisition method of accounting, which requires that most assets (both tangible and intangible) and liabilities are recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of net assets is recognized as goodwill. Certain adjustments to the assessed fair values of the assets and liabilities made subsequent to the acquisition date, but within the measurement period, which is one year or less, are recorded as adjustments to goodwill. Results of operations of the acquired company are included in the Company’s results from the date of the acquisition. Acquisition-related costs are expensed as incurred and included in “Selling, general, and administrative expenses” in the Company’s consolidated statement of operations and comprehensive income.
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, Intangibles – Goodwill and Other) 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.
Equity Method Investments

Equity Method Investments

​

The Company accounts for investments in entities over which it has significant influence, but not control or joint control, using the equity method of accounting under ASC 323, Investments – Equity Method and Joint Ventures. Significant influence is generally presumed to exist when the Company holds 20% or more of the voting power of the investee, unless it can be clearly demonstrated that such influence does not exist.

 

Under the equity method, the investment is initially recognized at cost, and the carrying amount is subsequently adjusted to recognize the Company’s share of the investee’s net income or loss, which is recognized in the condensed consolidated statement of operations. The carrying amount of the investment is also adjusted for the Company’s share of other comprehensive income or loss of the investee and is reduced by any dividends received from the investee.

 

The Company assesses its equity method investments for indicators of impairment at each reporting period. If impairment indicators exist and the fair value of the investment has declined below its carrying value and is deemed to be other than temporary, an impairment loss is recognized in the consolidated statements of operations and comprehensive income.

 

​

​
Sales Tax

​

Sales Tax

​

The Company records sales tax collected from its customers on a net basis, and therefore excludes it from revenue 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.
Revenue Recognition

Revenue Recognition

​

During the second quarter of 2025, the Company reassessed certain aspects of its revenue recognition practices under ASC 606, Revenue from Contracts with Customers, and the legal enforceability of certain contract terms based on evolving business practices where the Company and a customer deviate from contract terms after an order is placed but before it is shipped. This assessment highlights the Company’s approach relating to goods that are in production but have not yet shipped, reflecting its emphasis on maintaining long-term customer relationships.

​

​

Such deviations may impact the legal enforceability of payment terms for goods that are in the process of being produced but have not shipped. As a result, the Company concluded that certain contracts no longer meet the criteria for over-time revenue recognition under ASC 606. Effective prospectively beginning in the second quarter of 2025, the Company began recognizing revenue for these contracts at a point in time, typically upon shipment or customer acceptance. Additionally, in connection with the acquisition and integration of Arroweye Solutions, Inc. ("Arroweye") during the second quarter of 2025, the Company assessed Arroweye’s customer contracts and determined that Arroweye revenue should also be recognized at point-in-time.

​

Customer Contracts

The Company often enters into Master Services Agreements (“MSAs”) with its customers. Generally, enforceable rights and obligations for goods and related 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 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 costs that the Company would not have incurred if the contract had not been obtained. For contracts in which 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. 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. Assets capitalized for contract costs are evaluated for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. No impairments were recorded for the years ended December 31, 2025 and 2024.

​

As of December 31, 2025 and 2024, the Company recorded $2.5 million and $2.1 million, respectively, in “Prepaid expenses and other current assets”, and $8.1 million and $11.1 million, respectively, in “Other assets” related to capitalized contract costs. Amortization of these costs, recorded as a reduction of revenue, totaled $2.6 million and $1.8 million for the years ended December 31, 2025 and 2024, respectively.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

​

In September 2025, the Financial Accounting Standards Board issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), to clarify and modernize the accounting for costs related to internal-use software. Although adoption of this accounting standard would have been effective for the Company for fiscal years beginning after December 15, 2027, the Company elected to early adopt the standard in the third quarter of 2025. Adoption of ASU 2025-06 did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

​

In December 2023, the Financial Accounting Standards Board issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires a disaggregated rate reconciliation disclosure as well as additional information regarding taxes paid on an annual basis. The Company adopted the standard and applied the disclosure requirements on a retrospective basis effective for the year ended December 31, 2025. Adoption of ASU 2023-09 did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

​

​

Recently Issued Accounting Pronouncements

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. Adoption of this accounting standard is effective for the Company for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption 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.

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.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Summary of Significant Accounting Policies  
Schedule of accounts receivable

​

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31, 

​

​

2025

​

2024

Trade accounts receivable

 

$

95,902

 

$

78,464

Unbilled accounts receivable

 

​

—

 

​

7,213

​

 

​

95,902

 

​

85,677

Less allowance for credit losses

​

​

(466)

​

​

(186)

Total accounts receivable, net

​

$

95,436

​

$

85,491
v3.25.4
Inventories (Tables)
 12 Months Ended
Dec. 31, 2025
Inventories  
Schedule of inventories

​

​

​

​

​

​

​

​

​

​

December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Raw materials

 

$

61,564

​

$

63,863

Work in process

​

​

3,868

​

​

955

Finished goods

​

​

6,811

​

 

7,842

Total inventories, net

 

$

72,243

​

$

72,660

​
v3.25.4
Acquisition (Tables)
 12 Months Ended
Dec. 31, 2025
Acquisition  
Schedule of purchase price of assets acquired and liabilities assumed

​

​

​

​

Cash and cash equivalents

$

1,603

Accounts receivable

​

9,424

Inventories

​

3,992

Prepaid expenses and other current assets

​

2,517

Plant, equipment, leasehold improvements and operating lease right-of-use assets

​

17,563

Intangible assets

​

12,400

Goodwill

​

1,614

Deferred income taxes

​

5,583

Other assets

​

298

Total assets

​

54,994

Accounts payable

​

2,837

Accrued expenses

​

3,986

Accrued long-term operating leases

​

2,371

Total purchase price

$

45,800
Schedule of preliminary estimated fair values of the identifiable intangible assets acquired

​

​

​

​

​

​

​

​

​

Weighted Average

​

​

​

​

Life (Years)

​

​

Trademark

​

2.5

​

$

600

Acquired technology

​

7.0

​

​

4,400

Customer relationships

​

15.0

​

​

7,400

Total identifiable intangible assets acquired

​

​

​

$

12,400
v3.25.4
Plant, Equipment, Leasehold Improvements and Operating Lease Right-of-Use Assets (Tables)
 12 Months Ended
Dec. 31, 2025
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,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Machinery and equipment

​

$

85,835

​

$

71,781

Machinery and equipment under financing leases

​

​

48,194

​

​

32,272

Furniture, fixtures and computer equipment

​

​

5,795

​

 

1,123

Leasehold improvements

​

​

32,892

​

 

18,875

Construction in progress

​

​

4,746

​

 

5,141

Operating lease right-of-use assets

​

​

27,390

​

​

15,090

​

​

​

204,852

​

 

144,282

Less accumulated depreciation and amortization

​

​

(96,419)

​

 

(75,634)

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

 

$

108,433

​

$

68,648
v3.25.4
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Other Intangible Assets  
Schedule of intangible assets excluding goodwill

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

December 31, 2024

​

  ​

Weighted Average

  ​

​

  ​

Accumulated

  ​

Net Book

  ​

​

  ​

Accumulated

  ​

Net Book

​

​

Life (Years)

​

Cost

​

Amortization

​

Value

​

Cost

​

Amortization

​

Value

Customer relationships

 

16.9

​

$

62,854

​

$

(48,855)

​

$

13,999

​

$

55,454

​

$

(45,248)

​

$

10,206

Acquired technology

 

7.9

​

 

11,501

​

​

(7,519)

​

​

3,982

​

 

7,101

​

​

(7,101)

​

​

—

Trademarks

​

7.8

​

​

3,930

​

​

(3,367)

​

​

563

​

​

3,330

​

​

(3,044)

​

​

286

Intangible assets subject to amortization

​

​

​

$

78,285

​

$

(59,741)

​

$

18,544

​

$

65,885

​

$

(55,393)

​

$

10,492
Schedule of future aggregate amortization expense for identified amortizable intangibles

​

​

​

​

​

2026

​

$

3,833

2027

  ​ ​ ​

 

3,269

2028

​

​

2,702

2029

​

​

2,175

2030

​

​

1,122

Thereafter

​

​

5,443

​

​

$

18,544

​
v3.25.4
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025

​

​

December 31,

​

December 31,

​

(Using Fair Value Hierarchy)

​

  ​ ​ ​

2025

  ​ ​ ​

2025

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Senior Notes

 

$

265,000

 

$

281,616

​

$

—

 

$

281,616

​

$

—

ABL Revolver

​

$

25,000

​

$

25,000

​

$

—

​

$

25,000

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Senior Notes

​

$

285,000

 

$

304,571

​

$

—

 

$

304,571

​

$

—
v3.25.4
Accrued Expenses (Tables)
 12 Months Ended
Dec. 31, 2025
Accrued Expenses.  
Schedule of accrued expenses

​

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31,

​

​

2025

​

2024

Accrued payroll and related employee expenses

 

$

13,634

 

$

9,493

Accrued employee performance-based incentive compensation

 

​

2,664

 

​

4,664

Employer payroll taxes

​

​

845

​

​

868

Accrued rebates

​

​

2,819

​

​

3,956

Capitalized contract costs payable

​

​

—

​

​

8,000

Accrued interest

 

​

12,792

 

​

13,506

Current operating and financing lease liabilities

​

​

12,457

​

​

9,065

Other

​

​

7,168

​

​

8,427

Total accrued expenses

​

$

52,379

​

$

57,979
v3.25.4
Financing and Operating Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Financing and Operating Leases  
Schedule of operating and finance lease costs

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

​

2025

​

2024

Operating lease costs

​

$

5,028

​

$

3,278

Short-term and variable lease costs

​

​

1,814

​

​

1,009

Total expense from operating leases

​

$

6,842

​

$

4,287

​

​

​

​

​

​

​

Finance lease costs:

​

​

​

​

​

​

Right-of-use amortization expense

​

$

4,619

​

$

3,198

Interest on lease liabilities

​

​

1,632

​

​

1,104

Total financing lease costs

​

$

6,251

​

$

4,302
Schedule of balances for operating and financing leases

​

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31, 

​

​

2025

​

2024

Operating leases:

​

​

​

​

​

​

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

​

$

19,139

​

$

9,853

​

​

​

​

​

​

​

Current operating lease liabilities

​

$

3,994

​

$

2,468

Non-current operating lease liabilities

​

​

15,746

​

​

8,242

Total operating lease liabilities

​

$

19,740

​

$

10,710

​

​

​

​

​

​

​

Financing leases:

​

​

​

​

​

​

Plant, equipment and leasehold improvements

​

$

48,194

​

$

32,272

Accumulated depreciation

​

​

(9,618)

​

​

(6,533)

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

​

$

38,576

​

$

25,739

​

​

​

​

​

​

​

Current financing lease liabilities

​

$

8,463

​

$

6,597

Non-current financing lease liabilities

​

​

22,595

​

​

16,204

Total financing lease liabilities

​

$

31,058

​

$

22,801
Schedule of components of lease expense

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

​

​

​

2025

​

​

2024

​

Weighted-average remaining lease term:

​

​

​

​

​

​

​

Operating leases

​

​

5.76

​

​

4.06

​

Financing leases

​

​

3.80

​

​

3.84

​

​

​

​

​

​

​

​

​

Weighted-average discount rate:

​

​

​

​

​

​

​

Operating leases

​

​

6.64

%

​

7.04

%

Financing leases

​

​

6.21

%

​

6.23

%
Schedule of future cash payment of operating lease obligations

​

Future cash payment with respect to lease obligations as of December 31, 2025 were as follows:

​

​

​

​

​

​

​

​

​

​

Operating

​

Financing

​

​

Leases

​

Leases

Year Ending

​

​

​

​

​

​

2026

​

$

5,156

​

$

10,096

2027

​

​

5,049

​

​

9,165

2028

​

​

4,501

​

​

7,904

2029

​

​

2,692

​

​

5,432

2030

​

​

1,369

​

​

2,199

Thereafter

​

​

5,006

​

​

—

Total lease payments

​

​

23,773

​

​

34,796

Less imputed interest

​

​

(4,033)

​

​

(3,738)

Total

​

$

19,740

​

$

31,058

​
Schedule of future cash payment of financing lease obligations

​

​

​

​

​

​

​

​

​

​

Operating

​

Financing

​

​

Leases

​

Leases

Year Ending

​

​

​

​

​

​

2026

​

$

5,156

​

$

10,096

2027

​

​

5,049

​

​

9,165

2028

​

​

4,501

​

​

7,904

2029

​

​

2,692

​

​

5,432

2030

​

​

1,369

​

​

2,199

Thereafter

​

​

5,006

​

​

—

Total lease payments

​

​

23,773

​

​

34,796

Less imputed interest

​

​

(4,033)

​

​

(3,738)

Total

​

$

19,740

​

$

31,058

​
v3.25.4
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Long-Term Debt.  
Schedule of long-term debt

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

December 31,

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Senior Notes

​

​

​

​

$

265,000

​

$

285,000

ABL Revolver

​

​

​

​

​

25,000

​

​

—

Unamortized deferred financing costs

​

​

 

​

​

(3,332)

​

​

(4,595)

Total long-term debt

​

​

​

​

​

286,668

​

​

280,405

Less current maturities

​

​

​

​

​

—

​

​

—

Long-term debt, net of current maturities

​

​

​

​

$

286,668

​

$

280,405

​
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Taxes  
Schedule of components of income before income tax expense

​

​

​

​

​

​

​

​

​

​

December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

United States

​

$

21,669

​

$

24,986

Foreign

​

​

71

​

​

41

Total

​

$

21,740

​

$

25,027
Schedule of components of income tax expense

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2025

  ​ ​ ​

2024

Current income tax expense:

​

​

​

​

​

​

US federal

 

$

453

​

$

7,494

US state and local

​

 

1,665

​

 

1,824

Foreign

​

​

21

​

​

9

Total current income tax expense

​

​

2,139

​

 

9,327

​

​

​

​

​

​

​

Deferred income tax expense:

​

​

​

​

​

​

US federal

​

​

4,171

​

 

(3,694)

US state and local

​

​

346

​

 

(127)

Foreign

​

​

—

​

​

—

Total deferred income tax expense

​

​

4,517

​

 

(3,821)

​

​

​

​

​

​

​

Total income tax expense:

​

​

​

​

​

​

US federal

​

​

4,624

​

 

3,800

US state and local

​

​

2,011

​

 

1,697

Foreign

​

​

21

​

​

9

Total income tax expense

​

$

6,656

​

$

5,506
Schedule of effective tax rate differs from the U.S. federal statutory income tax rate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

​

2025

  ​ ​ ​

​

2024

  ​ ​ ​

​

​

Amount

​

Percent

​

​

Amount

​

Percent

​

US federal statutory tax rate

​

$

4,565

​

21.0

%

​

$

5,256

​

21.0

%

State and local income taxes, net of federal income tax effect (1)

​

​

1,743

​

8.0

 

​

​

1,428

​

5.7

 

Foreign tax effects:

​

​

​

​

​

​

​

​

​

​

​

​

United Kingdom

​

​

3

​

—

​

​

​

2

​

—

​

Effects of changes in tax laws or rates enacted in the current period

​

​

—

​

—

​

​

​

—

​

—

​

Effect of cross-border tax laws

​

​

—

​

—

​

​

​

—

​

—

​

Tax credits:

​

​

​

​

​

​

​

​

​

​

​

​

Research and development tax credits

​

​

(239)

​

(1.1)

 

​

​

(223)

​

(0.9)

 

Other

​

​

(33)

​

(0.2)

​

​

​

(5)

​

—

​

Changes in valuation allowances

​

​

—

​

—

​

​

​

(1,757)

​

(7.0)

​

Nontaxable or nondeductible items:

​

​

​

​

​

​

​

​

​

​

​

​

Excess compensation (both current and future)

​

​

557

​

2.6

​

​

​

691

​

2.8

​

Share-based payment awards

​

​

158

​

0.7

​

​

​

(906)

​

(3.6)

​

Other

​

​

323

​

1.5

​

​

​

135

​

0.5

​

Changes in unrecognized tax benefits

​

​

(502)

​

(2.3)

​

​

​

(897)

​

(3.6)

​

Other adjustments:

​

​

​

​

​

​

​

​

​

​

​

​

Expiration of capital loss carryover

​

​

—

​

—

​

​

​

1,757

​

7.0

​

Other

​

​

81

​

0.4

​

​

​

25

​

0.1

​

Effective tax rate

​

$

6,656

​

30.6

%

​

$

5,506

​

22.0

%

(1) The majority of the state tax effect relates to Minnesota and California.
Schedule of amount of taxes paid (net of refunds received)

​

​

​

​

​

​

​

​

​

​

December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

US federal

​

$

5,000

​

$

8,350

US state and local:

​

​

​

​

​

​

Minnesota

 

​

650

​

​

75

Other

​

 

733

​

 

849

Subtotal

​

​

1,383

​

 

924

Foreign:

​

​

​

​

​

​

Other

​

​

14

​

 

11

Subtotal

​

​

14

​

 

11

Total

 

$

6,397

​

$

9,285
Schedule of components of the deferred tax assets and liabilities

​

​

​

​

​

​

​

​

​

​

December 31,

​

  ​ ​ ​

2025

​

2024

Deferred tax assets:

​

​

​

​

​

​

Accrued expense

​

$

3,250

​

$

3,414

Net operating loss carryforward

​

​

22,648

​

 

133

Stock-based compensation

​

​

2,174

​

 

2,400

Interest limitation

​

​

3,920

​

​

2,424

Lease liability

​

​

5,200

​

​

2,730

Research and development costs

​

​

722

​

​

2,070

Other

​

​

2,413

​

​

2,772

Total gross deferred tax assets

​

​

40,327

​

 

15,943

Valuation allowance

​

 

(15,556)

​

 

(872)

Net deferred tax assets

​

​

24,771

​

 

15,071

Deferred tax liabilities:

​

​

​

​

​

​

Plant, equipment and leasehold improvements

​

 

(12,489)

​

 

(8,552)

Intangible assets

​

 

(8,258)

​

 

(6,075)

Right-of-use assets

​

​

(5,042)

​

​

(2,511)

Prepaid expenses and other

​

​

(1,233)

​

​

(1,251)

Total gross deferred tax liabilities

​

 

(27,022)

​

 

(18,389)

Net deferred tax liabilities

​

$

(2,251)

​

$

(3,318)
Schedule of unrecognized tax benefits

​

​

​

​

​

Balance as of December 31, 2024

​

$

669

Increase related to current year tax position

​

​

97

Increase related to prior year tax position

​

​

22

Decrease related to prior year tax position

​

​

—

Decrease related to lapse of statute of limitations

​

​

(436)

Balance as of December 31, 2025

​

$

352
v3.25.4
Earnings per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings per Share  
Computation of basic and diluted earnings per share

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

  ​ ​ ​

2025

​

2024

Numerator:

​

​

  ​ ​ ​

  ​ ​ ​

​

  ​ ​ ​

Net income

​

$

14,950

​

$

19,521

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

Basic weighted-average common shares outstanding

​

 

11,327,232

​

 

11,152,648

Dilutive shares

​

​

594,643

​

​

725,428

Diluted weighted-average common shares outstanding

​

​

11,921,875

​

​

11,878,076

​

​

​

​

​

​

​

Basic earnings per share

​

$

1.32

​

$

1.75

​

​

​

​

​

​

​

Diluted earnings per share

​

$

1.25

​

$

1.64

​
v3.25.4
Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2024

​

781,263

​

$

20.84

​

2.67

​

$

9,925

Exercised

​

(34,206)

​

​

7.02

​

—

​

​

​

Expired

​

(148,596)

​

​

47.59

​

—

​

​

​

Forfeited

​

(527)

​

​

19.12

​

—

​

​

​

Outstanding as of December 31, 2025

​

597,934

​

$

14.98

​

2.07

​

$

2,930

Options vested and exercisable as of December 31, 2025

​

597,934

​

$

14.98

​

2.07

​

$

2,930

Options vested and expected to vest as of December 31, 2025

​

597,934

​

$

14.98

​

2.07

​

$

2,930
Schedule of vesting for unvested options

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

​

Grant-Date

​

​

Number

​

Fair Value

Unvested as of December 31, 2024

​

69,284

​

$

11.21

Vested

​

(68,453)

​

​

11.16

Expired

​

(304)

​

​

33.45

Forfeited

​

(527)

​

​

19.12

Unvested as of December 31, 2025

​

—

​

$

—
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, 2024

 

596,216

​

$

22.15

​

​

Granted

​

262,787

​

​

18.96

​

​

Vested

​

(289,523)

​

​

22.30

​

​

Forfeited

 

(55,687)

​

​

20.99

​

​

Outstanding as of December 31, 2025

 

513,793

​

$

20.56

​

1.28
v3.25.4
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting  
Schedule of revenue and EBITDA of the company's reportable segments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2025

​

Debit and Credit

​

Prepaid Debit

​

Other

​

Total Reportable Segments

​

Intersegment Eliminations

​

Total

Revenue

$

451,475

​

$

93,625

​

$

—

​

$

545,100

​

$

(1,566)

​

$

543,534

Cost of goods sold

​

313,321

​

​

61,683

​

​

—

​

​

375,004

​

​

(1,566)

​

​

373,438

Gross profit

​

138,154

​

​

31,942

​

​

—

​

​

170,096

​

​

—

​

​

170,096

Selling, general and administrative expenses

​

46,724

​

​

5,243

​

​

63,288

​

​

115,255

​

​

—

​

​

115,255

Income (loss) from operations

$

91,430

​

$

26,699

​

$

(63,288)

​

$

54,841

​

$

—

​

$

54,841

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBITDA by segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) from operations

$

91,430

​

$

26,699

​

$

(63,288)

​

$

54,841

​

$

—

​

$

54,841

Depreciation and amortization

​

14,308

​

​

4,692

​

​

3,461

​

​

22,461

​

​

—

​

​

22,461

Other expense

​

(387)

​

​

(128)

​

​

(254)

​

​

(769)

​

​

—

​

​

(769)

EBITDA

$

105,351

​

$

31,263

​

$

(60,081)

​

$

76,533

​

$

—

​

$

76,533

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross profit margin

​

30.6%

​

​

34.1%

​

​

*

​

​

31.2%

​

​

*

​

​

31.3%

EBITDA margin

​

23.3%

​

​

33.4%

​

​

*

​

​

14.0%

​

​

*

​

​

14.1%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2024

​

Debit and Credit

​

Prepaid Debit

​

Other

​

Total Reportable Segments

​

Intersegment Eliminations

​

Total

Revenue

$

375,261

​

$

106,541

​

$

—

​

$

481,802

​

$

(1,201)

​

$

480,601

Cost of goods sold

​

247,166

​

​

63,417

​

​

—

​

​

310,583

​

​

(1,201)

​

​

309,382

Gross profit

​

128,095

​

​

43,124

​

​

—

​

​

171,219

​

​

—

​

​

171,219

Selling, general and administrative expenses

​

35,239

​

​

5,923

​

​

67,265

​

​

108,427

​

​

—

​

​

108,427

Income (loss) from operations

$

92,856

​

$

37,201

​

$

(67,265)

​

$

62,792

​

$

—

​

$

62,792

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBITDA by segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) from operations

$

92,856

​

$

37,201

​

$

(67,265)

​

$

62,792

​

$

—

​

$

62,792

Depreciation and amortization

​

8,854

​

​

3,896

​

​

3,670

​

​

16,420

​

​

—

​

​

16,420

Other expense

​

(82)

​

​

(10)

​

​

(3,586)

​

​

(3,678)

​

​

—

​

​

(3,678)

EBITDA

$

101,628

​

$

41,087

​

$

(67,181)

​

$

75,534

​

$

—

​

$

75,534

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross profit margin

​

34.1%

​

​

40.5%

​

​

*

​

​

35.5%

​

​

*

​

​

35.6%

EBITDA margin

​

27.1%

​

​

38.6%

​

​

*

​

​

15.7%

​

​

*

​

​

15.7%

* Calculation not meaningful.
Schedule of reconciliation of total segment EBITDA to income before taxes

​

​

​

​

​

​

​

​

​

​

December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Net income

 

$

14,950

 

$

19,521

Interest, net

​

 

32,466

​

 

34,087

Income tax expense

​

​

6,656

​

​

5,506

Depreciation and amortization

​

 

22,461

​

 

16,420

EBITDA

 

$

76,533

 

$

75,534
v3.25.4
Summary of Significant Accounting Policies - Trade Accounts Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Trade Accounts Receivable    
Trade accounts receivable $ 95,902 $ 78,464
Unbilled accounts receivable   7,213
Trade and unbilled accounts receivable 95,902 85,677
Less allowance for credit losses (466) (186)
Total accounts receivable, net $ 95,436 $ 85,491
v3.25.4
Summary of Significant Accounting Policies - Bad debts and Concentration of Credit Risk (Details)
 12 Months Ended
Dec. 31, 2025
item
customer
Dec. 31, 2024
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) 16.00% 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) 93.00% 95.00%
Number of suppliers 3 3
Supplier Concentration Risk | Cost of Goods and Service Benchmark | One Supplier    
Allowance for bad debt and credit activity    
Concentration risk (as a percent) 74.00% 78.00%
Number of suppliers 1 1
v3.25.4
Summary of Significant Accounting Policies - Plant, Equipment and Leasehold Improvements (Details)
Dec. 31, 2025
Minimum  
Plant, Equipment and Leasehold Improvements  
Useful life (in years) 3 years
Maximum  
Plant, Equipment and Leasehold Improvements  
Useful life (in years) 10 years
v3.25.4
Summary of Significant Accounting Policies - Equity Method Investment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Oct. 07, 2025
Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]    
Equity method investment, Cash paid   $ 2,819
Gift Card Co Pty Ltd    
Schedule of Equity Method Investments [Line Items]    
Equity method investment, Percentage of voting interest acquired 20.00%  
Equity method investment, Total consideration $ 10,000  
Equity method investment, Cash paid 2,500  
Equity method investment, Contingent consideration 7,500  
Equity method investment, additional interest available to purchase (as a percent)   31.00%
Equity method investment, acquisition related costs $ 300  
Equity method investment, Carrying value   $ 10,200
v3.25.4
Summary of Significant Accounting Policies - Capitalize Contract Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Summary of Significant Accounting Policies    
Contract costs impairment expense $ 0.0 $ 0.0
Contract costs recorded in prepaid expenses and other current assets 2.5 2.1
Contract costs recorded in other assets 8.1 11.1
Contract cost amortization expense $ 2.6 $ 1.8
v3.25.4
Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Inventories    
Raw materials $ 61,564 $ 63,863
Work-in-process 3,868 955
Finished goods 6,811 7,842
Total inventories, net $ 72,243 $ 72,660
v3.25.4
Acquisition - General (Details) - Arroweye - USD ($)
$ in Millions
 12 Months Ended
May 06, 2025
Dec. 31, 2025
Acquisition    
Purchase consideration $ 45.8  
Purchase price held in escrow $ 1.5  
Acquisition costs   $ 6.0
v3.25.4
Acquisition - Estimated fair values of the assets acquired and liabilities assumed (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Estimated fair values of the assets acquired and liabilities assumed    
Goodwill $ 48,764 $ 47,150
Arroweye    
Estimated fair values of the assets acquired and liabilities assumed    
Cash and cash equivalents 1,603  
Accounts receivable 9,424  
Inventories 3,992  
Prepaid expenses and other current assets 2,517  
Plant, equipment, leasehold improvements and operating lease right-of-use assets 17,563  
Intangible assets 12,400  
Goodwill 1,614  
Deferred income taxes 5,583  
Other assets 298  
Total assets 54,994  
Accounts payable 2,837  
Accrued expenses 3,986  
Accrued long-term operating leases 2,371  
Total purchase price $ 45,800  
v3.25.4
Acquisition - Estimated fair values of the identifiable intangible assets acquired (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Trademark  
Acquisition  
Weighted Average Life 7 years 9 months 18 days
Customer relationships  
Acquisition  
Weighted Average Life 16 years 10 months 24 days
Arroweye  
Acquisition  
Total identifiable intangible assets acquired $ 12,400
Arroweye | Trademark  
Acquisition  
Weighted Average Life 2 years 6 months
Total identifiable intangible assets acquired $ 600
Arroweye | Acquired technology  
Acquisition  
Weighted Average Life 7 years
Total identifiable intangible assets acquired $ 4,400
Arroweye | Customer relationships  
Acquisition  
Weighted Average Life 15 years
Total identifiable intangible assets acquired $ 7,400
v3.25.4
Plant, Equipment, Leasehold Improvements and Operating Lease Right-of-Use Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Plant, Equipment and Leasehold Improvements    
Plant, equipment and leasehold improvements, gross $ 204,852 $ 144,282
Less accumulated depreciation and amortization (96,419) (75,634)
Total plant, equipment, leasehold improvements and operating lease right-of-use assets, net 108,433 68,648
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 85,835 71,781
Machinery and equipment under financing leases    
Plant, Equipment and Leasehold Improvements    
Plant, equipment and leasehold improvements, gross 48,194 32,272
Furniture, fixtures and computer equipment    
Plant, Equipment and Leasehold Improvements    
Plant, equipment and leasehold improvements, gross 5,795 1,123
Leasehold improvements    
Plant, Equipment and Leasehold Improvements    
Plant, equipment and leasehold improvements, gross 32,892 18,875
Construction in progress    
Plant, Equipment and Leasehold Improvements    
Plant, equipment and leasehold improvements, gross 4,746 5,141
Operating lease right-of-use assets    
Plant, Equipment and Leasehold Improvements    
Plant, equipment and leasehold improvements, gross $ 27,390 $ 15,090
v3.25.4
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Intangible Assets    
Impairment of goodwill $ 0 $ 0
Impairment of acquired finite-lived intangible assets 0 0
Intangible assets subject to amortization, Cost 78,285 65,885
Intangible assets subject to amortization, Accumulated Amortization (59,741) (55,393)
Intangible assets subject to amortization, Net Book Value $ 18,544 10,492
Customer relationships    
Intangible Assets    
Weighted Average Life 16 years 10 months 24 days  
Intangible assets subject to amortization, Cost $ 62,854 55,454
Intangible assets subject to amortization, Accumulated Amortization (48,855) (45,248)
Intangible assets subject to amortization, Net Book Value $ 13,999 10,206
Acquired technology    
Intangible Assets    
Weighted Average Life 7 years 10 months 24 days  
Intangible assets subject to amortization, Cost $ 11,501 7,101
Intangible assets subject to amortization, Accumulated Amortization (7,519) (7,101)
Intangible assets subject to amortization, Net Book Value $ 3,982  
Trademarks    
Intangible Assets    
Weighted Average Life 7 years 9 months 18 days  
Intangible assets subject to amortization, Cost $ 3,930 3,330
Intangible assets subject to amortization, Accumulated Amortization (3,367) (3,044)
Intangible assets subject to amortization, Net Book Value $ 563 $ 286
v3.25.4
Goodwill and Other Intangible Assets - Future Aggregate Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Estimated future aggregate amortization expense    
2026 $ 3,833  
2027 3,269  
2028 2,702  
2029 2,175  
2030 1,122  
Thereafter 5,443  
Intangible assets subject to amortization, Net Book Value $ 18,544 $ 10,492
v3.25.4
Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Jul. 11, 2024
Senior Notes      
Liabilities:      
Carrying Value $ 265,000 $ 285,000  
Senior Notes | Level 2      
Liabilities:      
Fair Value 281,616 304,571  
2026 Senior Notes      
Liabilities:      
Carrying Value     $ 267,900
ABL Revolver      
Liabilities:      
Carrying Value 25,000    
ABL Revolver | Level 2      
Liabilities:      
Fair Value 25,000    
Estimate of Fair Value | Senior Notes      
Liabilities:      
Fair Value 281,616 $ 304,571  
Estimate of Fair Value | ABL Revolver      
Liabilities:      
Fair Value $ 25,000    
v3.25.4
Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accrued Expenses.    
Accrued payroll and related employee expenses $ 13,634 $ 9,493
Accrued employee performance-based incentive compensation 2,664 4,664
Employer payroll taxes 845 868
Accrued rebates 2,819 3,956
Capitalized contract costs payable   8,000
Accrued interest 12,792 13,506
Current operating and financing lease liabilities 12,457 9,065
Other 7,168 8,427
Total accrued expenses $ 52,379 $ 57,979
v3.25.4
Financing and Operating Leases - Components of Operating and Finance Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Lessee, Lease, Description [Line Items]    
Finance lease option to extend true  
Operating lease option to extend true  
Operating lease costs:    
Operating lease costs $ 5,028 $ 3,278
Short-term and variable lease costs 1,814 1,009
Total expense from operating leases 6,842 4,287
Finance lease costs:    
Right-of-use amortization expense 4,619 3,198
Interest on lease liabilities 1,632 1,104
Total financing lease costs $ 6,251 $ 4,302
Maximum    
Lessee, Lease, Description [Line Items]    
Finance lease extension term 10 years  
Operating lease extension term 10 years  
v3.25.4
Financing and Operating Leases - Operating and Financing Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases    
Operating lease right-of-use assets, net of amortization $ 19,139 $ 9,853
Current operating lease liabilities $ 3,994 $ 2,468
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
Non-current operating lease liabilities $ 15,746 $ 8,242
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Total operating lease liabilities $ 19,740 $ 10,710
Property, equipment and leasehold improvements 204,852 144,282
Accumulated depreciation (96,419) (75,634)
Total plant, equipment, leasehold improvements and operating lease right-of-use assets, net 108,433 68,648
Current financing lease liabilities $ 8,463 $ 6,597
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
Non-current financing lease liabilities $ 22,595 $ 16,204
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Total financing lease liabilities $ 31,058 $ 22,801
Financing leases    
Leases    
Property, equipment and leasehold improvements 48,194 32,272
Accumulated depreciation (9,618) (6,533)
Total plant, equipment, leasehold improvements and operating lease right-of-use assets, net $ 38,576 $ 25,739
v3.25.4
Financing and Operating Leases - Components of Lease Expense (Details)
Dec. 31, 2025
Dec. 31, 2024
Weighted Average Remaining Lease Term    
Weighted Average Remaining Lease Term - Operating Leases 5 years 9 months 3 days 4 years 21 days
Weighted Average Remaining Lease Term - Financing Leases 3 years 9 months 18 days 3 years 10 months 2 days
Weighted Average Discount Rate    
Weighted Average Discount Rate - Operating Leases 6.64% 7.04%
Weighted Average Discount Rate - Financing Leases 6.21% 6.23%
v3.25.4
Financing and Operating Leases - Lease Maturity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Financing and Operating Leases    
Cash paid on operating lease liabilities $ 3,100 $ 2,500
Operating Leases    
2026 5,156  
2027 5,049  
2028 4,501  
2029 2,692  
2030 1,369  
Thereafter 5,006  
Total operating lease payment 23,773  
Less imputed interest (4,033)  
Total operating lease liabilities 19,740 10,710
Financing Leases    
2026 10,096  
2027 9,165  
2028 7,904  
2029 5,432  
2030 2,199  
Total financing lease payment 34,796  
Less imputed interest (3,738)  
Total financing lease liabilities $ 31,058 $ 22,801
v3.25.4
Long-Term Debt - Long-Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Jul. 11, 2024
Long-term Debt      
Unamortized deferred financing costs $ (3,332) $ (4,595)  
Total long-term debt 286,668 280,405  
Long-term debt, net of current maturities 286,668 280,405  
Senior Notes      
Long-term Debt      
Long-term debt 265,000 $ 285,000  
2026 Senior Notes      
Long-term Debt      
Long-term debt     $ 267,900
2029 ABL Revolver      
Long-term Debt      
Long-term debt $ 25,000    
v3.25.4
Long-Term Debt - First Lien Credit Facility (Details)
$ in Thousands
 12 Months Ended
Jul. 15, 2025
USD ($)
Jul. 11, 2024
USD ($)
item
D
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Jul. 02, 2025
USD ($)
Jul. 01, 2025
USD ($)
Long-term Debt            
Amount repaid     $ 62,000 $ 267,897    
Loss on debt extinguishment     (287) (2,987)    
Senior Notes            
Long-term Debt            
Aggregate principal amount   $ 285,000        
Interest rate (as a percent)   10.00%        
Issue Price Percentage (in %)   100.00%        
Carrying Value     265,000 $ 285,000    
Amount repaid $ 20,000          
Redemption percentage 103.00%          
Number of maturity days | D   91        
Debi issuance cost     3,300      
Letters of Credit            
Long-term Debt            
Maximum borrowing capacity   $ 10,000        
2026 Senior Notes            
Long-term Debt            
Interest rate (as a percent)   8.625%        
Carrying Value   $ 267,900        
Redemption percentage   2.156%        
2026 ABL Revolver            
Long-term Debt            
Loss on debt extinguishment     (300)      
2029 ABL Revolver            
Long-term Debt            
Carrying Value     25,000      
Maximum borrowing capacity     75,000     $ 75,000
Maximum uncommitted accordion feature amount   $ 25,000        
Adjustment for credit spread   0.10%        
Available to borrow threshold amount   $ 7,500        
Amount drawn to trigger net leverage requirement (as a percent)   10.00%        
Number of consecutive days at or above available to borrow threshold amount | item   30        
Minimum fixed coverage ratio (as a percent)   1        
Debi issuance cost     $ 1,300      
2029 ABL Revolver | Minimum            
Long-term Debt            
Applicable margin over reference rate (as a percent)   1.50%        
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]     us-gaap:SecuredOvernightFinancingRateSofrMember      
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%        
2029 ABL Revolver Amendment No 1            
Long-term Debt            
Maximum borrowing capacity         $ 100,000  
v3.25.4
Income Taxes - Components of income before income tax expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Taxes    
United States $ 21,669 $ 24,986
Foreign 71 41
Income before income tax expense $ 21,740 $ 25,027
v3.25.4
Income Taxes - Components of income tax expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Current income tax expense:    
US federal $ 453 $ 7,494
US state and local 1,665 1,824
Foreign 21 9
Total current income tax expense 2,139 9,327
Deferred income tax expense:    
US federal 4,171 (3,694)
US state and local 346 (127)
Total deferred income tax expense 4,517 (3,821)
Total income tax expense:    
US federal 4,624 3,800
US state and local 2,011 1,697
Foreign 21 9
Income tax expense $ 6,656 $ 5,506
v3.25.4
Income Taxes - Reconciliation of effective tax rate from the U.S. federal statutory income tax rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Amount    
US federal statutory tax rate $ 4,565 $ 5,256
State and local income taxes, net of federal income tax effect $ 1,743 $ 1,428
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration] stpr:CA, MINNESOTA stpr:CA, MINNESOTA
Tax credits:    
Research and development tax credits $ (239) $ (223)
Other (33) (5)
Changes in valuation allowances   (1,757)
Nontaxable or nondeductible items:    
Excess compensation (both current and future) 557 691
Share-based payment awards 158 (906)
Other 323 135
Changes in unrecognized tax benefits (502) (897)
Expiration of capital loss carryover   1,757
Other adjustments 81 25
Income tax expense $ 6,656 $ 5,506
Effective Income Tax Rate Reconciliation    
US federal statutory tax rate 21.00% 21.00%
State and local income taxes, net of federal income tax effect 8.00% 5.70%
Tax credits:    
Research and development tax credits (1.10%) (0.90%)
Other (0.20%)  
Changes in valuation allowances   (7.00%)
Nontaxable or nondeductible items:    
Excess compensation (both current and future) 2.60% 2.80%
Share-based payment awards 0.70% (3.60%)
Other 1.50% 0.50%
Changes in unrecognized tax benefits (2.30%) (3.60%)
Expiration of capital loss carryover   7.00%
Other adjustments 0.40% 0.10%
Effective income tax rate (as a percent) 30.60% 22.00%
Tax Jurisdiction of Domicile [Extensible Enumeration] country:US country:US
U.K.    
Amount    
Foreign tax effects, United Kingdom $ 3 $ 2
v3.25.4
Income Taxes - Taxes paid (net of refunds received) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Taxes    
US federal $ 5,000 $ 8,350
US state and local    
Subtotal 1,383 924
Foreign    
Subtotal 14 11
Total 6,397 9,285
Minnesota    
US state and local    
Subtotal 650 75
Other    
US state and local    
Subtotal 733 849
Other    
Foreign    
Subtotal $ 14 $ 11
v3.25.4
Income Taxes - Components of the deferred tax assets and liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Accrued expense $ 3,250 $ 3,414
Net operating loss carryforward 22,648 133
Stock-based compensation 2,174 2,400
Interest limitation 3,920 2,424
Lease liability 5,200 2,730
Research and development costs 722 2,070
Other 2,413 2,772
Total gross deferred tax assets 40,327 15,943
Valuation allowance (15,556) (872)
Net deferred tax assets 24,771 15,071
Deferred tax liabilities:    
Plant, equipment and leasehold improvements (12,489) (8,552)
Intangible assets (8,258) (6,075)
Right-of-use assets (5,042) (2,511)
Prepaid expense and other (1,233) (1,251)
Total gross deferred tax liabilities (27,022) (18,389)
Net deferred tax liabilities $ (2,251) $ (3,318)
v3.25.4
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Unrecognized Tax Benefits    
Unrecognized Tax Benefits, Beginning Balance $ 669  
Increase related to current year tax position 97  
Increase related to prior year tax position 22  
Decrease related to lapse of statue of limitations (436)  
Unrecognized Tax Benefits, Ending Balance 352  
Unrecognized tax benefits, accrued interest and penalties $ 100 $ 100
v3.25.4
Income Taxes - Additional information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Effective Income Tax Rate Reconciliation    
Effective income tax rate 30.60% 22.00%
Minimum compensation expense for certain covered employees $ 1.0  
State and local income taxes, net of federal income tax effect 8.00% 5.70%
v3.25.4
Stockholders' Deficit (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Vote / shares
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Nov. 02, 2023
USD ($)
$ / shares
Repurchase Program      
Common shares, par value (in dollars per share) | $ / shares $ 0.001 $ 0.001 $ 0.001
Maximum value of shares authorized for repurchase under repurchase plan | $     $ 20.0
Value of remaining shares available under repurchase authorization | $   $ 11.2  
Shares repurchased and retired (in shares) | shares 0 473,284  
Value of shares repurchased and retired | $   $ 8.6  
Average cost of shares repurchased (in dollars per share) | $ / shares   $ 18.16  
Common Stock      
Class of Stock      
Common stock, voting rights per share | Vote / shares 1    
Repurchase Program      
Shares repurchased and retired (in shares) | shares   473,284  
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  
v3.25.4
Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Numerator:    
Net income $ 14,950 $ 19,521
Denominator:    
Basic weighted-average common shares outstanding (in shares) 11,327,232 11,152,648
Dilutive shares (in shares) 594,643 725,428
Diluted weighted-average common shares outstanding (in shares) 11,921,875 11,878,076
Basic earnings per share (in dollars per share) $ 1.32 $ 1.75
Diluted earnings per share (in dollars per share) $ 1.25 $ 1.64
Outstanding stock based awards    
Potential antidilutive effect of share-based compensation excluded (in shares) 18,848 36,826
v3.25.4
Employee Benefit Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Employee Benefits    
Employee benefit plan, Company's portion vested at time of match (as a percent) 100.00%  
Employee benefit plan expense $ 2.7 $ 2.4
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%  
v3.25.4
Stock-Based Compensation - Omnibus Incentive Plan (Details) - Omnibus Plan - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Stock based compensation      
Number of additional shares authorized 1,000,000    
Number of shares authorized 3,200,000    
Stock Options      
Stock based compensation      
Number of shares available for grant   783,837  
Stock option life (in years)   7 years  
Stock options granted (in shares)   0  
Total fair value of options vested   $ 800 $ 1,000
Number of shares      
Balance at beginning of year (in shares)   781,263  
Exercised (in shares)   (34,206)  
Expired (in shares)   (148,596)  
Forfeited (in shares)   (527)  
Balance at end of year (in shares)   597,934 781,263
Options: Options vested and exercisable   597,934  
Options: Options vested and expected to vest   597,934  
Weighted-Average Exercise Price      
Balance at beginning of year (in dollars per share)   $ 20.84  
Exercised (in dollars per share)   7.02  
Expired (in dollars per share)   47.59  
Forfeited (in dollars per share)   19.12  
Balance at end of year (in dollars per share)   14.98 $ 20.84
Weighted-Average Exercise Price: Options vested and exercisable   14.98  
Weighted-Average Exercise Price: Options vested and expected to vest   $ 14.98  
Weighted- Average Remaining Contractual Term (in Years)      
Balance (in years)   2 years 25 days 2 years 8 months 1 day
Weighted-Average Remaining Contractual Term (in Years): Options vested and exercisable   2 years 25 days  
Weighted-Average Remaining Contractual Term (in Years): Options vested and expected to vest   2 years 25 days  
Number of unvested stock scheduled to vest      
Unvested stock options of beginning of period   69,284  
Vested   (68,453)  
Expired   (304)  
Forfeited   (527)  
Unvested stock options of end of period   0 69,284
Weighted-Average Grant Date Fair Value      
Unvested, beginning balance   $ 11.21  
Vested: Weighted-Average Grant Date Fair Value   11.16  
Expired : Weighted-Average Grant Date Fair Value   33.45  
Forfeited: Weighted-Average Grant Date Fair Value   $ 19.12  
Unvested, ending balance     $ 11.21
Aggregate intrinsic value of stock option awards outstanding   $ 2,930 $ 9,925
Aggregate intrinsic value of stock option awards vested and expected to vest   2,930  
Aggregate intrinsic value of stock option awards vested and exercisable   $ 2,930  
v3.25.4
Stock-Based Compensation - Restricted Stock Units (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Restricted stock units | Chief Executive Officer    
Stock based compensation    
Vesting Percentage 25.00%  
Omnibus Plan    
Weighted Average Grant Date Fair Value    
Unrecognized compensation expense $ 5.7  
Omnibus Plan | Maximum    
Weighted Average Grant Date Fair Value    
Period over which compensation expense expected to recognize 1 year  
Omnibus Plan | Restricted stock units    
Stock based compensation    
Granted (in dollars per unit) $ 18.96 $ 23.9
Total fair value of shares vested $ 6.5 $ 6.6
Number of Restricted Stock Units    
Units outstanding at the beginning of the period (in shares) 596,216  
Granted (in shares) 262,787  
Vested (in shares) (289,523)  
Forfeited (in shares) (55,687)  
Units outstanding at the end of the period (in shares) 513,793 596,216
Weighted Average Grant Date Fair Value    
Units outstanding at the beginning of the period (in dollars per shares) $ 22.15  
Granted (in dollars per unit) 18.96 $ 23.9
Vested (in dollars per share) 22.3  
Forfeited (in dollars per share) 20.99  
Units outstanding at the end of the period (in dollars per shares) $ 20.56 $ 22.15
Weighted-Average Remaining Amortization Period 1 year 3 months 10 days  
Omnibus Plan | Restricted stock units | Minimum    
Stock based compensation    
Vesting period 1 year  
Omnibus Plan | Restricted stock units | Maximum    
Stock based compensation    
Vesting period 3 years  
v3.25.4
Stock-Based Compensation - Additional information (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended
Feb. 28, 2025
Jan. 31, 2024
Performance cash award    
Stock based compensation    
Fair value $ 2.0  
Chief Executive Officer | Performance Stock Units    
Stock based compensation    
Granted (in shares)   60,000
Fair value   $ 0.9
Number of consecutive trading days with minimum share price   90 days
Vesting period   5 years
Stock options vesting percent   33.00%
Chief Executive Officer | Performance Stock Units | Minimum | Awards vesting category one    
Stock based compensation    
Share price (in dollar per share)   $ 35
Chief Executive Officer | Performance Stock Units | Minimum | Awards vesting category two    
Stock based compensation    
Share price (in dollar per share)   50
Chief Executive Officer | Performance Stock Units | Minimum | Awards vesting category three    
Stock based compensation    
Share price (in dollar per share)   $ 65
v3.25.4
Segment Reporting - Revenue and EBITDA from Continuing Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting    
Revenue $ 543,534 $ 480,601
Cost of goods sold 373,438 309,382
Gross profit 170,096 171,219
Selling, general and administrative expenses 115,255 108,427
Income from operations 54,841 62,792
EBITDA by segment:    
Income (loss) from operations 54,841 62,792
Depreciation and amortization 22,461 16,420
Other expense (769) (3,678)
EBITDA $ 76,533 $ 75,534
Segment reporting information, additional information    
Gross profit margin (as a percent) 31.30% 35.60%
EBITDA margin (as a percent) 14.10% 15.70%
Operating Segments    
Segment Reporting    
Revenue $ 545,100 $ 481,802
Cost of goods sold 375,004 310,583
Gross profit 170,096 171,219
Selling, general and administrative expenses 115,255 108,427
Income from operations 54,841 62,792
EBITDA by segment:    
Income (loss) from operations 54,841 62,792
Depreciation and amortization 22,461 16,420
Other expense (769) (3,678)
EBITDA $ 76,533 $ 75,534
Segment reporting information, additional information    
Gross profit margin (as a percent) 31.20% 35.50%
EBITDA margin (as a percent) 14.00% 15.70%
Operating Segments | Debit and Credit    
Segment Reporting    
Revenue $ 451,475 $ 375,261
Cost of goods sold 313,321 247,166
Gross profit 138,154 128,095
Selling, general and administrative expenses 46,724 35,239
Income from operations 91,430 92,856
EBITDA by segment:    
Income (loss) from operations 91,430 92,856
Depreciation and amortization 14,308 8,854
Other expense (387) (82)
EBITDA $ 105,351 $ 101,628
Segment reporting information, additional information    
Gross profit margin (as a percent) 30.60% 34.10%
EBITDA margin (as a percent) 23.30% 27.10%
Operating Segments | Prepaid Debit    
Segment Reporting    
Revenue $ 93,625 $ 106,541
Cost of goods sold 61,683 63,417
Gross profit 31,942 43,124
Selling, general and administrative expenses 5,243 5,923
Income from operations 26,699 37,201
EBITDA by segment:    
Income (loss) from operations 26,699 37,201
Depreciation and amortization 4,692 3,896
Other expense (128) (10)
EBITDA $ 31,263 $ 41,087
Segment reporting information, additional information    
Gross profit margin (as a percent) 34.10% 40.50%
EBITDA margin (as a percent) 33.40% 38.60%
Operating Segments | Other    
Segment Reporting    
Selling, general and administrative expenses $ 63,288 $ 67,265
Income from operations (63,288) (67,265)
EBITDA by segment:    
Income (loss) from operations (63,288) (67,265)
Depreciation and amortization 3,461 3,670
Other expense (254) (3,586)
EBITDA (60,081) (67,181)
Intersegment eliminations    
Segment Reporting    
Revenue (1,566) (1,201)
Cost of goods sold $ (1,566) $ (1,201)
v3.25.4
Segment Reporting - Reconciliation of EBITDA to net income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
EBITDA by segment:    
Net income $ 14,950 $ 19,521
Interest, net 32,466 34,087
Income tax expense 6,656 5,506
Depreciation and amortization 22,461 16,420
EBITDA $ 76,533 $ 75,534
v3.25.4
Segment Reporting - Additional info (Details)
 12 Months Ended
Dec. 31, 2025
Segment Reporting  
Number of reportable segments not disclosed flag true