EX-99.3 4 pmts-20260305xex99d3.htm EX-99.3

Exhibit 99.3

CPI Card Group Inc. and Subsidiaries

Supplemental Segment Information

(dollars in thousands)

(Unaudited)

Three Months Ended March 31, 2025

Secure Card

Prepaid

Integrated

Total
Reportable

Intersegment

  ​ ​

Solutions

  ​ ​

Solutions

  ​ ​

Paytech

  ​ ​

Segments

  ​ ​

Eliminations (1)

  ​ ​

Corporate

  ​ ​

Consolidated

Revenue

$

81,642

$

26,713

$

19,253

$

127,608

$

(4,847)

$

$

122,761

Cost of goods sold

60,823

17,271

8,818

86,912

(4,847)

82,065

Gross profit

20,819

9,442

10,435

40,696

40,696

Selling, general and administrative expenses

6,509

1,443

3,042

10,994

15,598

26,592

Income (loss) from operations

$

14,310

$

7,999

$

7,393

$

29,702

$

$

(15,598)

$

14,104

EBITDA by segment:

Income (loss) from operations

$

14,310

$

7,999

$

7,393

$

29,702

$

$

(15,598)

$

14,104

Depreciation and amortization

2,240

1,116

31

3,387

860

4,247

Other (expense) income

(7)

6

(1)

19

18

EBITDA

$

16,543

$

9,121

$

7,424

$

33,088

$

$

(14,719)

$

18,369

Gross profit margin

25.5%

35.3%

54.2%

31.9%

*

*

33.2%

EBITDA margin

20.3%

34.1%

38.6%

25.9%

*

*

15.0%


(1)    Includes intersegment eliminations related to sales from Secure Card Solutions of $0.5 million to Prepaid Solutions and $4.3 million to Integrated Paytech, respectively.

Three Months Ended June 30, 2025

Secure Card

Prepaid

Integrated

Total
Reportable

Intersegment

Solutions

Solutions

Paytech

Segments

Eliminations (2)

Corporate

Consolidated

Revenue

$

94,673

$

19,222

$

19,326

$

133,221

$

(3,468)

$

$

129,753

Cost of goods sold

70,755

13,751

8,595

93,101

(3,468)

89,633

Gross profit

23,918

5,471

10,731

40,120

40,120

Selling, general and administrative expenses

8,282

1,300

3,314

12,896

17,801

30,697

Income (loss) from operations

$

15,636

$

4,171

$

7,417

$

27,224

$

$

(17,801)

$

9,423

EBITDA by segment:

Income (loss) from operations

$

15,636

$

4,171

$

7,417

$

27,224

$

$

(17,801)

$

9,423

Depreciation and amortization

3,497

1,126

31

4,654

861

5,515

Other (expense) income

(33)

(33)

20

(13)

EBITDA

$

19,100

$

5,297

$

7,448

$

31,845

$

$

(16,920)

$

14,925

Gross profit margin

25.3%

28.5%

55.5%

30.1%

*

*

30.9%

EBITDA margin

20.2%

27.6%

38.5%

23.9%

*

*

11.5%


(2)    Includes intersegment eliminations related to sales from Secure Card Solutions of $0.2 million to Prepaid Solutions and $3.3 million to Integrated Paytech, respectively.


Three Months Ended September 30, 2025

Secure Card

Prepaid

Integrated

Total
Reportable

Intersegment

Solutions

Solutions

Paytech

Segments

Eliminations (3)

Corporate

Consolidated

Revenue

$

99,154

$

23,335

$

19,498

$

141,987

$

(4,021)

$

$

137,966

Cost of goods sold

76,226

16,286

8,482

100,994

(4,021)

96,973

Gross profit

22,928

7,049

11,016

40,993

40,993

Selling, general and administrative expenses

9,879

1,166

2,788

13,833

14,142

27,975

Income (loss) from operations

$

13,049

$

5,883

$

8,228

$

27,160

$

$

(14,142)

$

13,018

EBITDA by segment:

Income (loss) from operations

$

13,049

$

5,883

$

8,228

$

27,160

$

$

(14,142)

$

13,018

Depreciation and amortization

4,080

1,134

33

5,247

868

6,115

Other expense

(238)

(1)

(239)

(290)

(529)

EBITDA

$

16,891

$

7,016

$

8,261

$

32,168

$

$

(13,564)

$

18,604

Gross profit margin

23.1%

30.2%

56.5%

28.9%

*

*

29.7%

EBITDA margin

17.0%

30.1%

42.4%

22.7%

*

*

13.5%


(3)    Includes intersegment eliminations related to sales from Secure Card Solutions of $0.6 million to Prepaid Solutions and $3.4 million to Integrated Paytech, respectively.

Three Months Ended December 31, 2025

Secure Card

Prepaid

Integrated

Total
Reportable

Intersegment

Solutions

Solutions

Paytech

Segments

Eliminations (4)

Corporate

Consolidated

Revenue

$

114,424

$

24,355

$

17,733

$

156,512

$

(3,458)

$

$

153,054

Cost of goods sold

85,970

14,375

7,880

108,225

(3,458)

104,767

Gross profit

28,454

9,980

9,853

48,287

48,287

Selling, general and administrative expenses

9,518

1,334

3,392

14,244

15,747

29,991

Income (loss) from operations

$

18,936

$

8,646

$

6,461

$

34,043

$

$

(15,747)

$

18,296

EBITDA by segment:

Income (loss) from operations

$

18,936

$

8,646

$

6,461

$

34,043

$

$

(15,747)

$

18,296

Depreciation and amortization

4,339

1,316

57

5,712

872

6,584

Other expense

(109)

(133)

(242)

(3)

(245)

EBITDA

$

23,166

$

9,829

$

6,518

$

39,513

$

$

(14,878)

$

24,635

Gross profit margin

24.9%

41.0%

55.6%

30.9%

*

*

31.5%

EBITDA margin

20.2%

40.4%

36.8%

25.2%

*

*

16.1%


(4)    Includes intersegment eliminations related to sales from Secure Card Solutions of $0.2 million to Prepaid Solutions and $3.3 million to Integrated Paytech, respectively.


Year Ended December 31, 2025

Secure Card

Prepaid

Integrated

Total
Reportable

Intersegment

Solutions

Solutions

Paytech

Segments

Eliminations (5)

Corporate

Consolidated

Revenue

$

389,893

$

93,625

$

75,810

$

559,328

$

(15,794)

$

$

543,534

Cost of goods sold

293,774

61,683

33,775

389,232

(15,794)

373,438

Gross profit

96,119

31,942

42,035

170,096

170,096

Selling, general and administrative expenses

34,188

5,243

12,536

51,967

63,288

115,255

Income (loss) from operations

$

61,931

$

26,699

$

29,499

$

118,129

$

$

(63,288)

$

54,841

EBITDA by segment:

Income (loss) from operations

$

61,931

$

26,699

$

29,499

$

118,129

$

$

(63,288)

$

54,841

Depreciation and amortization

14,156

4,692

152

19,000

3,461

22,461

Other expense

(387)

(128)

(515)

(254)

(769)

EBITDA

$

75,700

$

31,263

$

29,651

$

136,614

$

$

(60,081)

$

76,533

Gross profit margin

24.7%

34.1%

55.4%

30.4%

*

*

31.3%

EBITDA margin

19.4%

33.4%

39.1%

24.4%

*

*

14.1%


(5)    Includes intersegment eliminations related to sales from Secure Card Solutions of $1.6 million to Prepaid Solutions and $14.2 million to Integrated Paytech, respectively.