US Market News
4週前
Paysign’s Patient Affordability Drives 51% Revenue Growth and Significant Margin Expansion for First Quarter 2026May 12, 2026 4:05 PM
Business Wire Mix Shift Continues to Deliver Expansion in Gross and Operating Margin Strong Balance Sheet Enables Continued Investment for Profitable Growth Paysign, Inc. (NASDAQ: PAYS), a leading provider of patient affordability offerings, donor compensation solutions, engagement and management platforms and integrated payment processing for the life sciences industries, today announced financial results for the first quarter 2026. First Quarter 2026 Financial Highlights First quarter 2026 revenues of $28.04 million, up 50.8% from first quarter 2025 First quarter 2026 pharma revenue increased to $15.68 million, an increase of 81.9% versus first quarter 2025; added 45 net patient affordability programs during the past twelve months, exiting the quarter with 135 active programs First quarter 2026 plasma revenue increased to $11.75 million, an increase of 24.9% versus first quarter 2025; total net plasma center count increased by 89 during the past 12 months, exiting the quarter with 573 centers First quarter 2026 operating margin was 23.8% compared to 13.4% in the first quarter 2025 First quarter 2026 net income of $5.44 million, or $0.09 per diluted share, versus net income of $2.59 million, or $0.05 per diluted share in the first quarter 2025 First quarter 2026 adjusted EBITDA of $10.59 million, up 113.4% from $4.96 million for first quarter 2025; diluted Adjusted EBITDA per share of $0.17 versus $0.09 for first quarter 20251 Exited the quarter with $20.55 million of unrestricted cash and zero bank debt First quarter 2026 restricted cash balances increased 10.4% to $158.95 million from first quarter 2025 First quarter 2026 gross dollar load volume was up 26.4% versus first quarter 2025 First quarter 2026 gross spend volume was up 26.7% versus first quarter 2025 1Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP metrics used by management to gauge the operating performance of the business – see reconciliation of net income to Adjusted EBITDA at the end of the press release. “Paysign delivered a strong start to 2026, with exceptional top- and bottom-line results that are consistent with our strategic direction and the scalability of the platform we’ve built,” said Mark Newcomer, President and CEO of Paysign. “Our plasma donor compensation business continues to perform exceptionally well, and the reception to our SaaS solutions from collectors and plasmapheresis manufacturers across the U.S., Europe and Asia reinforces our conviction that purpose-built technology, backed by deep industry expertise, creates a competitive advantage. Patient affordability emerged as our largest revenue contributor in the quarter, with 135 active programs and a strong pipeline that reflects the trust pharmaceutical manufacturers place in Paysign to help patients access and afford the therapies they need. As this business grows, we are positioned to deliver long-term value for our shareholders, our customers and the patients we serve.” 2026 First Quarter Results Total revenues increased 50.8%, or $9.44 million, to $28.04 million, up from $18.6 million in the first quarter of 2025. Pharma industry revenue increased 81.9% to $15.68 million from $8.62 million due to the financial benefit of 45 net pharma patient affordability programs launched during the past 12 months, and a corresponding increase in monthly management fees, setup fees, claim processing fees and other billable services such as dynamic business rules and customer service contact center support. Processed claims increased by approximately 49% compared to the first quarter of 2025. Plasma revenue increased 24.9% to $11.75 million, up from $9.41 million, primarily due to the addition of 89 net plasma centers added during the past 12 months. The average monthly revenue per center increased to $6,671 versus $6,517 and the average number of loads per center increased for the first time since the industry experienced an inventory correction that began in 2024. We exited the quarter with 573 centers versus 595 centers at the end of 2025 as 20 centers were sold to companies who use a competing provider and two underperforming centers were closed. Combined, these centers averaged less than $3,500 per month in revenue, performing below the corporate average. Cost of revenues increased 42.2% due to increased call center support expense associated with the revenue growth, a new customer service contact center that went live in November 2025 and higher employee costs. Gross profit improved to 65.0% compared to 62.9% in the first quarter of 2025 as we experienced a greater mix of pharma revenue. Total operating expenses were $11.55 million compared to $9.20 million in the first quarter of 2025, an increase of 25.5%. Selling, general and administrative expenses increased by 20.5% to $8.91 million. Of that amount, stock compensation expense increased 91.0% to $1.28 million. Depreciation and amortization increased by $835 thousand, or 46.4%, due mainly to the amortization of intangible assets from our Gamma acquisition and continued capitalization of new software development costs and equipment purchases related to the enhancement to our processing platform. Operating margin was 23.8% compared to 13.4% in the first quarter of 2025. The company recorded an income tax provision of $2.03 million, resulting in an effective tax rate of 27.2%, up $1.36 million from the first quarter of 2025 and a tax rate of 20.5%. The effective tax rates reflect adjustments for discrete quarterly items and tax benefits from stock-based compensation. The significant driver in the discrete item adjustment in the first quarter of 2026 was primarily related to the increase in stock price at March 31, 2026, when compared to the same period in the prior year. Net income for the quarter totaled $5.44 million, or $0.09 per fully diluted share, an increase of 110.3% from $2.59 million, or $0.05 per fully diluted share, reported in the first quarter of 2025. On a non-GAAP basis, EBITDA, defined as earnings before interest, taxes, depreciation and amortization, increased by $5.01 million, or 116.9%, to $9.30 million. Adjusted EBITDA, which excludes stock-based compensation from EBITDA and is used by management to evaluate core operating performance, rose $5.63 million, or 113.4%, to $10.59 million, or $0.17 per fully diluted share. Balance Sheet at March 31, 2026 The company’s cash flows increased $14.51 million from December 31, 2025, largely related to the improvement in our operating results, growth of existing customer programs and the launch of new customer programs. During the first quarter of 2026, unrestricted cash decreased by $523 thousand to $20.55 million. The decline was attributable to the timing of operating asset and liability payments, capital investments in intangible and fixed assets and payments of other liabilities associated with the Gamma acquisition. Offsetting these cash outflows were net income and non-cash adjustments. Restricted cash increased $15.03 million to $158.95 million from December 31, 2025, primarily related to customer program deposits for our plasma and pharma customers of $9.71 million and an increase in funds on card of $5.32 million. Restricted cash are funds used for customer card funding and pharmaceutical claim reimbursements with a corresponding offset under current liabilities. 2026 Outlook “Our first quarter results exceeded guidance across every line of the income statement,” commented Jeff Baker, Chief Financial Officer of Paysign. “Revenue, operating margin and net income all finished above the high end of our prior ranges, driven by fixed cost leverage and a continued mix shift toward patient affordability. We are reiterating our full-year 2026 ranges, and the momentum from the first quarter supports our confidence in achieving the upper half of our guidance ranges.” “The table below details our second quarter and full-year 2026 outlook,” continued Baker. “The second quarter reflects the seasonal pattern we have laid out previously: pharma revenue is highest in the first quarter as patient affordability claims peak, and plasma builds through the balance of the year. For the full year, we continue to expect plasma and pharma to contribute roughly equally to revenue, with margins expanding across the income statement and net income nearly doubling over 2025 as patient affordability scales. With a strong unrestricted cash position, no bank debt and a growing cash flow profile, we are well positioned to fund our 2026 investment plans and execute against the financial framework we have communicated.” Second Quarter 2026 Full Year 2026 Revenue $26.2M – $26.7M $106.5M – $110.5M Revenue growth (YoY) 37.5% – 40.0% 30% – 35% Gross margin 60.0% – 62.0% 60% – 62% Net income $3.5M – $4.0M $13.0M – $16.0M Diluted EPS $0.06 – $0.07 $0.21 – $0.26 Adjusted EBITDA2 $7.7M – $8.5M $30.0M – $33.0M Adj. EBITDA per diluted share2 $0.13 – $0.14 $0.49 – $0.53 Paysign expects to exit the second quarter of 2026 with 147–150 active patient affordability programs and 555–560 plasma centers. 2 The company is unable to provide a reconciliation of forward-looking adjusted EBITDA, adjusted EBITDA per diluted share and adjusted EBITDA margin to the most directly comparable GAAP measure, net income (and net income per diluted share), without unreasonable effort due to the variability, complexity and low visibility of certain reconciling items. These items include, but are not limited to, stock-based compensation and other non-recurring items, which could have a material impact on GAAP results. First Quarter 2026 Financial Results Conference Call Details The company will hold a conference call at 5:00 p.m. Eastern time on Tuesday, May 12, 2026, to discuss its first quarter 2026 financial results. The conference call may include forward-looking statements. The dial-in information for this call is 877.407.2988 (within the U.S.) and +1.201.389.0923 (outside the U.S.). A call replay will be available until August 12, 2026, and can be accessed by dialing 877.660.6853 (within the U.S.) and +1.201.612.7415 (outside the U.S.), using passcode 13760115. Forward-Looking Statements Certain statements in this press release may be considered forward-looking under federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. All statements, besides statements of fact included in this release are forward-looking. Such forward-looking statements include, among others, our belief that we delivered a strong start to 2026, with exceptional top- and bottom-line results that are consistent with our strategic direction and the scalability of the platforms we’ve built; our belief that our plasma donor compensation business continues to perform exceptionally well, and the reception to our SaaS solutions from collectors and plasmapheresis manufacturers across the U.S., Europe and Asia reinforces our conviction that purpose-built technology, backed by deep industry expertise, creates a competitive advantage; our belief that patient affordability emerged as our largest revenue contributor in the quarter, with 135 active programs and a strong pipeline that reflects the trust pharmaceutical manufacturers place in us to help patients access and afford the therapies they need; our belief that as this business grows, we are positioned to deliver long-term value for our shareholders, our customers and the patients we serve; our belief that our first quarter results exceeded guidance across every line of the income statement; our belief that revenue, operating margin and net income all finished above the high end of our prior ranges, driven by fixed cost leverage and a continued mix shift toward patient affordability; our belief that the full-year 2026 ranges, and the momentum from the first quarter supports our continued confidence in our full-year guidance ranges; our belief that the second quarter reflects the seasonal pattern we have laid out previously: pharma revenue is highest in the first quarter as patient affordability claims peak, and plasma builds through the balance of the year; our belief that for the full year, we will continue to expect plasma and pharma to contribute roughly equally to revenue, with margins expanding across the income statement and net income nearly doubling over 2025 as patient affordability scales; our belief that with a strong unrestricted cash position, no debt and a growing cash flow profile, we are well positioned to fund our 2026 investment plans and execute against the financial framework we have communicated; our expectation that we will exit the second quarter of 2026 with 147–150 active patient affordability programs and 555–560 plasma centers; our belief that non-GAAP measures used by management to gauge the operating performance of the business help investors better evaluate our past financial performance and potential future results; and our expectations for total revenues, gross profit margins, operating expenses, depreciation and amortization expenses, stock-based compensation expense, interest income, tax rate, fully diluted share count, net income, net margin, Adjusted EBITDA and Adjusted EBITDA margin for the second quarter and full-year 2026. We caution that these statements are qualified by important risks, uncertainties and other factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include, among others, the inability to continue our current growth rate in future periods; the risk that we may not be able to add new patient affordability programs or retain existing programs at anticipated rates; the risk that plasma center customers may switch to competing providers or close centers, reducing our revenue; the risk that our outlook and guidance may not be achieved due to factors within or outside our control; that a downturn in the economy could reduce our customer base and demand for our products and services, which could have an adverse effect on our business, financial condition, profitability and cash flows; operating in a highly regulated environment; failure by us or business partners to comply with applicable laws and regulations; changes in the laws, regulations, credit card association rules or other industry standards affecting our business; changes in the regulatory or legislative environment affecting pharmaceutical patient affordability or copay assistance programs, including potential restrictions on copay accumulator or maximizer programs; that a data security breach could expose us to liability and protracted and costly litigation; risks related to the integration of acquisitions, including the Gamma acquisition, and the realization of anticipated benefits therefrom; and other risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2025. Except to the extent required by federal securities laws, the company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise. About Paysign, Inc. Paysign, Inc. (NASDAQ: PAYS) operates at the intersection of fintech and healthcare, integrating advanced payment processing and program management with tailored technologies for the plasma, pharmaceutical and life sciences industries. Their breakthrough patient affordability solutions ensure patients receive the financial assistance they need to adhere to prescribed therapies by mitigating the effects of copay accumulators and maximizers. Paysign specializes in blood and plasma donor compensation programs, as well as comprehensive engagement and management platforms optimized for life sciences. Paysign’s proprietary processing architecture supports physical, virtual, mobile and bank-based payments with real-time transaction intelligence, enabling efficient, compliant and scalable program delivery. Through advanced reporting, analytics and in-house 24/7 bilingual customer support, Paysign delivers measurable value, exceptional service and a superior experience for donors, patients, healthcare providers, pharmaceutical manufacturers and program sponsors across their growing fintech healthcare ecosystem. The company is committed to improving efficiencies, reducing costs, streamlining communications, increasing program performance and providing actionable insights to those they serve. Paysign, Inc. Condensed Consolidated Statements of Operation (Unaudited) Three Months Ended March 31, 2026 2025 Revenues Plasma industry $ 11,748,611 $ 9,409,880 Pharma industry 15,679,452 8,618,653 Other 610,361 569,616 Total revenues 28,038,424 18,598,149 Cost of revenues 9,819,479 6,907,321 Gross profit 18,218,945 11,690,828 Operating expenses Selling, general and administrative 8,914,654 7,400,759 Depreciation and amortization 2,636,156 1,801,003 Total operating expenses 11,550,810 9,201,762 Income from operations 6,668,135 2,489,066 Other income Interest income, net 800,863 762,198 Income before income tax provision 7,468,998 3,251,264 Income tax provision 2,030,080 665,164 Net income $ 5,438,918 $ 2,586,100 Net income per share Basic $ 0.10 $ 0.05 Diluted $ 0.09 $ 0.05 Weighted average common shares Basic 55,167,911 53,576,030 Diluted 61,022,060 55,142,511 Paysign, Inc. Condensed Consolidated Balance Sheets March 31,
2026 (Unaudited) December 31,
2025 (Audited) ASSETS Current assets Cash $ 20,545,119 $ 21,067,651 Restricted cash 158,950,332 143,917,060 Accounts receivable, net 94,248,593 72,191,994 Other receivables 345,228 926,529 Prepaid expenses and other current assets 3,265,549 1,953,717 Total current assets 277,354,821 240,056,951 Fixed assets, net 2,007,393 1,897,892 Intangible assets, net 21,675,898 22,346,213 Goodwill 4,487,637 4,487,637 Operating lease right-of-use asset 5,522,775 5,729,541 Deferred tax asset, net 1,677,104 1,734,969 Total assets $ 312,725,628 $ 276,253,203 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable and accrued liabilities $ 87,539,193 $ 70,542,803 Customer card funding 158,112,295 143,191,068 Operating lease liability, current portion 871,495 751,503 Other liabilities, current portion 1,585,985 1,863,116 Total current liabilities 248,108,968 216,348,490 Operating lease liability, long-term portion 5,048,579 5,273,891 Other liabilities, long-term portion 4,554,666 6,140,651 Total liabilities 257,712,213 227,763,032 Common stock; $0.001 par value; 150,000,000 shares authorized, 56,732,596 and 56,021,596 issued at March 31, 2026 and December 31, 2025, respectively 56,733 56,022 Additional paid-in capital 36,786,545 35,503,253 Treasury stock at cost, 990,955 and 934,708 shares, respectively (2,348,392 ) (2,148,715 ) Retained earnings 20,518,529 15,079,611 Total stockholders’ equity 55,013,415 48,490,171 Total liabilities and stockholders’ equity $ 312,725,628 $ 276,253,203 Paysign, Inc. Non-GAAP Measures To supplement Paysign’s financial results presented on a GAAP basis, we use non-GAAP measures that exclude from net income the following cash and non-cash items: interest, taxes, depreciation and amortization and stock-based compensation. We believe these non-GAAP measures used by management to gauge the operating performance of the business help investors better evaluate our past financial performance and potential future results. Non-GAAP measures should not be considered in isolation or as a substitute for comparable GAAP accounting, and investors should read them in conjunction with the company’s financial statements prepared in accordance with GAAP. The non-GAAP measures we use may be different from, and not directly comparable to, similarly titled measures used by other companies. “EBITDA” is defined as earnings before interest, taxes, depreciation and amortization expense. “Adjusted EBITDA” reflects the adjustment to EBITDA to exclude stock-based compensation charges. EBITDA and Adjusted EBITDA are not intended to represent cash flows from operations, operating income or net income as defined by U.S. GAAP as indicators of operating performances. Management cautions that amounts presented in accordance with Paysign’s definition of Adjusted EBITDA may not be comparable to similar measures disclosed by other companies because not all companies calculate Adjusted EBITDA in the same manner. Paysign, Inc. Adjusted EBITDA (Unaudited) Three Months Ended March 31, 2026 2025 Reconciliation of EBITDA and Adjusted EBITDA to net income: Net income $ 5,438,918 $ 2,586,100 Income tax provision 2,030,080 665,164 Interest income, net (800,863 ) (762,198 ) Depreciation and amortization 2,636,156 1,801,003 EBITDA 9,304,291 4,290,069 Stock-based compensation 1,284,003 672,318 Adjusted EBITDA $ 10,588,294 $ 4,962,387 Adjusted EBITDA per share Basic $ 0.19 $ 0.09 Diluted $ 0.17 $ 0.09 Weighted average common shares Basic 55,167,911 53,576,030 Diluted 61,022,060 55,142,511 “EBITDA margin” is defined as earnings before interest, income taxes, depreciation and amortization expense as a percentage of the company’s revenue and “Adjusted EBITDA margin” reflects the adjustment to EBITDA margin to exclude stock-based compensation expense as a percentage of revenue. A reconciliation of net income margin to Adjusted EBITDA margin is provided in the table below. Three Months Ended
March 31, 2026 2025 Reconciliation of adjusted EBITDA margin to net income margin: Net income margin 19.4 % 13.9 % Income tax provision 7.2 % 3.6 % Interest income, net (2.9 %) (4.1 %) Depreciation and amortization 9.4 % 9.7 % EBITDA margin 33.2 % 23.1 % Stock-based compensation 4.6 % 3.6 % Adjusted EBITDA margin 37.8 % 26.7 % View source version on businesswire.com: https://www.businesswire.com/news/home/20260512985779/en/ Investor Relations:
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pr@paysign.com Original: Paysign’s Patient Affordability Drives 51% Revenue Growth and Significant Margin Expansion for First Quarter 2026
US Market News
2月前
Paysign, Inc. Reports Fourth Quarter and Full-Year 2025 Financial Results; Patient Affordability Drives 40% Revenue Growth and Significant Margin ExpansionMarch 24, 2026 4:10 PM
Business Wire
Mix Shift Drives Gross and Operating Margin Expansion
Strong Balance Sheet Enables Continued Investment for Profitable Growth
Paysign, Inc. (NASDAQ: PAYS), a leading provider of patient affordability offerings, donor compensation solutions, engagement and management platforms and integrated payment processing for the life sciences industries, today announced financial results for the fourth quarter and full-year 2025.
Full-Year Financial Highlights
Full-year 2025 total revenues of $82.0 million, up 40.5% from 2024
Total net plasma center count increased by 115 during 2025, exiting the year with 595 centers, contributing to a 4.0% increase in plasma revenue versus the same period last year
Added 55 net patient affordability programs during 2025, exiting the year with 131 active programs, leading to a 167.8% increase in pharma revenue over the same period last year
Patient affordability claim volume increased over 79% during 2025 versus the same period last year
Full-year 2025 net income of $7.55 million, or $0.13 per diluted share, versus net income of $3.82 million, or $0.07 per diluted share for full-year 2024
Full-year 2025 Adjusted EBITDA of $19.94 million, up 107.3% from $9.62 million a year ago, while diluted Adjusted EBITDA per share was $0.33 versus $0.17 for full-year 20241
Exited the year with $21.07 million of unrestricted cash and zero debt while repurchasing 100,000 shares of common stock for $376 thousand
Restricted cash balances increased 29.0% to $143.92 million
Gamma Innovation LLC (“Gamma”) acquisition closed on March 19, 2025 with Blood Establishment Computer System (BECS) currently under U.S. Food and Drug Administration review
Full-year 2025 gross dollar load volume was up 8.5% over 2024
Full-year 2025 gross spend volume was up 6.2% over 2024
Full-year 2025 effective tax rate of 24.7% versus 7.8% for the same period last year
Fourth Quarter Financial Highlights
Fourth quarter 2025 total revenues of $22.76 million, up 45.8% from fourth quarter 2024 (“Q4 2024”)
Fourth quarter 2025 net income of $1.36 million, or $0.02 per diluted share, versus net income of $1.37 million, or $0.02 per diluted share for Q4 2024
Fourth quarter 2025 Adjusted EBITDA of $5.43 million, up 89.6% from $2.86 million for Q4 2024, while diluted Adjusted EBITDA per share was $0.09 versus $0.05 for Q4 20241
Plasma revenue of $12.60 million was up 16.7% versus the same period last year
Fourth quarter 2025 average revenue per plasma center per month of $7,067, down from $7,510 for Q4 2024
Pharma revenue of $9.60 million was up 122.4% versus the same period last year
Fourth quarter 2025 patient affordability claim volume increased over 49% versus Q4 2024
Fourth quarter 2025 gross dollar load volume was up 20.7% compared to Q4 2024
Fourth quarter 2025 gross spend volume was up 20.4% compared to Q4 2024
Fourth quarter 2025 effective tax rate of 45.4% versus (11.1%) for the same period last year
1Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP metrics used by management to gauge the operating performance of the business – see reconciliation of net income to Adjusted EBITDA at the end of the press release.
“2025 was a standout year for Paysign, delivering record top- and bottom-line results,” commented Mark Newcomer, President and CEO of Paysign. “We delivered continued, steady growth in our plasma compensation business and our differentiated solution for patient affordability enabled growth of more than 167%. We continued to scale our patient affordability platform, adding 55 net patient affordability programs during 2025, validating our focus on this business line and demonstrating our ability to generate a positive return on investment for pharmaceutical customers while improving patient access to copay funds. Patient affordability has become a primary driver of both growth and profitability. Demand for our differentiated solutions is strong and growing, reflecting the value of our technology, service model and real-time claims capabilities.”
“As patient affordability continues to represent a larger portion of our business, the benefits of a more favorable revenue mix, with higher margins and increased operating leverage, are translating to the bottom line,” Newcomer added. “We believe we remain in the early stages of this opportunity and are well positioned to continue expanding our presence in the life sciences ecosystem.”
2025 Full-Year Results
Total revenues increased 40.5%, or $23.64 million to $82.02 million from $58.38 million in 2024. Pharma industry revenue increased 167.8% to $33.89 million from $12.65 million due to the financial benefit of 55 net pharma patient affordability programs launched during the past 12 months, and a corresponding increase in monthly management fees, setup fees, claim processing fees and other billable services such as dynamic business rules and customer service contact center support. Processed claims increased by over 79% compared to 2024. Plasma revenue increased 4.0% to $45.62 million from $43.88 million, primarily due to the addition of 115 net plasma centers added during the past 12 months, offset by a decline in average plasma donations per center as plasma inventory levels were elevated throughout much of 2025. This led to a reduction in our average monthly revenue per center as compared to the same period in the prior year. We exited the year with 595 centers versus 480 centers at the end of 2024. Other revenue increased by $671 thousand, or 36.2%, primarily due to the growth and usage in the number of cardholders of our payroll, retail and corporate incentive programs.
Cost of revenues increased 27.2% due to increased call center support expense associated primarily with the growth in our plasma and pharma businesses, a new customer service contact center that went live in November, wage inflation pressures, a tight labor market and increased benefit costs, as well as due to increased sales and commission expense, higher network and network related fees and increased third-party variable costs. Gross profit was 59.4% compared to 55.1% in 2024.
Total operating expenses were $41.35 million compared to $31.18 million in 2024, an increase of 32.6%. Selling, general and administrative expenses increased by 31.2%. Depreciation and amortization increased by $2.32 million, or 38.8%, due mainly to the continued capitalization of new software development costs, equipment purchases related to the enhancement to our processing platform and the amortization of intangible assets from our Gamma acquisition. Other income decreased by $446 thousand primarily related to the implied interest expense related to future cash payments for the Gamma acquisition of $395 thousand and lower interest rates, offset by higher average restricted bank account balances from our plasma and pharma customers. Operating margin was 9.0% compared to 1.7% in 2024.
Income tax expense was $2.48 million, resulting in an effective tax rate of 24.7%, due to improved net operating income and adjustments to our provision estimate related to Section 174 changes under the One Big Beautiful Bill Act, offset by tax benefits associated with stock-based compensation and tax credits. This was an increase of $2.16 million over 2024.
Net income was $7.55 million, or $0.13 per diluted share, an increase of 97.9% compared to net income of $3.82 million, or $0.07 per diluted share, last year. “EBITDA,” defined as earnings before interest, taxes, depreciation and amortization expense, which is a non-GAAP metric, increased by $8.67 million or 123.5%, to $15.68 million, and “Adjusted EBITDA,” which excludes stock-based compensation expense from EBITDA, and which is a non-GAAP metric used by management to gauge the operating performance of the business, increased by $10.32 million, or 107.3%, to $19.94 million, or $0.33 per diluted share.
Quarterly Results
Total Q4 2025 revenues increased 45.8% to $22.76 million from $15.61 million in Q4 2024. Pharma revenue increased 122.4% to $9.60 million and plasma revenue increased 16.7% to $12.60 million.
Gross profit increased by 42.6%, and gross margin was 57.7% compared to 58.9% in Q4 2024.
Total operating expenses were $11.27 million, an increase of 29.0% compared to $8.73 million in Q4 2024. Selling, general and administrative expenses increased by 28.8%, and depreciation and amortization expense increased by 29.6%. Operating margin was 8.1% compared to 3.0% in Q4 2024.
Income tax expense was $1.13 million, resulting in an effective tax rate of 45.4%, compared to an income tax benefit of $137 thousand, and an effective tax rate of (11.1%), in Q4 2024.
Net income was $1.36 million, or $0.02 per diluted share, a decrease of 0.8% compared to net income of $1.37 million, or $0.02 per diluted share, during the same period last year. “EBITDA,” which is a non-GAAP metric, increased by 87.4%, to $4.06 million and “Adjusted EBITDA,” which excludes stock-based compensation expense from EBITDA, and which is a non-GAAP metric used by management to gauge the operating performance of the business, increased by 89.6%, to $5.43 million, or $0.09 per diluted share.
Balance Sheet at December 31, 2025
The company’s cash flows increased $42.64 million from December 31, 2024, largely related to the improvement in our operating results, growth of existing customer programs and the launch of new customer programs.
Unrestricted cash increased $10.30 million to $21.07 million from December 31, 2024. The increase resulted primarily from improvement in our operating results.
Restricted cash increased $32.34 million to $143.92 million from December 31, 2024, primarily related to customer program deposits for our plasma and pharma customers of $26.92 million and an increase in funds on card of $5.42 million. Restricted cash are funds used for customer card funding and pharmaceutical claim reimbursements with a corresponding offset under current liabilities.
2026 Outlook
“Paysign enters 2026 in the strongest position in its history,” said Jeff Baker, Paysign CFO. “With strong revenue growth and improving operating leverage, we are positioned for continued success.”
“For 2026, we expect revenue of $106.5 million to $110.5 million, representing 30.0% to 35.0% year-over-year growth, with plasma and pharma contributing equally and other revenue contributing $2.5 million. Considering the seasonality in both our main healthcare businesses, we expect plasma revenues to be the lowest in the first quarter as donors reduce donation frequency following the receipt of tax refunds going out and ramp up throughout the remainder of the year. We expect pharma revenues to be the highest in the first quarter and decline throughout the remainder of the year as patient affordability claims ramp down.
Gross profit margins are expected to be between 60.0% to 62.0%, reflecting increased revenue contribution from our pharma patient affordability business. Operating expenses are expected to increase 20% over 2025 as we continue to make investments in people and technology. Of this amount, depreciation and amortization expense is expected to be between $9.5 million and $10.0 million, while stock-based compensation is expected to be approximately $5.5 million. Given our large unrestricted and restricted cash balances and the current interest rate environment, we expect to generate interest income of approximately $3.1 million. Our full-year tax rate is estimated to be between 22.5% and 25.0%. Net income is estimated to nearly double over 2025, reaching a range of $13.0 million to $16.0 million, or $0.21 to $0.26 per diluted share, and adjusted EBITDA to be in the range of $30.0 million to $33.0 million, or $0.49 to $0.53 per diluted share. The number of fully diluted shares outstanding for the year is estimated to be 62.3 million.
For the first quarter of 2026, we expect revenue of $27.0 to $27.5 million, representing a 45.2% to 47.8% growth over first quarter 2025 (“1Q25”) and expect to have 137 active patient affordability programs and 589 plasma centers exiting the quarter. Margins are expected to expand across the income statement versus 1Q25 equating to an operating margin between 20.0% to 22.0%, net margin between 17.0% to 19.0%, and adjusted EBITDA margin between 34.5% to 36.5%. Fully diluted earnings per share is estimated to be $0.07 to $0.08 while adjusted EBITDA per share is estimated to be $0.15 to $0.16,” Baker concluded. 2
2 The Company is unable to provide a reconciliation of forward-looking adjusted EBITDA, adjusted EBITDA per diluted share and adjusted EBITDA margin to the most directly comparable GAAP measure, net income (and net income per diluted share), without unreasonable effort due to the variability, complexity, and low visibility of certain reconciling items. These items include, but are not limited to, stock-based compensation and other non-recurring items, which could have a material impact on GAAP results.
Fourth Quarter and Full-Year 2025 Financial Results Conference Call Details
The company will hold a conference call at 5:00 p.m. Eastern time on Tuesday March 24, 2026, to discuss its fourth quarter and full-year 2025 financial results. The conference call may include forward-looking statements. The dial-in information for this call is 877.407.2988 (within the U.S.) and +1.201.389.0923 (outside the U.S.). A call replay will be available until June 24, 2026, and can be accessed by dialing 877.660.6853 (within the U.S.) and +1.201.612.7415 (outside the U.S.), using passcode 13758162.
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking under federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. All statements, besides statements of fact included in this release are forward-looking. Such forward-looking statements include, among others, our belief that demand for our capabilities is strong and growing, reflecting the value of our technology, service model and real-time claims capabilities; our belief that we remain in the early stages of this opportunity and are well positioned to continue expanding our presence in the life sciences ecosystem; our expectation that at the end of March 2026, we will have 137 active patient affordability programs and 589 plasma centers; our belief that we have entered 2026 in the strongest position in our history; our belief that with strong revenue growth and improving operating leverage, we are positioned for continued success; our expectation that for 2026, we will have revenue of $106.5 million to $110.5 million, representing 30.0% to 35.0% year-over-year growth, with plasma and pharma contributing equally and other revenue contributing $2.5 million; our expectation that plasma revenues will be lowest in the first quarter as donors reduce donation frequency following the receipt of tax refunds and ramp up throughout the remainder of the year; our expectation that pharma revenues will be highest in the first quarter and decline throughout the remainder of the year as patient affordability claims ramp down; our expectation that gross profit margins will be between 60.0% to 62.0%, reflecting increased revenue contribution from our pharma patient affordability business; our expectation that operating expenses will increase 20% over 2025 as we continue to make investments in people and technology; our expectation that depreciation and amortization expense will be between $9.5 million and $10.0 million; our expectation that stock-based compensation will be approximately $5.5 million; our expectation that we will generate interest income of approximately $3.1 million; our estimate that our full year tax rate will be between 22.5% and 25%; our estimate that net income will nearly double over 2025, reaching a range of $13.0 million to $16.0 million, or $0.21 to $0.26 per diluted share; our expectation that adjusted EBITDA will be in the range of $30.0 million to $33.0 million, or $0.49 to $0.53 per diluted share; our estimate that the number of fully diluted shares outstanding for the year will be 62.3 million; our expectation that for the first quarter of 2026, we will have revenue of $27.0 million to $27.5 million, representing 45.2% to 47.8% growth over first quarter 2025; our expectation that margins will expand across the income statement versus 1Q25 equating to an operating margin between 20.0% to 22.0%, net margin between 17.0% to 19.0%, and adjusted EBITDA margin between 34.5% to 36.5%; our estimate that fully diluted earnings per share will be $0.07 to $0.08 while adjusted EBITDA is estimated to be $0.15 to $0.16; our belief that non-GAAP measures used by management to gauge the operating performance of the business help investors better evaluate our past financial performance and potential future results and our expectations for total revenues, gross profit margins, operating expenses, depreciation and amortization expenses, stock-based compensation expense, interest income, tax rate, fully diluted share count, net income, net margin, Adjusted EBITDA and Adjusted EBITDA margin for the full-year 2026. We caution that these statements are qualified by important risks, uncertainties and other factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include, among others, the inability to continue our current growth rate in future periods; that a downturn in the economy could reduce our customer base and demand for our products and services, which could have an adverse effect on our business, financial condition, profitability and cash flows; operating in a highly regulated environment; failure by us or business partners to comply with applicable laws and regulations; changes in the laws, regulations, credit card association rules or other industry standards affecting our business; that a data security breach could expose us to liability and protracted and costly litigation; and other risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2025. Except to the extent required by federal securities laws, the company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
About Paysign, Inc.
Paysign, Inc. (NASDAQ: PAYS) operates at the intersection of fintech and healthcare, integrating advanced payment processing and program management with tailored technologies for the plasma, pharmaceutical and life sciences industries. Their breakthrough patient affordability solutions ensure patients receive the financial assistance they need to adhere to prescribed therapies by mitigating the effects of copay accumulators and maximizers. Paysign specializes in blood and plasma donor compensation programs, as well as comprehensive engagement and management platforms optimized for life sciences. Paysign’s proprietary processing architecture supports physical, virtual, mobile and bank-based payments with real-time transaction intelligence, enabling efficient, compliant and scalable program delivery. Through advanced reporting, analytics and in-house 24/7 bilingual customer support, Paysign delivers measurable value, exceptional service and a superior experience for donors, patients, healthcare providers, pharmaceutical manufacturers and program sponsors across their growing fintech healthcare ecosystem. The company is committed to improving efficiencies, reducing costs, streamlining communications, increasing program performance and providing actionable insights to those they serve.
Paysign, Inc.
Condensed Consolidated Statements of Operation (Unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Revenues
Plasma industry
$
12,601,358
$
10,798,678
$
45,615,640
$
43,879,508
Pharma industry
9,595,468
4,313,979
33,888,631
12,652,412
Other
558,370
493,791
2,523,905
1,852,632
Total revenues
22,755,196
15,606,448
82,028,176
58,384,552
Cost of revenues
9,634,625
6,407,442
33,311,223
26,187,218
Gross profit
13,120,571
9,199,006
48,716,953
32,197,334
Operating expenses
Selling, general and administrative
9,059,079
7,031,334
33,035,317
25,180,840
Depreciation and amortization
2,207,277
1,703,338
8,318,797
5,994,986
Total operating expenses
11,266,356
8,734,672
41,354,114
31,175,826
Income from operations
1,854,215
464,334
7,362,839
1,021,508
Other income
Interest income, net
639,391
771,273
2,670,415
3,116,689
Income before income tax provision (benefit)
2,493,606
1,235,607
10,033,254
4,138,197
Income tax provision (benefit)
1,130,989
(137,265
)
2,481,641
322,290
Net income
$
1,362,617
$
1,372,872
$
7,551,613
$
3,815,907
Net income per share
Basic
$
0.02
$
0.03
$
0.14
$
0.07
Diluted
$
0.02
$
0.02
$
0.13
$
0.07
Weighted average common shares
Basic
55,084,105
53,520,573
54,426,584
53,207,555
Diluted
61,624,326
55,527,689
59,648,531
55,588,459
Paysign, Inc.
Condensed Consolidated Balance Sheets
December 31,
December 31,
2025
2024
(Unaudited)
(Audited)
ASSETS
Current assets
Cash
$
21,067,651
$
10,766,982
Restricted cash
143,917,060
111,576,204
Accounts receivable, net
72,191,994
32,639,242
Other receivables
926,529
1,606,276
Prepaid expenses and other current assets
1,953,717
2,247,929
Total current assets
240,056,951
158,836,633
Fixed assets, net
1,897,892
1,157,975
Intangible assets, net
22,346,213
12,239,717
Goodwill
4,487,637
–
Operating lease right-of-use asset
5,729,541
2,792,922
Deferred tax asset, net
1,734,969
4,000,950
Total assets
$
276,253,203
$
179,028,197
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities
$
70,542,803
$
34,330,217
Operating lease liability, current portion
751,503
448,008
Other liabilities, current portion
1,863,116
–
Customer card funding
143,191,068
111,328,270
Total current liabilities
216,348,490
146,106,495
Operating lease liability, long-term portion
5,273,891
2,480,070
Other liabilities, long-term portion
6,140,651
–
Total liabilities
227,763,032
148,586,565
Stockholders' equity
Common stock: $0.001 par value, 150,000,000 shares authorized, 56,021,596 and 54,358,382 issued at December 31, 2025 and December 31, 2024, respectively
56,022
54,358
Additional paid-in-capital
35,503,253
24,632,205
Treasury stock at cost, 934,708 shares and 834,708 shares, respectively
(2,148,715
)
(1,772,929
)
Retained earnings
15,079,611
7,527,998
Total stockholders' equity
48,490,171
30,441,632
Total liabilities and stockholders' equity
$
276,253,203
$
179,028,197
Paysign, Inc. Non-GAAP Measures
To supplement Paysign’s financial results presented on a GAAP basis, we use non-GAAP measures that exclude from net income the following cash and non-cash items: interest, taxes, depreciation and amortization and stock-based compensation. We believe these non-GAAP measures used by management to gauge the operating performance of the business help investors better evaluate our past financial performance and potential future results. Non-GAAP measures should not be considered in isolation or as a substitute for comparable GAAP accounting, and investors should read them in conjunction with the company’s financial statements prepared in accordance with GAAP. The non-GAAP measures we use may be different from, and not directly comparable to, similarly titled measures used by other companies.
“EBITDA” is defined as earnings before interest, taxes, depreciation and amortization expense. “Adjusted EBITDA” reflects the adjustment to EBITDA to exclude stock-based compensation charges.
EBITDA and Adjusted EBITDA are not intended to represent cash flows from operations, operating income or net income as defined by U.S. GAAP as indicators of operating performances. Management cautions that amounts presented in accordance with Paysign’s definition of Adjusted EBITDA may not be comparable to similar measures disclosed by other companies because not all companies calculate Adjusted EBITDA in the same manner.
Paysign, Inc.
Adjusted EBITDA (Unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Reconciliation of EBITDA and Adjusted EBITDA to net income:
Net income
$
1,362,617
$
1,372,872
$
7,551,613
$
3,815,907
Income tax provision (benefit)
1,130,989
(137,265
)
2,481,641
322,290
Interest income, net
(639,391
)
(771,273
)
(2,670,415
)
(3,116,689
)
Depreciation and amortization
2,207,277
1,703,338
8,318,797
5,994,986
EBITDA
4,061,492
2,167,672
15,681,636
7,016,494
Stock-based compensation
1,369,749
697,001
4,262,058
2,604,589
Adjusted EBITDA
$
5,431,241
$
2,864,673
$
19,943,694
$
9,621,083
Adjusted EBITDA per share
Basic
$
0.10
$
0.05
$
0.37
$
0.18
Diluted
$
0.09
$
0.05
$
0.33
$
0.17
Weighted average common shares
Basic
55,084,105
53,520,573
54,426,584
53,207,555
Diluted
61,624,326
55,527,689
59,648,531
55,588,459
“EBITDA margin” is defined as earnings before interest, income taxes, depreciation and amortization expense as a percentage of the company’s revenue and “Adjusted EBITDA margin” reflects the adjustment to EBITDA margin to exclude stock-based compensation expense as a percentage of revenue. A reconciliation of net income margin to Adjusted EBITDA margin is provided in the table below.
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Reconciliation of adjusted EBITDA margin to net income margin:
Net income margin
6.0%
8.8%
9.2%
6.5%
Income tax provision (benefit)
5.0%
(0.9%
)
3.0%
0.6%
Interest income, net
(2.8%
)
(4.9%
)
(3.3%
)
(5.3%
)
Depreciation and amortization
9.7%
10.9%
10.1%
10.3%
EBITDA margin
17.8%
13.9%
19.1%
12.0%
Stock-based compensation
6.0%
4.5%
5.2%
4.5%
Adjusted EBITDA margin
23.9%
18.4%
24.3%
16.5%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260324307491/en/
Investor Relations:
888.522.4810
paysign.com/investors
ir@paysign.com
Media Relations:
Alicia Ches
888.522.4850
pr@paysign.com
Original: Paysign, Inc. Reports Fourth Quarter and Full-Year 2025 Financial Results; Patient Affordability Drives 40% Revenue Growth and Significant Margin Expansion
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