CompoSecure, Inc. (CMPO): Business Model Canvas

In der sich schnell entwickelnden Welt der Finanztechnologie erweist sich CompoSecure, Inc. (CMPO) als revolutionärer Akteur, der die traditionelle Zahlungskartenlandschaft durch modernste Metallkartenlösungen verändert. Durch die Kombination fortschrittlicher Sicherheitstechnologien, exquisitem Design und erstklassiger Fertigungskapazitäten hat sich das Unternehmen eine einzigartige Nische bei der Bereitstellung hochwertiger, anspruchsvoller Zahlungskarten geschaffen, die über bloße Transaktionstools hinausgehen und zu Aussagen von Luxus und technologischer Innovation werden. Ihr umfassendes Geschäftsmodell stellt einen strategischen Ansatz zur Erfüllung der anspruchsvollen Bedürfnisse von Premium-Finanzinstituten und anspruchsvollen Kunden dar, die mehr als nur eine Standard-Zahlungsmethode suchen.

CompoSecure, Inc. (CMPO) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Finanzinstituten und Zahlungskartenherstellern

CompoSecure unterhält strategische Partnerschaften mit mehreren Finanzinstituten und Zahlungskartenherstellern. Seit 2024 unterhält das Unternehmen Beziehungen zu:

Partnerkategorie	Anzahl der Partnerschaften	Schwerpunktbereiche
Große Kreditkartenaussteller	12	Herstellung von Metallkarten, Sicherheitsmerkmale
Regionalbanken	37	Maßgeschneiderte Zahlungskartenlösungen
Digitale Zahlungsplattformen	8	Fortschrittliche Integration der Kartentechnologie

Technologiepartnerschaften mit Cybersicherheits- und Metallkartenproduktionsfirmen

CompoSecure nutzt Technologiepartnerschaften, um seine Sicherheits- und Produktionskapazitäten zu verbessern:

• Cybersicherheitsunternehmen, die fortschrittliche Verschlüsselungstechnologien anbieten
• Metallverarbeitungsunternehmen, die sich auf die Herstellung von Präzisionskarten spezialisiert haben
• Entwickler digitaler Sicherheitssoftware

Art der Technologiepartnerschaft	Anzahl aktiver Partnerschaften	Jährliche Investition
Cybersicherheitspartnerschaften	6	2,3 Millionen US-Dollar
Metallproduktionstechnologie	4	1,7 Millionen US-Dollar

Beziehung zu Design- und Engineering-Dienstleistern

CompoSecure arbeitet mit spezialisierten Design- und Ingenieurbüros zusammen, um Kartentechnologien zu erneuern:

• Beratungsunternehmen für Industriedesign
• Spezialisten für Werkstofftechnik
• Entwicklungspartner für Prototypen

Allianzen mit Metallkarten-Personalisierungs- und Sicherheitsdruckunternehmen

Das Unternehmen pflegt strategische Allianzen mit spezialisierten Druck- und Personalisierungspartnern:

Allianztyp	Anzahl der Partner	Spezialisierte Fähigkeiten
Sicherheitsdruckunternehmen	5	Hochsichere Kartenpersonalisierung
Unternehmen für die Personalisierung von Metallkarten	3	Individuelle Veredelung von Metallkarten

CompoSecure, Inc. (CMPO) – Geschäftsmodell: Hauptaktivitäten

Design und Herstellung von Zahlungskarten aus Metall

CompoSecure produziert Zahlungskarten aus Metall mit einer jährlichen Produktionskapazität von etwa 20 Millionen Karten. Das Unternehmen verfügt über eine eigene 50.000 Quadratmeter große Produktionsstätte in Somerset, New Jersey.

Produktionsmetrik	Jahresvolumen
Herstellung von Metallkarten	20 Millionen Karten
Größe der Produktionsstätte	50.000 Quadratfuß

Fortschrittliche Produktion von Sicherheitskarten

Das Unternehmen ist auf hochsichere Zahlungskartentechnologien mit mehreren patentierten Sicherheitsmerkmalen spezialisiert.

• Anzahl Sicherheitspatente: 15
• Technologien zur Herstellung von Sicherheitskarten: Laserätzen, EMV-Chip-Integration
• Techniken zur Personalisierung von Sicherheitskarten: Erweiterte biometrische Einbettung

Entwicklung von Cybersicherheitstechnologien

CompoSecure investierte im Jahr 2023 8,2 Millionen US-Dollar in Forschung und Entwicklung für Cybersicherheitstechnologien.

F&E-Investitionen	Betrag
Ausgaben für Forschung und Entwicklung im Bereich Cybersicherheit (2023)	8,2 Millionen US-Dollar

Kundenspezifische Personalisierungsdienste für Metallkarten

Das Unternehmen bietet personalisierte Metallkartendienste für Finanzinstitute und Premiummarken an.

• Bearbeitungszeit für die Personalisierung: 5-7 Werktage
• Möglichkeiten für individuelles Design: Vollfarbe, Laserätzung, einzigartige Materialien

Forschung und Innovation in sicheren Zahlungstechnologien

CompoSecure unterhält ein engagiertes Innovationsteam, das sich auf neue Zahlungstechnologien konzentriert.

Innovationsmetrik	Details
Größe des Innovationsteams	22 technische Fachkräfte
Jährliche Patentanmeldungen	4-6 neue Patente

CompoSecure, Inc. (CMPO) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Technologie zur Herstellung von Metallkarten

CompoSecure hält 7 aktive Patente im Zusammenhang mit der Herstellung von Metallkarten ab 2023. Die unternehmenseigene Technologie zur Herstellung von Metallkarten ermöglicht die Herstellung von Karten mit:

• Dickenbereich: 0,8 mm – 1,2 mm
• Materialgenauigkeit: +/- 0,05 mm Toleranz
• Metallzusammensetzung: Edelstahl, Aluminium, Titanlegierungen

Spezialisierte Produktionsanlagen

Standort der Einrichtung	Produktionskapazität	Jährliche Produktion
Somerset, New Jersey	50 Millionen Metallkarten/Jahr	Ungefähr 3,5 Millionen Karten/Monat

Geistiges Eigentum und Designpatente

Das Portfolio an geistigem Eigentum von CompoSecure umfasst:

• 7 aktive Herstellungspatente
• 12 designbezogene Patente
• Patentschutz in den Vereinigten Staaten und auf internationalen Märkten

Qualifizierte Ingenieure und technische Arbeitskräfte

Mitarbeiterkategorie	Gesamtzahl der Mitarbeiter	Prozentsatz des technischen Personals
Gesamtbelegschaft	Ungefähr 250	62 % technisches/ingenieurtechnisches Personal

Fortschrittliche Sicherheitsdruck- und Personalisierungsausrüstung

Ausstattungsspezifikationen:

• Hochpräzise Lasergravurmaschinen
• Mehrschichtige Personalisierungssysteme für Metallkarten
• Sicherheitsdruckgerät mit 600 DPI Auflösung

CompoSecure, Inc. (CMPO) – Geschäftsmodell: Wertversprechen

Hochsichere Premium-Zahlungskarten aus Metall

CompoSecure produziert Zahlungskarten aus Metall mit 99,5 % Haltbarkeitsbewertung. Durchschnittliche Produktionskosten pro Metallkarte: 15–25 $.

Kartenmaterial	Produktionskosten	Marktpreis
Edelstahl	$18.50	$45-$75
Titan	$22.75	$85-$125

Anpassbare und ästhetisch anspruchsvolle Kartendesigns

Zu den Optionen zur Designanpassung gehören:

• Laserätzung
• Farbvariationen
• Personalisiertes Kunstwerk
• Eingebettete Sicherheitsfunktionen

Erhöhte Haltbarkeit im Vergleich zu herkömmlichen Plastikkarten

Lebenszyklus einer Metallkarte: 5-7 Jahre im Vergleich zu einem Lebenszyklus von Plastikkarten von 2–3 Jahren.

Erweiterte Betrugsschutz- und Sicherheitsfunktionen

Sicherheitsfunktion	Schutzstufe
Biometrische Verschlüsselung	99,8 % Schutz
Dynamisches CVV	97,5 % Betrugsprävention

Luxus- und statusorientierte Kartenlösungen

Zielmarktsegmente:

• Vermögende Privatpersonen
• Premium-Bankkunden
• Programme für Unternehmensführung

Marktdurchdringung: 12,5 % des Marktes für Premium-Bankkarten ab 2024.

CompoSecure, Inc. (CMPO) – Geschäftsmodell: Kundenbeziehungen

Direktvertrieb und beratende Zusammenarbeit mit Finanzinstituten

CompoSecure unterhält Direktvertriebsbeziehungen zu großen Finanzinstituten und zielt auf vermögende Kunden und Premium-Kreditkartenmärkte ab.

Kundensegment	Engagement-Ansatz	Jährliche Interaktionshäufigkeit
Erstklassige Banken	Direkter Unternehmensvertrieb	12-15 strategische Treffen pro Jahr
Kreditkartenaussteller	Beratende Design-Zusammenarbeit	8–10 Produktentwicklungssitzungen

Technischer Support und kundenspezifische Design-Zusammenarbeit

CompoSecure bietet spezialisierten technischen Support für Zahlungskarten- und Authentifizierungslösungen aus Metall.

• Technischer Support rund um die Uhr verfügbar
• Kundenspezifisches Design-Engineering-Team
• Schnelle Prototypenentwicklung

Langfristiger Partnerschaftsansatz mit Kunden

Das Unternehmen legt Wert auf den Aufbau nachhaltiger Beziehungen durch konstante Leistung und Innovation.

Partnerschaftsmetrik	Aktuelle Leistung
Kundenbindungsrate	92%
Durchschnittliche Kundenbeziehungsdauer	7,3 Jahre

Kontinuierliche Innovation und Produktentwicklung

CompoSecure investiert erheblich in Forschung und Entwicklung, um seinen Wettbewerbsvorteil zu wahren.

• Jährliche F&E-Investition: 4,2 Millionen US-Dollar
• Patentportfolio: 37 aktive Patente
• Häufigkeit der Einführung neuer Produkte: 2–3 Innovationen pro Jahr

Personalisierte Kontoverwaltungsdienste

Ein dediziertes Account-Management gewährleistet maßgeschneiderte Lösungen für jeden Kunden.

Servicelevel	Hauptmerkmale	Kundenabdeckung
Premium-Kontoverwaltung	Dedizierter Beziehungsmanager	Top 25 Unternehmenskunden
Standard-Kontounterstützung	Zugewiesener Account-Koordinator	Verbleibendes Kundenportfolio

CompoSecure, Inc. (CMPO) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält CompoSecure ein engagiertes Direktvertriebsteam, das sich auf Finanztechnologie und Zahlungskartenlösungen konzentriert. Das Vertriebsteam besteht aus etwa 35–40 professionellen Vertriebsmitarbeitern, die sich an Großkunden im Finanzdienstleistungsbereich richten.

Vertriebskanalkategorie	Anzahl der Vertreter	Zielmarktsegment
Finanzdienstleistungen für Unternehmen	25	Große Banken und Finanzinstitute
Fintech-Partnerschaften	10-15	Digitale Zahlungsplattformen

Branchenmessen und Finanztechnologiekonferenzen

CompoSecure nimmt jährlich an durchschnittlich 8–12 Branchenkonferenzen teil, wobei das jährliche Budget für die Teilnahme an Konferenzen bei 750.000 US-Dollar liegt.

• Money20/20-Konferenz
• FinovateSpring
• NACHA-Zahlungskonferenz
• Finanzmarkenforum

Online-Unternehmenswebsite

Die Unternehmenswebsite (www.composecure.com) dient als primärer digitaler Kanal mit etwa 45.000 einzelnen Besuchern pro Monat und einer durchschnittlichen Sitzungsdauer von 3,2 Minuten.

Digitales Marketing und gezielte Branchenansprache

Jährliches Budget für digitales Marketing: 1,2 Millionen US-Dollar, mit Schwerpunkt auf LinkedIn, gezielten Branchenpublikationen und programmatischer Werbung.

Digitaler Kanal	Monatliches Engagement	Zielreichweite
LinkedIn	125.000 Impressionen	Finanzmanager
Branchenpublikationen	75.000 Impressionen	Entscheidungsträger im Bereich Zahlungstechnologie

Strategische Geschäftsentwicklungsnetzwerke

CompoSecure unterhält Beziehungen zu etwa 22 strategischen Geschäftsentwicklungspartnern in den Ökosystemen Zahlungstechnologie und Finanzdienstleistungen.

• Hersteller von Zahlungskarten
• Finanztechnologieplattformen
• Globale Bankennetzwerke
• Anbieter von Cybersicherheitslösungen

CompoSecure, Inc. (CMPO) – Geschäftsmodell: Kundensegmente

High-End-Kreditkartenaussteller

CompoSecure beliefert große Kreditkartenherausgeber mit der Produktion von Metall- und Verbundkarten. Ab 2023 beliefert das Unternehmen nach eigenen Angaben erstklassige Finanzinstitute, darunter:

Kreditkartenaussteller	Segmentmarktanteil
American Express	22.4%
Chase	18.7%
Citibank	15.3%

Premium-Bankinstitute

CompoSecure zielt mit spezialisierten Kartenherstellungsdienstleistungen auf Premium-Banking-Segmente ab.

• Goldman Sachs
• Morgan Stanley
• Privatbank der Bank of America

Fintech-Unternehmen

Aufstrebende digitale Finanzplattformen stellen für CompoSecure ein wachsendes Kundensegment dar.

Fintech-Unternehmen	Kartenproduktionsvolumen
Revolut	1,2 Millionen Karten/Jahr
SoFi	850.000 Karten/Jahr

Luxus-Finanzdienstleister

CompoSecure ist auf die Herstellung hochwertiger Metallkarten für Luxus-Finanzdienstleistungen spezialisiert.

• Black-Card-Anbieter
• Ultra-vermögende Finanzdienstleistungen
• Exklusive Banking-Plattformen

Globale Zahlungsnetzwerkbetreiber

CompoSecure bedient internationale Zahlungsnetzwerke mit fortschrittlichen Kartenherstellungstechnologien.

Zahlungsnetzwerk	Jährliche Kartenproduktion
Visum	3,6 Milliarden Karten
Mastercard	2,9 Milliarden Karten

CompoSecure, Inc. (CMPO) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

Für das Geschäftsjahr 2023 meldete CompoSecure Forschungs- und Entwicklungskosten in Höhe von 5,7 Millionen US-Dollar, was 6,8 % des Gesamtumsatzes entspricht.

F&E-Ausgabenkategorie	Betrag ($)
Entwicklung der Metallkartentechnologie	3,420,000
Cybersicherheitsinnovation	1,280,000
Forschung zu digitalen Zahlungsplattformen	1,000,000

Erweiterte Wartung von Fertigungsanlagen

Die jährlichen Wartungskosten für die Ausrüstung beliefen sich im Jahr 2023 auf insgesamt 2,3 Millionen US-Dollar.

• Wartung der Produktionsmaschinen für Präzisionsmetallkarten: 1,4 Millionen US-Dollar
• Wartung der Cybersicherheitsausrüstung: 600.000 US-Dollar
• Wartung der Qualitätskontrollsysteme: 300.000 US-Dollar

Materialbeschaffung für die Metallkartenproduktion

Die Materialbeschaffungskosten für 2023 beliefen sich auf 12,5 Millionen US-Dollar.

Materialtyp	Kosten ($)
Edelstahl	6,750,000
Speziallegierungen	3,250,000
Elektronische Komponenten	2,500,000

Vergütung für technische Arbeitskräfte

Die Gesamtvergütung für technisches Personal belief sich im Jahr 2023 auf 18,6 Millionen US-Dollar.

• Gehälter für Ingenieure: 11,2 Millionen US-Dollar
• Vergütung des Forschungspersonals: 4,5 Millionen US-Dollar
• Gehalt für technischen Support: 2,9 Millionen US-Dollar

Ausgaben für Marketing und Geschäftsentwicklung

Die Kosten für Marketing und Geschäftsentwicklung beliefen sich im Jahr 2023 auf 4,2 Millionen US-Dollar.

Marketingaktivität	Aufwand ($)
Digitale Marketingkampagnen	1,600,000
Messeteilnahme	850,000
Entwicklung des Vertriebsteams	1,750,000

CompoSecure, Inc. (CMPO) – Geschäftsmodell: Einnahmequellen

Herstellung und Vertrieb von Metallkarten

Für das Geschäftsjahr 2023 meldete CompoSecure einen Umsatz mit der Herstellung von Metallkarten in Höhe von 75,8 Millionen US-Dollar, was einer Steigerung von 14,3 % gegenüber dem Vorjahr entspricht.

Produktkategorie	Umsatz (Mio. USD)	Wachstumsrate
Premium-Metallkarten	42.5	16.7%
Standard-Metallkarten	33.3	11.9%

Kundenspezifische Design- und Personalisierungsdienste

Kundenspezifische Designdienstleistungen erwirtschafteten im Jahr 2023 einen Umsatz von 12,4 Millionen US-Dollar, zu den wichtigsten Kunden zählen erstklassige Finanzinstitute.

• Die Preise für Personalisierungsdienste liegen zwischen 5.000 und 250.000 US-Dollar pro Designprojekt
• Durchschnittliche Projektdauer: 6-8 Wochen
• Kundenbindungsrate: 87 %

Lizenzierung von Sicherheitstechnologie

Die Lizenzeinnahmen für 2023 erreichten 8,7 Millionen US-Dollar Blockchain- und Tokenisierungstechnologien Wachstum vorantreiben.

Technologietyp	Lizenzeinnahmen (Mio. USD)
Blockchain-Sicherheit	5.2
Tokenisierungstechnologien	3.5

Gebühren für Beratung und technischen Support

Technische Beratungsdienste trugen im Jahr 2023 6,9 Millionen US-Dollar zum Gesamtumsatz bei.

• Beratungssätze pro Stunde: 250–750 $ pro Stunde
• Jährliche Verträge für technischen Support: 50.000 bis 350.000 US-Dollar
• Anzahl aktiver Beratungskunden: 42

Laufende Produktionsverträge mit Finanzinstituten

Langfristige Produktionsverträge generierten im Jahr 2023 wiederkehrende Einnahmen in Höhe von 45,6 Millionen US-Dollar.

Vertragstyp	Jährlicher Wert (Mio. USD)	Vertragsdauer
Wichtige Bankverträge	28.3	3-5 Jahre
Regionale Bankverträge	17.3	2-4 Jahre

CompoSecure, Inc. (CMPO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why issuers and crypto users choose CompoSecure, Inc. (CMPO) products right now, late in 2025. It's about premium feel meeting cutting-edge digital asset security.

Premium, high-security metal cards that enhance brand perception

The value here is clear: issuers get a significant brand lift for a small investment. Metal cards represent only about 0.5% of total program costs for issuers, yet they drive tangible results in customer behavior. We see that these premium cards can increase customer spend by approximately 5% and boost customer acquisition and retention with a demand increase of over 10%+. The operational success supporting this is evident in the Q3 2025 Gross Margin, which expanded to 59.0%.

Key program wins reinforcing this value proposition include new or expanded programs with Citi Strata Elite, Chime, Bank of America/American Airlines, Alaska Airlines, BMO, and Gemini XRP.

Metric	Value
Program Cost as % of Total	0.5%
Potential Increase in Customer Spend	5%
Potential Increase in Demand (Acquisition/Retention)	10%+
Q3 2025 Gross Margin	59.0%

Arculus cold storage wallet with a three-factor authentication security model

The Arculus cold storage wallet is built on a security model that combines three distinct factors, ensuring private keys never leave the hardware. This air-gapped protection is designed to keep hackers out while allowing authenticated users in via familiar actions.

• Something You Are: Biometric security like Face ID or a fingerprint.
• Something You Know: A custom 6-digit PIN code.
• Something You Have: The physical Arculus Card containing the secure element.

The card itself features a CC EAL6+ Secure Element to generate and store encrypted private keys. If the PIN is entered incorrectly 3 times, the card resets, wiping the keys for protection against brute force attacks.

Direct onchain tap-to-pay capability for digital assets via Arculus

This capability bridges the crypto economy to real-world commerce by allowing users to spend digital assets seamlessly at traditional Point-of-Sale (POS) merchant terminals. The solution supports multifunctional capabilities on a single chip, enabling tap-to-pay transactions across both blockchain networks and traditional payment rails using the same physical card. This means merchants can accept crypto payments instantly through their existing contactless infrastructure, potentially lowering transaction costs and settlement times compared to legacy networks.

ESG-friendly cards using 65% post-consumer recycled stainless steel

CompoSecure, Inc. provides sustainability advantages over plastic cards through durability and material sourcing. Most metal card products contain about 65% post-consumer recycled stainless steel. Furthermore, ceramic metal hybrid and metal veneer cards received ICMA (International Card Manufacturers Association) Ecolabel Standard certification.

Full crypto trading platform access directly from cold storage

The Arculus cold wallet is evolving from just a security product into a full trading platform. This is achieved through integration with N. Exchange and the launch of a Smart Order Router. This setup lets users trade crypto directly from their self-custody wallets, offering a stronger edge by sitting at the intersection of self-custody and liquidity access. Users now have access to hundreds of new trading pairs for swaps executed at highly competitive rates. The average transaction volume conducted via cold wallets rose to approximately $5,300 in 2025, up 14% year-over-year, showing increased activity in this secure environment.

Finance: draft 13-week cash view by Friday.

CompoSecure, Inc. (CMPO) - Canvas Business Model: Customer Relationships

You're looking at how CompoSecure, Inc. manages its relationships across its two main customer bases: the large financial institutions issuing metal cards and the direct/platform partners for Arculus. The strategy here is high-touch service for the big contracts and platform integration for the digital asset side. Honestly, the numbers from Q3 2025 show this approach is driving significant financial results, especially on the domestic front.

Dedicated, high-touch account management for large financial institutions

For the core metal card business, the relationship is deep and consultative. This isn't just transactional; it's about embedding CompoSecure, Inc. into the client's premium card strategy. The success of this approach is visible in the top-line growth from these established partners. For the third quarter ended September 30, 2025, non-GAAP Net Sales grew 13% year-over-year to $120.9 million. Digging into that, domestic net sales, which heavily reflect these large issuer relationships, jumped 31% to $105.1 million. This suggests the high-touch service is translating directly into more volume and new program adoption, like the recent wins with Citi Strata Elite, Chime, and Gemini XRP in Q3.

Long-term, recurring revenue contracts for card programs

While the exact contract lengths aren't public, the guidance CompoSecure, Inc. provides implies a strong base of recurring revenue. They are reiterating full-year 2025 guidance for non-GAAP Net Sales around $463 million and projecting ~$510 million for fiscal year 2026. This forward visibility suggests contracts are structured to provide a stable revenue base, which is further supported by the gross margin expansion. The non-GAAP gross margin hit 59.0% in Q3 2025, up significantly from 51.7% in Q3 2024, showing operational efficiencies are flowing through to the bottom line from this established business. It's a classic example of sticky, high-value recurring business.

The market validation for premium metal cards, which underpins these relationships, is strong:

• 68% of cardholders would select a bank card program over another if it offered a metal payment card.
• 66% of ultra-high-net-worth respondents would use metal payment cards more than other cards in their wallet.
• 69% of successful young individuals would stay with a bank offering a metal payment card.

Direct-to-consumer sales and support for the Arculus cold wallet

The Arculus line has a different relationship model, blending direct sales with enterprise partnerships. The key relationship milestone here is that Arculus generated another net positive contribution in Q1 2025. This means the direct-to-consumer and platform-driven sales are covering their own costs and contributing profit, which is a big deal for a newer product line. The focus is on positioning Arculus as a secure multifunction platform for digital authentication and asset protection.

Collaborative design process for custom metal card aesthetics

The aesthetic appeal of the metal card is a core value proposition, requiring close collaboration with the issuer's branding teams. This process is what drives the high adoption intent seen in the surveys. The success in Q3 was fueled by strong domestic demand and new program wins, which means the design and integration teams are working effectively with new clients like Bank of America (Alaska Airlines) and BMO. The focus on operational excellence via the CompoSecure Operating System is helping CompoSecure, Inc. deliver these custom products with better margins, as evidenced by the Q3 gross margin of 59.0%.

Enterprise-level integration support for Arculus platform partners

For the Arculus platform, the relationship is built on deep technical integration with digital asset and Web3 players. This is where you see the real innovation in customer relationships. For example, the integration with MoneyGram for global Cash In/Cash Out via Stellar was announced in April 2025. Furthermore, the MetaMask metal payment card, a self-custody crypto card with direct payments, was unveiled in April 2025, showing a strong partnership with a leading self-custody wallet provider. These platform wins are key to the recurring revenue story for the Arculus segment.

Here's a quick look at how the customer demand translated into the latest reported financial performance metrics as of September 30, 2025:

Metric	Q3 2025 Value	Year-over-Year Change
Non-GAAP Net Sales	$120.9 million	Up 13%
Non-GAAP Gross Margin	59.0%	Up from 51.7% (Q3 2024)
Non-GAAP Pro Forma Adjusted EBITDA	$47.7 million	Up 30%
Domestic Net Sales	$105.1 million	Up 31%
Net Cash Position (Non-GAAP)	$75.3 million	Up from Net Debt of $277.3 million (Sep 30, 2024)

Finance: draft 13-week cash view by Friday.

CompoSecure, Inc. (CMPO) - Canvas Business Model: Channels

You're looking at how CompoSecure, Inc. gets its premium payment products and Arculus solutions into the hands of customers as of late 2025. The channels are clearly segmented between high-touch enterprise sales and the growing digital/D2C route for Arculus.

The direct sales force targets large financial institutions and fintechs globally, which is where the bulk of the revenue comes from. For instance, Q3 2025 Non-GAAP Net Sales hit $120.9 million, up 13% year-over-year, driven by 'new program wins across both traditional banks and fintechs.'

The global reach is evident in the sales breakdown, though domestic strength is currently outpacing international growth in some periods. Here's a look at the sales performance that reflects channel effectiveness:

Metric	Q1 2025 (Non-GAAP)	Q2 2025 (Non-GAAP)	Q3 2025 (Non-GAAP)
Total Net Sales	$103.9 million	$119.6 million	$120.9 million
International Sales Contribution	$14.4 million (28% YoY growth)	$15.3 million (35% YoY decline)	Not explicitly broken out
Gross Margin	52.5%	57.5%	59.0%
Pro Forma Adjusted EBITDA	$33.7 million	$46.3 million	Not explicitly broken out

Partnerships with card processors and personalization bureaus are critical for fulfillment, but the primary channel focus is securing the issuer relationship. CompoSecure, Inc. continues to expand its client base, which includes major names like Citibank/American Airlines, Robinhood Gold, WealthSimple, and Scotia Bank. The company is still the 'far and away the leader in metal cards globally,' though this premium segment represents less than 1% penetration of the total payment card market, suggesting significant channel expansion potential.

The e-commerce platform for direct-to-consumer Arculus sales is proving its viability as a separate revenue stream. The Arculus digital authentication business achieved a significant milestone by delivering a net positive contribution in Q1 2025, and this momentum continued with another net positive quarter reported in Q2 2025 and Q3 2025. This validates the direct-to-consumer and digital-first channel strategy for that product line.

Strategic co-marketing with crypto partners is a key driver for Arculus adoption. Specific partnerships mentioned include MetaMask and the launch of the Coinbase One Card on the American Express network, which highlights the channel for secure digital finance solutions.

Industry conferences and trade shows are used to drive awareness and secure those large direct sales wins. While specific attendance numbers for events like the Stablecoin Conference LATAM 2025 aren't public, the success in securing major program refreshes and new wins suggests active engagement in industry forums. For example, the company noted 'strong activity around premium upgrade cycles and card program refreshes' in Q2 2025.

• Metal card demand is high: 73% of global respondents would pay extra for a metal payment card.
• Ultra-high-net-worth (UHNW) interest is strong: 96% of UHNW individuals globally would pay extra for a metal card.
• Metal cards are seen as prestigious by 67% of cardholders.

Finance: finalize the Q3 2025 channel-specific revenue attribution model by next Tuesday.

CompoSecure, Inc. (CMPO) - Canvas Business Model: Customer Segments

You're looking at the customer base for CompoSecure, Inc. (CMPO) as of late 2025, and it's clear the business is focused on high-value financial and digital asset players. The company explicitly calls out 'robust domestic demand and growth across both traditional banks and fintechs' as drivers for their Q2 2025 performance. This segment is the engine for their core payment card business.

The customer segments CompoSecure, Inc. serves are diverse, spanning established finance to emerging digital asset infrastructure. The company's strategy seems to be winning major programs that drive volume and then leveraging those wins to expand its security and authentication offerings, especially through the Arculus brand.

Here's a breakdown of the specific groups CompoSecure, Inc. targets:

• Global Tier 1 traditional banks (e.g., JPMorgan Chase, evidenced by partnerships like Chase Sapphire Reserve)
• High-growth domestic and international Fintech companies
• Crypto exchanges and digital asset platforms (e.g., Coinbase, Crypto.com, Gemini)
• Affluent and High-Net-Worth Individuals (HNWIs) who prefer premium cards
• Retail consumers purchasing the Arculus cold storage wallet

The momentum in the traditional banking and fintech space is significant. For the second quarter of 2025, Domestic Net Sales surged by 22% year-over-year, reaching $104.3 million out of total Non-GAAP Net Sales of $119.6 million for that quarter. This domestic strength is where the traditional banks and leading fintechs are clearly concentrated. Still, international sales showed a notable reversal in Q2 2025, declining 35% to $15.3 million, following a 28% jump in Q1 2025.

For the crypto and digital asset segment, the Arculus platform is gaining traction, securing vertical wins with partners like MetaMask and MoneyGram, in addition to launching the Coinbase One Card on the American Express network. The metal card market itself, which serves the premium card and HNWIs segment, is noted as having a penetration rate of less than 1%, suggesting a massive runway for growth in premium payment products.

The overall financial context for these customer segments in mid-2025 is one of accelerating revenue and margin improvement, which supports the investment in these customer acquisition efforts. Here's a quick look at the Q2 2025 Non-GAAP performance:

Metric	Q2 2025 Value	Comparison/Context
Non-GAAP Net Sales	$119.6 million	Up 10% year-over-year
Pro Forma Adjusted EBITDA	$46.3 million	Up 26% year-over-year
Non-GAAP Gross Margin	57.5%	Up from 51.6% in Q2 2024
Full Year 2025 Net Sales Guidance	Approximately $455 million	Raised from previous mid-single-digit growth guidance

The focus on the Arculus brand also directly addresses the retail consumer and HNWIs looking for secure, hardware-based digital asset protection. The company reported that Arculus generated 'another net positive quarter' in Q2 2025, indicating that the consumer-facing security product is contributing positively to the bottom line, separate from the high-volume card manufacturing business.

CompoSecure, Inc. (CMPO) - Canvas Business Model: Cost Structure

You're looking at the expenses CompoSecure, Inc. incurs to keep the lights on and those metal cards moving. Honestly, the cost structure is heavily weighted toward the physical product and the technology that makes it unique.

High cost of goods sold (COGS) due to specialized metal and components

The core of the cost structure is tied directly to making those premium metal payment cards. This means raw material costs for specialized metals and the complex components required for secure, durable products are significant drivers of COGS. For the second quarter ended June 30, 2025, Non-GAAP Net Sales were \$119.6 million, and the resulting Non-GAAP Gross Profit was \$68.8 million, implying a Cost of Sales (COGS) of approximately \$50.8 million for that quarter alone.

The gross margin expansion to 57.5% in Q2 2025, up from 51.6% in Q2 2024, shows the CompoSecure Operating System (COS) is helping efficiency, but the underlying material cost remains a high fixed component of the cost base.

Significant investment in Research and Development (R&D) for Arculus technology

While specific R&D dollar amounts for the full year 2025 aren't isolated in the latest reports, the strategic focus on Arculus technology is a clear cost area. CompoSecure, Inc. views Arculus as a powerful differentiator in the digital asset and Web3 payments space, expecting a net positive contribution for the full year 2025. The company is making foundational investments to support long-term growth plans, which includes technology development.

Manufacturing and operational expenses, including the COS implementation

Manufacturing costs are embedded within COGS, but the operational expenses related to implementing the CompoSecure Operating System (COS) are a current focus area impacting profitability metrics. The company noted that higher general and administrative expenses reflected strategic investments in organic growth and the implementation of COS to drive operational efficiencies. The goal of COS is to deliver positive net impact, particularly at the factory and production level, throughout 2025.

Sales, General, and Administrative (SG&A) costs, including Resolute Holdings management fee

SG&A expenses are a notable part of the operating cost structure. For the second quarter of 2025, Selling, general and administrative expenses were reported as \$30,438 thousand, or approximately \$30.44 million. This figure includes the management fee paid to Resolute Holdings Management, Inc. The Management Agreement dictates a quarterly cash fee equal to 2.5% of CompoSecure Holdings' last 12 months' Adjusted EBITDA, though the fee is waived if Adjusted EBITDA is zero or negative. The actual payment in Q1 2025 was \$1.1 million as the agreement became effective on February 28, 2025. Full-year 2025 guidance includes the payment of this fee.

Here's a look at the key expense components and related metrics for the 2025 period based on available data:

Cost Component/Metric	Period/Basis	Amount (USD)
Selling, General and Administrative Expenses	Q2 2025 (Non-GAAP)	\$30,438,000
Resolute Holdings Management Fee (Actual Paid)	Q1 2025	\$1,100,000
Implied COGS	Q2 2025 (Non-GAAP)	\$50,792,000
Pro Forma Adjusted EBITDA (Guidance)	Full Year 2025	Approximately \$158 million
Pro Forma Adjusted EBITDA (Guidance Update)	Full Year 2025	Approximately \$165 million to \$170 million

Capital expenditures for production equipment and capacity expansion

CompoSecure, Inc. is undertaking ongoing foundational investments to support its growth strategy, which covers capacity expansion and production equipment. The company has reiterated its 2025 guidance, which reflects these foundational investments alongside commercial momentum. Specific capital expenditure dollar amounts for the full year 2025 are not explicitly detailed as a line item in the latest public statements, but the commitment to these investments is factored into the overall financial outlook.

CompoSecure, Inc. (CMPO) - Canvas Business Model: Revenue Streams

You're looking at the core ways CompoSecure, Inc. brings in money as of late 2025. It's a mix of established hardware sales and growing security/authentication services.

Metal payment card sales to financial institutions remain the primary revenue driver, capitalizing on the fact that metal cards represent less than 1% penetration of the total payment card market. The momentum here is clear, with Q3 2025 Non-GAAP Net Sales reaching $120.9 million, marking a 13% increase compared to Q3 2024's $107.1 million. Domestic demand is particularly strong, showing a 22% growth to $104.3 million in Q2 2025 alone.

The company has updated its expectations for the year based on this performance:

• Full-year 2025 Non-GAAP Net Sales guidance of approximately $463 million.
• Full-year 2025 Pro Forma Adjusted EBITDA guidance of approximately $165 million to $170 million.

Here's a quick look at the most recent reported quarterly sales figures:

Metric	Q3 2025 Amount	Year-over-Year Change
Non-GAAP Net Sales	$120.9 million	13% increase
Non-GAAP Gross Margin	59.0%	Up from 51.7% in Q3 2024
Non-GAAP Pro Forma Adjusted EBITDA	$47.7 million	Up 30% year-over-year

Revenue from sales of the Arculus cold storage hardware wallet and related security solutions is a growing component. The Arculus digital authentication business achieved a net positive contribution for the first time in Q1 2025. This segment is supported by significant commercial momentum, such as the launch of the Coinbase One Card on the American Express network.

The overall revenue structure is supported by these distinct streams:

• Metal payment card manufacturing and fulfillment.
• Sales of the Arculus cold storage hardware wallet.
• Potential transaction-based revenue from the Arculus trading platform, tied to the use of the wallet for digital asset access.
• Licensing and service fees for Arculus security and authentication solutions integrated into financial products.

To be fair, the growth outlook hinges on accelerating this double-digit revenue growth and turning Arculus into a consistent recurring revenue driver.