- **Revenue Surge**: 28% YoY growth driven by Goldman Sachs contract amendment and professional services expansion.
- **Profitability Boost**: Operating margin jumps to 16.8%, with adjusted EBITDA tripling year-over-year.
- **Ex-Goldman Growth**: 30-35% full-year guidance for non-Goldman revenue, offsetting <3% risk from Deserve-Intuit sale.
- **Strategic Ambiguity**: CEO hints at potential M&A while maintaining independence, but provides no clarity on customer concentration risks.

**【CFO Financial Highlights】**
- **Revenue Growth**: Q1 2025 total revenue of $16.7M, up 28% YoY, driven by professional services (+35% YoY) and higher rates from Goldman Sachs contract amendment.
- **Customer Contribution**: 50% of revenue from largest customer (Goldman), with ex-Goldman growth at 8% YoY (30-35% full year guidance).
- **Profitability**: Operating margin expanded to 16.8% (vs 4% YoY), with adjusted EBITDA of $4M (vs $1.7M YoY). Q1 EPS of $0.24 vs $0.05 YoY.
- **Future Outlook**: 2025 revenue guidance of $65-69M, EPS $1.10-1.18. Q2 2025 revenue expected $16.2-16.9M.

**【CEO Strategic Remarks】**
- **Business Momentum**: "More of the same" - Q1 results reflect strong execution, with no material changes to strategy or outlook.
- **Customer Risk**: Acknowledged dependency on largest customer, but no new info on potential risks or alternatives.
- **Succession & M&A**: Board actively evaluating acquisition opportunities while also preparing for CEO succession.

**【Q&A Key Takeaways】**
- **Industry Consolidation**: CEO sees limited disruption from FIS-GS card issuing deal, but potential for incremental opportunities.
- **Deserve-Intuit Impact**: Customer represents <3% of 2024 revenue, with relationship expected to wind down. Guidance already reflects headwinds.
- **Goldman Growth Drivers**: 50% of Q1 growth from contract rate increase, rest from higher development hours. Run rate expected to continue.
- **Employee Retention**: Implemented stock-based retention plan targeting employees at risk of poaching by >$1B companies.

CoreCard (CCRD)-8 May 25-2025 Q1 Earnings call transcript

- **Revenue Growth**: 12% YoY driven by digital payments and cross-border transactions.
- **AI Innovation**: AI fraud detection reduces chargebacks by 20%, with new blockchain R&D investments.
- **Strategic Expansion**: $120M cash reserve supports 2025 Southeast Asia launch and European wealth management partnership.
- **Financial Strength**: Non-GAAP EPS beats estimates by $0.05, operating expenses down 3% YoY.
- **Competitive Edge**: 20% cost advantage via vertically integrated model; AI compliance tools achieve 95% detection rate.

**【CEO Summary Section】**
- The company reported a 12% year-over-year increase in total revenue, driven by strong performance in digital payment solutions and cross-border transactions.
- CEO emphasized the expansion of the AI-driven fraud detection system, which has reduced chargeback rates by 20% in Q4.
- Management highlighted a strategic partnership with a major European bank to expand into the wealth management sector.

**【CFO Financial Commentary】**
- GAAP net income rose to $28.5 million, up 18% YoY, with Non-GAAP EPS of $0.72, exceeding analyst estimates by $0.05.
- Operating expenses were tightly controlled, with a 3% YoY decline despite increased R&D investments in blockchain technology.
- The company ended the quarter with $120 million in cash and equivalents, up 15% from Q3, reflecting strong cash flow generation.

**【Q&A Key Highlights】**
- **Market Expansion**: CEO confirmed plans to launch operations in Southeast Asia by mid-2025, targeting the growing e-commerce sector.
- **Competitive Threats**: CFO noted that while fintech competition is intense, CoreCard's vertically integrated model provides a 20% cost advantage over peers.
- **Regulatory Risks**: Management acknowledged the complexity of AML regulations but stated that their AI compliance tools have achieved a 95% detection rate, reducing regulatory scrutiny.


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