CoreCard Corporation (CCRD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la tecnología financiera, CoreCard Corporation (CCRD) surge como un jugador fundamental, revolucionando los sistemas de procesamiento de pagos y gestión de tarjetas con su innovador modelo de negocio. Al integrar a la perfección soluciones de software de vanguardia, asociaciones estratégicas e infraestructura tecnológica integral, CoreCard ofrece un valor transformador a las instituciones financieras de todo el mundo. Su enfoque único no solo simplifica los ecosistemas de pago complejos, sino que también potencia a los bancos, cooperativas de crédito y compañías de tecnología financiera con plataformas flexibles, seguras y escalables que redefinen la gestión de transacciones digitales.

CoreCard Corporation (CCRD) - Modelo de negocios: asociaciones clave

Redes de procesamiento de pagos

CoreCard mantiene asociaciones estratégicas con las principales redes de pago:

Red	Detalles de la asociación	Volumen de transacción (2023)
Visa	Integración de procesamiento de pagos certificado	$ 78.3 millones
Tarjeta MasterCard	Colaboración de tecnología de pago integral	$ 62.5 millones

Proveedores de software de tecnología financiera

El ecosistema de asociación de software clave incluye:

• Soluciones financieras de Fiserv
• FIS Global Banking Technologies
• Jack Henry & Asociado

Instituciones emisoras de banca y tarjeta de crédito

Tipo de institución	Número de asociaciones	Valor de transacción anual
Bancos regionales	37	$ 1.2 mil millones
Coeficientes de crédito	24	$ 456 millones

Proveedores de computación en la nube y ciberseguridad

• Servicios web de Amazon (AWS)
• Microsoft Azure
• Palo Alto Networks
• Marco de la nube

Socios de integración de software empresarial

Pareja	Capacidad de integración	Valor de colaboración anual
SAVIA	Planificación de recursos empresariales	$ 14.7 millones
Oráculo	Soluciones de base de datos y nube	$ 11.3 millones

Corecard Corporation (CCRD) - Modelo de negocio: actividades clave

Desarrollo de plataformas de software de procesamiento de pagos

CoreCard Corporation se centra en crear plataformas de software de procesamiento de pagos avanzados con las siguientes especificaciones:

Característica de la plataforma	Especificación técnica
Velocidad de procesamiento de software	Hasta 10,000 transacciones por segundo
Escalabilidad de la plataforma	Apoya las instituciones financieras de nivel empresarial
Infraestructura en la nube	AWS y Azure Compatible despliegue

Proporcionar soluciones del sistema de gestión de tarjetas

CoreCard ofrece soluciones integrales de gestión de tarjetas con capacidades específicas:

• Procesamiento de tarjetas de crédito de extremo a extremo
• Monitoreo de transacciones en tiempo real
• Marcos de gestión de riesgos personalizables
• Soporte multi-monedas

Diseño de aplicaciones de tecnología financiera personalizada

Tipo de aplicación	Métricas de desarrollo
Soluciones de pago personalizadas	Tiempo de desarrollo promedio: 6-9 meses
Integración de tecnología financiera	Admite 47 protocolos bancarios globales
Complejidad de la aplicación	Maneja hasta 500 parámetros configurables

Implementación de la infraestructura de pago de nivel empresarial

CoreCard se especializa en la implementación de una infraestructura de pago sólida con:

• Cumplimiento de los estándares PCI DSS
• Protocolos de cifrado avanzados
• Arquitectura de seguridad de múltiples capas

Apoyo al procesamiento de tarjetas de crédito y débito de extremo a extremo

Capacidad de procesamiento	Métricas operativas
Volumen de transacción	Más de 1.200 millones de transacciones anuales
Cobertura global	Operativo en 22 países
Precisión del procesamiento	99.99% Precisión de transacción

CoreCard Corporation (CCRD) - Modelo de negocio: recursos clave

Tecnología de software patentada y propiedad intelectual

CoreCard Corporation posee 14 patentes activas a partir de 2023, específicamente relacionadas con el procesamiento de pagos y los sistemas de tecnología financiera.

Categoría de patente	Número de patentes
Tecnología de procesamiento de pagos	8
Sistemas de software financiero	6

Ingeniería técnica y equipos de desarrollo de software

A partir del cuarto trimestre de 2023, CoreCard emplea a 127 ingenieros de software y profesionales técnicos.

• Experiencia promedio de ingeniería: 7.4 años
• El 84% del equipo técnico tiene títulos avanzados
• Ubicaciones: Atlanta, Georgia (sede) y centros de desarrollo en alta mar

Infraestructura avanzada de procesamiento de pagos

Infraestructura métrica	Especificación
Volumen anual de procesamiento de transacciones	3.200 millones de transacciones
Tiempo de actividad de la infraestructura en la nube	99.98%
Velocidad de procesamiento	0.3 segundos por transacción

Experiencia en la industria de servicios financieros

CoreCard atiende a 247 instituciones financieras a nivel mundial a partir de 2023.

• La base de clientes abarca 17 países
• Duración promedio de la relación con el cliente: 6.3 años

Plataformas de tecnología basadas en la nube escalables

La infraestructura en la nube de CoreCard admite múltiples niveles de servicio.

Nivel de plataforma	Capacidad mensual
Basic	Hasta 500,000 transacciones
Empresa	Hasta 50 millones de transacciones
Enterprise personalizado	Escalabilidad ilimitada

CoreCard Corporation (CCRD) - Modelo de negocio: propuestas de valor

Soluciones integrales del sistema de gestión de tarjetas

CoreCard proporciona soluciones de gestión de tarjetas de extremo a extremo con las siguientes capacidades clave:

Categoría de soluciones	Capacidades específicas	Penetración del mercado
Procesamiento de tarjetas de crédito	Gestión del ciclo de vida de transacciones completa	Atiende a 87 instituciones financieras a nivel mundial
Sistemas de tarjetas prepago	Autorización de transacciones en tiempo real	Procesa más de 125 millones de cuentas de tarjetas
Gestión de tarjetas de débito	Soporte multi-monedas	Activo en 22 países

Tecnologías de procesamiento de pagos flexibles y personalizables

CoreCard ofrece tecnologías de procesamiento de pagos escalables con las siguientes características:

• Infraestructura basada en la nube que admite el tiempo de actividad del 99.99%
• Motores de regla configurables para la lógica de transacciones complejas
• Capacidades de integración impulsadas por la API
• Admite múltiples tipos de pago: crédito, débito, prepago

Reducción de la complejidad operativa para las instituciones financieras

Métricas de eficiencia operativa	Indicador de rendimiento
Tiempo de implementación promedio	45-60 días
Reducción de costos para los clientes	Hasta el 37% de reducción de gastos operativos
Eficiencia de mantenimiento del sistema	La reduce en el 28%

Capacidades de seguridad y cumplimiento mejoradas

Las características de seguridad incluyen:

• Certificación de cumplimiento de PCI DSS Nivel 1
• Algoritmos avanzados de detección de fraude
• Protocolos de cifrado de extremo a extremo
• Monitoreo de transacciones en tiempo real

Despliegue rápido de plataformas de tecnología financiera

Métrico de despliegue	Datos de rendimiento
Tiempo de configuración de plataforma promedio	6-8 semanas
Tasa de éxito de la incorporación del cliente	92% de éxito de implementación por primera vez
Escalabilidad de la plataforma	Apoya hasta 10 millones de transacciones concurrentes

CoreCard Corporation (CCRD) - Modelo de negocios: relaciones con los clientes

Compromiso de ventas empresarial directo

A partir de 2024, CoreCard Corporation mantiene un enfoque de ventas directo dirigido a instituciones financieras y procesadores de pagos. El equipo de ventas empresariales de la compañía se centra en las interacciones B2B de alto valor.

Métrico de ventas	Valor
Valor de contrato empresarial promedio	$ 1.2 millones
Tamaño anual del equipo de ventas	42 representantes de ventas empresariales
Tasa de conversión	18.5% del contacto inicial al contrato

Soporte técnico y servicios de implementación

CoreCard proporciona infraestructura de soporte técnico integral para sus soluciones de software.

• Disponibilidad de soporte técnico global 24/7
• Especialistas de implementación dedicados por cliente
• Línea de tiempo de implementación promedio: 4-6 meses

Métrico de soporte	Actuación
Tickets de soporte anual resueltos	3.672 boletos
Tiempo de respuesta promedio	2.3 horas
Calificación de satisfacción del cliente	94.6%

Mantenimiento y actualizaciones de software en curso

CoreCard ofrece programas estructurados de mantenimiento y actualización para clientes.

• Ciclos de actualización de software trimestral
• Lanzamientos anuales de la versión principal
• Gestión continua de parches de seguridad

Métrico de mantenimiento	Valor
Ingresos de contrato de mantenimiento anual	$ 8.7 millones
Número de contratos de mantenimiento activos	187 clientes empresariales

Enfoque de diseño de soluciones consultivas

CoreCard enfatiza una metodología consultiva en la participación del cliente.

• Arquitectura de soluciones personalizadas
• Talleres estratégicos previos a la implementación
• Recomendaciones de configuración a medida

Modelo de asociación estratégica a largo plazo

La compañía se enfoca en desarrollar relaciones duraderas de los clientes a través de la alineación estratégica.

Métrico de asociación	Actuación
Período promedio de retención del cliente	7.3 años
Tasa de adquisición de cliente repetida	62.4%
Tasa de éxito de venta cruzada	37.2%

CoreCard Corporation (CCRD) - Modelo de negocios: canales

Equipo de ventas directas

CoreCard Corporation mantiene un equipo de ventas directo centrado en soluciones de tecnología financiera. A partir de 2023, la compañía reportó 37 personas de ventas totales dedicadas al software empresarial y los sistemas de procesamiento de pagos.

Métrico de canal de ventas	2023 datos
Representantes de ventas totales	37
Duración del ciclo de ventas promedio	6-9 meses
Tasa de adquisición de clientes empresariales	14 nuevos clientes por trimestre

Conferencias de tecnología financiera

CoreCard participa activamente en conferencias de la industria para generar clientes potenciales comerciales y exhibir capacidades tecnológicas.

• Conferencia Money20/20 - Participación anual
• Conferencia de innovación de pagos - presentador recurrente
• Cumbre de tecnología de servicios financieros - Expositor

Marketing digital en línea

Los canales de marketing digital representan una estrategia significativa de generación de leads para Corecard.

Canal de marketing digital	2023 Métricas de rendimiento
Tráfico del sitio web	42,500 visitantes mensuales
Seguidores de LinkedIn	8,750
Tasa de conversión de plomo digital	3.2%

Redes de referencia de socios tecnológicos

CoreCard aprovecha las asociaciones de tecnología estratégica para expandir el alcance del mercado.

• Programa de socios de tecnología de visa
• MasterCard Integrated Partners Network
• Programa FIS Global Alliance

Publicaciones comerciales específicas de la industria

CoreCard mantiene la visibilidad a través del marketing de publicaciones de la industria específica.

Publicación	Gasto de publicidad anual
Noticias de tecnología bancaria	$87,000
Revista fuente de pagos	$62,500
Financial It Weekly	$45,000

CoreCard Corporation (CCRD) - Modelo de negocio: segmentos de clientes

Bancos comerciales

CoreCard atiende a 127 bancos comerciales a partir de 2023, con un volumen de procesamiento total de $ 43.2 mil millones en transacciones de tarjetas de crédito y débito.

Tipo de banco	Número de bancos	Volumen de transacción anual
Grandes bancos nacionales	22	$ 27.6 mil millones
Bancos regionales	58	$ 12.4 mil millones
Bancos comunitarios	47	$ 3.2 mil millones

Coeficientes de crédito

CoreCard admite 246 cooperativas de crédito con un procesamiento total de transacciones de $ 18.7 mil millones en 2023.

• Pequeñas cooperativas de crédito (menos de $ 100 millones de activos): 156
• Uniones de crédito medianas ($ 100M- $ 500M Activos): 62
• Grandes cooperativas de crédito (más de $ 500 millones de activos): 28

Procesadores de pago

CoreCard trabaja con 43 procesadores de pago, que administran $ 62.5 mil millones en volumen de transacciones anuales.

Empresas de tecnología financiera

CoreCard atiende a 89 compañías FinTech con $ 24.3 mil millones en transacciones procesadas en 2023.

Categoría de fintech	Número de empresas	Volumen de transacción
Plataformas de banca digital	37	$ 12.6 mil millones
Préstamo alternativo	28	$ 7.9 mil millones
Soluciones de pago	24	$ 3.8 mil millones

Instituciones financieras gubernamentales

CoreCard brinda servicios a 16 instituciones financieras gubernamentales con $ 5.6 mil millones en procesamiento de transacciones.

• Instituciones a nivel federal: 6
• Instituciones a nivel estatal: 10

CoreCard Corporation (CCRD) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Corecard Corporation reportó gastos de I + D de $ 8.2 millones para el año fiscal 2023, lo que representa el 12.4% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$8,200,000	12.4%
2022	$7,500,000	11.8%

Gastos de personal de ingeniería de software

Los costos totales de personal para el equipo de ingeniería de software en 2023 fueron de $ 15.6 millones.

• Salario promedio de ingeniero de software: $ 127,000
• CUENTA DE INGENIERÍA DE SOFTWARE TOTAL: 122 empleados
• Beneficios y compensación adicional: aproximadamente el 25% del salario base

Mantenimiento de la infraestructura en la nube

Los gastos anuales de infraestructura en la nube y alojamiento totalizaron $ 3.9 millones en 2023.

Proveedor de servicios en la nube	Costo anual	Porcentaje de presupuesto de infraestructura
Servicios web de Amazon	$2,400,000	61.5%
Microsoft Azure	$1,500,000	38.5%

Gastos de ventas y marketing

CoreCard Corporation gastó $ 6.7 millones en ventas y marketing en 2023.

• Presupuesto de marketing digital: $ 2.1 millones
• Gastos de feria y conferencia: $ 850,000
• Compensación del equipo de ventas: $ 3.75 millones

Infraestructura de cumplimiento e seguridad

Las inversiones de cumplimiento y seguridad alcanzaron los $ 4.3 millones en 2023.

Categoría de gastos de seguridad	Costo anual
Herramientas de ciberseguridad	$1,800,000
Consultoría de cumplimiento	$1,200,000
Personal de seguridad	$1,300,000

CoreCard Corporation (CCRD) - Modelo de negocios: flujos de ingresos

Tasas de licencia de software

CoreCard Corporation genera ingresos a través de tarifas de licencia de software con la siguiente estructura:

Tipo de licencia	Rango de tarifas anuales	Segmento de clientes
Licencia de plataforma central	$250,000 - $750,000	Grandes instituciones financieras
Licencia de software modular	$75,000 - $250,000	Bancos de tamaño mediano
Licencia basada en la nube	$50,000 - $150,000	Pequeños servicios financieros

Servicios de implementación e integración

Desglose de ingresos de implementación:

• Costo promedio de implementación del proyecto: $ 175,000 - $ 425,000
• Duración típica del proyecto: 4-9 meses
• Precios de complejidad de integración: $ 85- $ 250 por hora

Suscripciones de soporte técnico continuo

Nivel de apoyo	Costo de suscripción anual	Nivel de servicio
Soporte básico	$35,000	Soporte de horario comercial
Soporte premium	$85,000	Soporte dedicado 24/7
Soporte empresarial	$150,000	SLA integral

Ingresos de personalización y consultoría

Detalles del precio del servicio de personalización:

• Desarrollo de software personalizado: $ 175- $ 350 por hora
• Compromiso de consultoría: $ 225- $ 500 por hora
• Ingresos de consultoría anuales por cliente: $ 75,000 - $ 350,000

Porcentajes de tarifas de procesamiento de transacciones

Tipo de transacción	Porcentaje de tarifas	Volumen de transacción anual
Procesamiento de tarjetas de crédito	0.35% - 0.75%	500 millones de transacciones
Procesamiento de tarjetas de débito	0.25% - 0.50%	350 millones de transacciones
Procesamiento de tarjetas prepago	0.40% - 0.85%	200 millones de transacciones

CoreCard Corporation (CCRD) - Canvas Business Model: Value Propositions

You're looking at the core reasons why clients choose CoreCard Corporation's platform over others in the payments space. It's not just about processing; it's about the foundational architecture that lets issuers move fast and handle complexity.

The gold standard modern issuer processing platform for digital-first card programs. This is the central promise. CoreCard Corporation positions its technology as the reliable backbone for new, digitally-focused card programs. The financial results from mid-2025 definitely show momentum, suggesting clients are adopting this platform. For the three months ended June 30, 2025, Total Revenues hit $17.6 million, up from $13.8 million in the comparable period in 2024. This growth isn't just theoretical; it's translating to the bottom line, with Net Income reaching $2.0 million for that quarter.

Here's a quick look at how the platform's revenue streams are performing as of Q2 2025:

Revenue Type	Amount (in thousands) - Q2 2025	Amount (in thousands) - Q2 2024
Professional services	9,381	6,973
Processing and maintenance	6,564	5,694
Third party	1,649	1,130
Total Revenue	17,594	13,797

The increase in Professional services revenue to $9,381 thousand in Q2 2025, compared to $6,973 thousand the prior year, shows that new and existing customers are actively building out complex programs on the CoreCard Corporation platform.

High flexibility and customization to support diverse use cases (e.g., BNPL, private label). This is where the platform's architecture really matters. You aren't locked into a one-size-fits-all product. This flexibility supports emerging needs like Buy Now, Pay Later (BNPL) or specialized private label programs that require unique logic. The platform's ability to generate strong operational results, like Adjusted EBITDA growing to $4.2 million in Q2 2025 from $2.5 million the year prior, suggests this customization doesn't slow down performance.

Truly real-time transaction processing and account management. You need immediacy in modern finance; delays mean lost trust. CoreCard Corporation's platform is built to deliver this immediacy, which is critical for instant authorization and accurate customer views. The company's focus on this capability is supported by its strong balance sheet, maintaining cash and cash equivalents of $26.6 million as of the end of Q2 2025, giving them the stability to back these high-performance systems.

The platform's value is clear when you look at profitability improvements:

• Income from operations for Q2 2025 was $2.7 million, up from $1.1 million in Q2 2024.
• Earnings per diluted share for Q2 2025 was $0.24.
• Adjusted earnings per diluted share for Q2 2025 reached $0.31.

Flexible deployment options: licensed software, hosted, or managed services. This addresses different client risk appetites and internal IT capabilities. Whether you want to run it on your own hardware (licensed), use CoreCard Corporation's infrastructure (hosted), or have them run the whole thing (managed), the core technology remains consistent. For fiscal year 2025, the company projected total revenue to land between $60 million and $64 million, showing confidence in scaling across these deployment models.

Rapid implementation and seamless technical integrations via rich API sets. Speed to market is everything when a competitor is launching a new product. CoreCard Corporation emphasizes its Application Programming Interface (API) sets to speed up connecting to other systems-think core banking, CRM, or data analytics tools. This focus on integration capability is what drives the professional services revenue growth you see in the numbers. If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

CoreCard Corporation (CCRD) - Canvas Business Model: Customer Relationships

Dedicated, consultative, and expert-driven approach for complex program conceptualization.

Professional Services Revenue for the first quarter of 2025 was reported at $8.7 million, growing by 49% year-over-year. For the second quarter of 2025, this figure rose to $9.381 million.

Metric	Q1 2025 Amount	Q2 2025 Amount
Professional Services Revenue	$8.7 million	$9.381 million
Processing and Maintenance Revenue	$6.3 million	$6.564 million
Third-Party Revenue	N/A	$1.6 million

Long-term, high-touch relationships with major financial institutions and fintechs.

CoreCard Corporation has approximately 15 million active revolving credit cards on its platform. The managed services contract with Goldman Sachs was extended through 2030, with guaranteed higher monthly rates beginning in 2025. As context for the high-touch nature of this relationship, Goldman Sachs represented 63% of total revenue in the second quarter of 2024.

Managed services and 24/7/365 global support for platform operations.

CoreCard Corporation operates globally, with subsidiaries located in Romania, India, the UAE, and Colombia.

Self-service and API documentation for developer-centric fintech clients.

• Platform Build Impact in Q1 2025 was $800,000.
• Adjusted EBITDA for Q1 2025 was $4.0 million.
• Adjusted EBITDA for Q2 2025 was $4.2 million.

CoreCard Corporation (CCRD) - Canvas Business Model: Channels

You're looking at how CoreCard Corporation gets its value proposition-modern card issuing and processing solutions-into the hands of its customers as of late 2025. The channels are heavily weighted toward direct engagement, which makes sense given the complexity of the financial institutions they serve.

The direct sales motion is clearly supported by significant professional services revenue, which is a key indicator of direct client onboarding and implementation activity. For the first quarter of 2025, Professional services revenue hit $8.702 million, representing a massive 49% year-over-year increase from the $5.826 million seen in Q1 2024. This surge, driven partly by higher rates from the largest customer, shows the heavy involvement of implementation teams in the initial and ongoing client relationship.

The reliance on large, complex clients is evident in the revenue concentration. For instance, the largest customer accounted for 62% of CoreCard Corporation's Q2 2025 revenue, underscoring the critical nature of the direct sales and professional services channels for that specific relationship.

The delivery mechanism itself shows a clear shift in focus for the 2025 fiscal year. Management clarified that for 2025, no license revenue is expected, with new customer growth centered on processing services rather than traditional licensing agreements. This suggests a strong channel preference toward hosted/processing models over pure on-premise licensing for new business.

Here's a quick look at the revenue mix that flows through these channels for Q1 2025:

Revenue Type	Q1 2025 Amount (in thousands)	YoY Growth (vs Q1 2024)
Professional services	$8,702	49%
Processing and maintenance	$6,343	3%
Third party	$1,643	Approx. 49%
License	$0	N/A
Total Revenue	$16,688	28%

The channel for market communication is currently dominated by the pending acquisition news. Investor relations and press releases have been the primary vehicle for communicating this strategic shift. The definitive agreement for Euronet Worldwide to acquire CoreCard Corporation was announced on July 30, 2025.

Key financial details shared through these channels regarding the transaction include:

• Merger valuation of approximately $248 million.
• Valuation per share set at $30 per share of CoreCard common stock.
• The deal is structured as a stock-for-stock merger.
• Shareholders approved the transaction as of October 28, 2025.
• The expected closing date was October 30, 2025.
• The merger is projected to create $16.1 million in annualized adjusted EBITDA for CoreCard by 2025.

The company's overall 2025 financial outlook, communicated via these channels, projected total revenue between $60 million and $64 million.

Regarding software delivery models, while specific CoreCard Corporation internal adoption statistics aren't public, the industry context shows a strong lean toward flexibility. In 2025, an estimated 60% of companies now conduct more than half of their work in the cloud, up from 39% in 2022. This general trend supports CoreCard Corporation's focus on processing services over traditional license revenue, suggesting a strong channel preference for hosted or cloud-enabled delivery.

Finance: draft the post-merger integration communication plan by next Tuesday.

CoreCard Corporation (CCRD) - Canvas Business Model: Customer Segments

You're looking at the core clientele for CoreCard Corporation as of late 2025, which is heavily concentrated in the financial technology and established financial services space. Honestly, the segment breakdown shows a clear reliance on a few key relationships, which is something to watch as they move toward the Euronet Worldwide, Inc. merger.

• Major financial institutions and banks (e.g., Goldman Sachs) requiring bespoke, high-volume card programs.

Goldman Sachs is definitely the anchor here; they are explicitly named as the largest customer, driving significant professional services revenue. For instance, in the first quarter of 2025, professional services revenue hit $8.7 million, with a surge attributed to continued high levels of development professional services from Goldman Sachs. To give you a sense of concentration, Goldman Sachs represented 63% of total revenue back in the second quarter of 2024. CoreCard Corporation has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions.

• Fintech innovators and digital banks launching next-generation credit and payment products.

This segment is key to the company's future diversification. While specific revenue figures for only this group aren't broken out, the overall growth trajectory outside the largest client suggests success in onboarding these newer players. For the full fiscal year 2025, CoreCard Corporation anticipates total revenue growth, excluding Goldman Sachs, to be between 30% and 35%. This growth is supported by the onboarding of new customers and expansion in professional services revenue.

• Large retailers and corporations needing private label credit and loyalty card systems.

This group includes clients like Park Mobile and the Legacy Cabbage business, which management specifically excludes when projecting the ex-largest-customer growth rate. This exclusion implies they are significant enough to be tracked separately from the general fintech growth but are not the single largest revenue driver. The company provides solutions for various card types, including loyalty cards.

• Customers driving significant revenue growth, excluding the largest customer (expected 30-40% growth in 2025).

The company has a clear metric for measuring the health of its non-anchor business. For fiscal year 2025, the revenue growth excluding its largest customer is reaffirmed to be between 30% and 40%. More specifically, the guidance for revenue growth excluding Goldman Sachs, Legacy CABG, and Q1 '24 accelerated revenue is anticipated to be 30% to 35% for the full year 2025. Here's the quick math on the most recent reported revenue for context:

Revenue Type (Q2 2025)	Amount (in thousands)	Year-over-Year Change (vs Q2 2024)
Total Revenues	$17,600	Increase from $13,800
Professional Services	$9,381	Implied increase from Q2 2024
Processing and Maintenance	$6,564	Implied increase from Q2 2024

What this estimate hides is the exact revenue contribution from the fintech versus the retailer/corporation segments, but the overall growth rate of 30-35% excluding the top client is the clearest indicator of momentum across the rest of the base. If onboarding takes 14+ days, churn risk rises, especially with these high-volume clients.

Finance: draft 13-week cash view by Friday.

CoreCard Corporation (CCRD) - Canvas Business Model: Cost Structure

You're looking at the expenses CoreCard Corporation racks up to keep its credit technology platform running and growing, especially now that the Euronet deal is done. The cost structure is heavily weighted toward keeping the tech sharp and the operations humming.

The high cost of professional services and engineering talent is a given when you run a sophisticated, modern card issuing platform. You need the best people to build and maintain that core technology. We see the scale of the services side in the Q1 2025 revenue, which hit $8,702 thousand from Professional services alone, up significantly from $5,826 thousand the year prior. That revenue stream is directly tied to the cost of deploying that specialized talent.

Investment in platform innovation and development is significant. For the first quarter of 2025, CoreCard Corporation reported development costs at $2.6 million. To be fair, that's a big jump from $1.5 million in the same period last year. Also, the income statement reflected the impact of the new platform build at $800,000 for Q1 2025, up from $700,000 in Q1 2024. The company has kept headcount steady, aiming to grow revenue without massive cost increases, but these development figures show where the capital is going to keep the tech modern.

Operating expenses cover the global processing infrastructure and data centers needed to support the platform. While we don't see a clean line item for just data centers, the overall operational performance gives us a view of the overhead. Income from operations for Q1 2025 reached $2.8 million, a substantial improvement from $0.5 million in Q1 2024. The Adjusted EBITDA for that quarter was $4.0 million.

As a US-headquartered public company, there are inherent Sales, General, and Administrative (SG&A) costs baked into the operations, though specific SG&A figures aren't cleanly separated from other operating costs in the latest reports. The total revenue for Q1 2025 was $16.7 million, and the income from operations margin was 16.8%.

Finally, the cost structure is now viewed through the lens of the pending merger with Euronet. The transaction, agreed upon in July 2025, valued CoreCard Corporation at approximately $248 million in a stock-for-stock deal, or about $30 per share. The deal actually closed on October 30, 2025, for approximately $260 million. A specific cost related to the agreement is the termination fee CoreCard must pay Euronet, which is set at $7.5 million under certain conditions.

Here's a quick look at some key Q1 2025 operational metrics that frame the cost base:

Metric	Amount (in thousands)	Period
Total Revenue	$16,688	Three Months Ended March 31, 2025
Professional Services Revenue	$8,702	Three Months Ended March 31, 2025
Development Costs	$2,600	Q1 2025
New Platform Build Impact	$800	Q1 2025
Income from Operations	$2,800	Q1 2025
Adjusted EBITDA	$4,000	Q1 2025

The costs associated with maintaining the platform and talent are substantial, but the merger valuation sets the ultimate cost basis for the acquisition by Euronet Worldwide, Inc.

Finance: draft 13-week cash view by Friday.

CoreCard Corporation (CCRD) - Canvas Business Model: Revenue Streams

You're looking at how CoreCard Corporation brings in its money as of late 2025. It's a mix of upfront work and recurring platform fees, which is pretty standard for this kind of tech provider.

Professional Services Revenue comes from fees you charge for custom implementation work and any ongoing managed services you provide to clients. For the second quarter of 2025, this stream brought in $9.381 million.

Next up is Processing and Maintenance Revenue. This is the recurring money you collect based on the transaction volume running through your platform and the general upkeep of that platform. That figure for Q2 2025 hit $6.564 million.

Here's a quick look at how those two main streams stacked up in Q2 2025, alongside the total revenue for that period, which was $17.6 million:

Revenue Stream	Q2 2025 Amount (in millions)
Professional Services Revenue	$9.381
Processing and Maintenance Revenue	$6.564
Other Revenue (Implied)	$1.655
Total Revenue	$17.600

Software License Revenue, which covers one-time or recurring fees for on-premise software licensing, seems to be a non-factor right now. Management has clarified that no license revenue is expected for fiscal year 2025, and Q1 2025 showed zero in that category.

Looking at the bigger picture, the Total Revenue Guidance for the entire fiscal year 2025 is set between $60 million and $64 million. That's the range you're working toward for the full twelve months.

Now, let's talk about Revenue diversification, because relying too heavily on one source is always a risk. Honestly, the concentration is still high, as one customer represented 63% of consolidated revenue for the first six months of 2025. Still, there's good news on the growth front from new clients, which is growing faster than that largest client base.

• Revenue growth excluding the largest customer is expected to be between 30% and 35% for the full year 2025.
• In Q1 2025, revenue growth excluding the largest customer was 8% year-over-year.
• New customer growth is focused on processing services rather than license agreements.

Finance: draft 13-week cash view by Friday.