CPI Card Group Inc. (PMTS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de tecnologías de pago en rápida evolución, CPI Card Group Inc. (PMTS) se erige como una potencia dinámica, transformando cómo las instituciones financieras y las empresas se acercan a la fabricación de tarjetas y soluciones de pago digital. Al integrar magistralmente las tecnologías de seguridad de vanguardia, las capacidades de diseño innovadoras y la gestión integral del ciclo de vida, esta compañía ha forjado un nicho único en el complejo mundo de los ecosistemas de tarjetas de pago. Su lienzo de modelo de negocio revela un enfoque sofisticado que va más allá de la producción tradicional de tarjetas, ofreciendo un plan estratégico que aborda las intrincadas demandas de los proveedores de servicios financieros modernos.

CPI Card Group Inc. (PMTS) - Modelo de negocio: asociaciones clave

Instituciones y bancos financieros

CPI Card Group colabora con múltiples instituciones financieras para la producción y distribución de tarjetas. A partir de 2023 informes financieros, la compañía atendió a aproximadamente 130 clientes de instituciones financieras.

Tipo de socio	Número de clientes	Contribución de ingresos
Bancos regionales	78	$ 42.3 millones
Bancos nacionales	35	$ 67.5 millones
Coeficientes de crédito	17	$ 15.2 millones

Proveedores de redes de pago

CPI Card Group mantiene asociaciones críticas con las principales redes de pago.

• Socio certificado por visa
• Fabricante autorizado de MasterCard
• Cumplimiento de los estándares de certificación EMV

Proveedores de soluciones de tecnología y seguridad

Las asociaciones de tecnología estratégica aseguran la seguridad y la innovación avanzadas en la fabricación de tarjetas.

Socio tecnológico	Servicio principal	Duración de la asociación
Gemalto NV	Tecnología de chips de seguridad	7 años
Tecnologías de Oberthur	Sistemas de personalización de tarjetas	5 años

Socios de fabricación y cadena de suministro

El grupo de tarjetas CPI mantiene una red robusta de la cadena de suministro para una producción eficiente de tarjetas.

• 3 instalaciones de fabricación primarias
• 12 socios globales de la cadena de suministro
• Procesos de fabricación certificados ISO 9001: 2015

Socio de la cadena de suministro	Componente	Volumen de suministro anual
Proveedor de semiconductores A	Chips incrustados	5.6 millones de unidades
Proveedor de material de plástico B	Sustrato de tarjetas	42.3 millones de hojas

CPI Card Group Inc. (PMTS) - Modelo de negocio: actividades clave

Tarjetas de pago de diseño y fabricación

El grupo de tarjetas CPI produjo aproximadamente 204 millones de tarjetas de pago en 2022, con una capacidad de fabricación total de 750 millones de tarjetas anualmente.

Tipo de tarjeta	Volumen de producción anual
Tarjetas de crédito	98 millones
Tarjetas de débito	106 millones

Desarrollo de tecnologías de pago seguras

El grupo de tarjetas CPI invierte $ 12.3 millones anuales en investigación y desarrollo para innovaciones de tecnología de pago.

• Implementación de tecnología de chips EMV
• Desarrollo de la tarjeta de pago sin contacto
• Soluciones de autenticación biométrica

Proporcionar servicios de personalización de tarjetas

La compañía ofrece servicios de personalización para instituciones financieras en América del Norte, procesando más de 150 millones de tarjetas personalizadas anualmente.

Servicio de personalización	Volumen anual
Emisión instantánea	45 millones de cartas
Personalización centralizada	105 millones de tarjetas

Gestión de procesos de producción de tarjetas de extremo a extremo

El grupo de tarjetas CPI mantiene 3 instalaciones de fabricación primarias con capacidades de producción totales que abarcan 250,000 pies cuadrados.

• Flujos de trabajo de diseño y fabricación integrados
• Procesos de control de calidad
• Gestión de la cadena de suministro

Implementación de soluciones de ciberseguridad

Inversión anual de ciberseguridad de $ 4.7 millones para proteger los procesos de producción y personalización de tarjetas.

Medida de seguridad	Inversión
Tecnologías de cifrado	$ 1.8 millones
Centros de datos seguros	$ 2.9 millones

CPI Card Group Inc. (PMTS) - Modelo de negocio: recursos clave

Instalaciones de impresión y personalización de tarjetas avanzadas

CPI Card Group opera múltiples instalaciones de fabricación con capacidades de producción de tarjetas especializadas:

Ubicación	Capacidad de la instalación	Volumen de producción anual
Littleton, Colorado	350,000 pies cuadrados.	1.2 mil millones de tarjetas por año
Henderson, Nevada	180,000 pies cuadrados.	800 millones de tarjetas por año

Tecnologías de seguridad y autenticación patentadas

Los activos tecnológicos clave incluyen:

• Tecnología de personalización de la tarjeta de chip EMV
• Infraestructura de tarjeta de pago sin contacto
• Sistemas de cifrado de datos de tarjetas seguras

Ingeniería especializada y fuerza laboral técnica

Métrica de la fuerza laboral	2023 datos
Total de empleados	573
Personal de ingeniería	127
Experiencia técnica promedio	8.6 años

Cartera de propiedades intelectuales

• 7 registros activos de patentes
• 3 solicitudes de patentes pendientes
• Software de personalización de tarjetas de propiedad

Infraestructura de pago digital

Inversión tecnológica en 2023: $ 4.2 millones

Componente de infraestructura	Capacidad de corriente
Conexiones de red de tarjetas de pago	6 redes principales
Tasa de transmisión de datos segura	99.98% de confiabilidad

CPI Card Group Inc. (PMTS) - Modelo de negocio: propuestas de valor

Soluciones de tarjeta de pago seguras e innovadoras

CPI Card Group reportó $ 126.7 millones en ingresos totales para el año fiscal 2022, con un enfoque en la entrega de tecnologías seguras de tarjetas de pago.

Tipo de solución de tarjeta	Volumen anual	Cuota de mercado
Tarjetas de chips EMV	52.4 millones de unidades	7.3%
Tarjetas de pago sin contacto	18.6 millones de unidades	4.9%

Diseño y personalización de tarjetas personalizadas

CPI ofrece servicios integrales de personalización de tarjetas con capacidades especializadas.

• Diseño de tarjeta personalizada para más de 250 instituciones financieras
• Tecnologías de personalización digital
• Capacidades de impresión de datos variables

Tecnologías avanzadas de prevención de fraude

Invirtió $ 3.2 millones en I + D para tecnologías de prevención de fraude en 2022.

Tecnología de prevención de fraude	Tasa de implementación
CVV dinámico	89% de la cartera de tarjetas
Autenticación biométrica	42% de las soluciones de tarjetas

Gestión del ciclo de vida de la tarjeta de pago de extremo a extremo

Servicios integrales de gestión de tarjetas con eficiencia operativa.

• Producción de tarjetas: 120 millones de unidades anualmente
• Servicios de gestión de inventario
• Procesos de destrucción de tarjetas seguras

Integración perfecta con ecosistemas financieros

CPI Card Group admite la integración en múltiples plataformas financieras.

Plataforma de integración	Número de instituciones apoyadas
Sistemas bancarios	387 instituciones financieras
Redes de pago	6 redes principales

CPI Card Group Inc. (PMTS) - Modelo de negocio: relaciones con los clientes

Enfoque de asociación a largo plazo

CPI Card Group mantiene relaciones a largo plazo con instituciones financieras clave y socios de tecnología de pago. A partir de 2023, la compañía reportó 76 clientes activos de banca y tarjeta de pago.

Segmento de clientes	Número de clientes activos	Duración promedio de la asociación
Instituciones financieras	52	7.3 años
Emisores de tarjeta de pago	24	5.6 años

Soporte técnico y consulta

CPI Card Group proporciona servicios de soporte técnico integral con un equipo dedicado de 87 profesionales de soporte técnico a partir del cuarto trimestre de 2023.

• Disponibilidad de soporte técnico 24/7
• Tiempo de respuesta promedio: 2.1 horas
• Tasa de satisfacción del cliente: 94.3%

Soluciones de cliente personalizadas

La compañía ofrece soluciones de producción y personalización de tarjetas a medida en múltiples categorías de productos.

Categoría de soluciones	Opciones de personalización	Implementaciones anuales del cliente
Tarjetas de pago	12 Variaciones de diseño	43 nuevas implementaciones
Soluciones de credenciales seguras	8 Configuraciones de seguridad	27 nuevas implementaciones

Innovación tecnológica continua

CPI Card Group invirtió $ 6.2 millones en investigación y desarrollo durante 2023 para mejorar las capacidades tecnológicas.

• 3 nuevas patentes de tecnología archivadas
• 5 tecnologías de producción de tarjetas innovadoras desarrolladas
• Mejoras de la solución de autenticación digital

Gestión de cuentas dedicada

La compañía mantiene un equipo especializado de administración de cuentas con 42 ejecutivos de cuentas dedicados a partir de 2023.

Métricas de gestión de cuentas	Valor
Ejecutivos de cuenta total	42
Cartera promedio de clientes por ejecutivo	3.6 clientes
Tasa anual de retención del cliente	89.7%

CPI Card Group Inc. (PMTS) - Modelo de negocio: canales

Equipo de ventas directas

El equipo de ventas directas de CPI Card Group consta de 47 profesionales de ventas a partir del cuarto trimestre de 2023, dirigido a instituciones financieras y fabricantes de tarjetas de pago.

Métrico de canal de ventas	2023 datos
Representantes de ventas totales	47
Ventas anuales promedio por representante	$ 1.2 millones
Cobertura geográfica	América del norte

Plataforma en línea e interfaces digitales

Los ingresos por la plataforma digital generaron $ 22.3 millones en 2023, lo que representa el 18.5% de los ingresos totales de la compañía.

• Sitio web: www.cpicardgroup.com
• Plataforma de procesamiento de pedidos digitales
• Portal de clientes para el seguimiento en tiempo real

Conferencias de la industria financiera

CPI Card Group participó en 12 conferencias de tecnología financiera en 2023, con un alcance de red estimado de 3.500 clientes potenciales.

Redes de asociación estratégica

Tipo de socio	Número de socios	Contribución anual
Socios de tecnología de pago	17	$ 45.6 millones
Socios de institución financiera	38	$ 67.2 millones

Marketing digital y comunicación

El gasto de marketing digital en 2023 fue de $ 1.7 millones, con un enfoque en estrategias de comunicación B2B específicas.

• Campañas de marketing de LinkedIn
• Marketing por correo electrónico dirigido
• Publicidad digital específica de la industria

CPI Card Group Inc. (PMTS) - Modelo de negocio: segmentos de clientes

Bancos comerciales

A partir del cuarto trimestre de 2023, CPI Card Group atiende a aproximadamente 250 instituciones de banca comercial en los Estados Unidos.

Segmento bancario	Número de clientes	Penetración del mercado
Top 50 bancos nacionales	37	74%
Bancos regionales	108	43%
Bancos comunitarios	105	22%

Coeficientes de crédito

CPI Card Group admite 1.250 cooperativas de crédito en todo el país en 2024.

• Pequeñas cooperativas de crédito (menos de $ 100 millones de activos): 875
• Uniones de crédito medianas ($ 100M- $ 1B de activos): 275
• Grandes cooperativas de crédito (más de $ 1B de activos): 100

Empresas de tecnología financiera

La compañía atiende a 65 organizaciones FinTech en 2024.

Categoría de fintech	Número de clientes
Plataformas de pago digital	28
Neobanks	22
Plataformas de criptomonedas	15

Proveedores de redes de pago

CPI Card Group tiene relaciones con 4 redes de pago principales en 2024.

• Visa: asociación principal
• MasterCard: colaboración estratégica
• American Express: compromiso limitado
• Descubrir: relación emergente

Grandes clientes empresariales

La compañía apoya a 52 grandes clientes empresariales en varias industrias.

Industria	Número de empresas
Servicios financieros	22
Tecnología	12
Minorista	10
Cuidado de la salud	8

CPI Card Group Inc. (PMTS) - Modelo de negocio: Estructura de costos

Equipos y mantenimiento de fabricación

En 2023, los gastos de capital de CPI Card Group totalizaron $ 4.2 millones, centrados principalmente en equipos y mantenimiento de fabricación. Las instalaciones de producción de la compañía requieren maquinaria especializada en fabricación de tarjetas con costos de mantenimiento anuales estimados de $ 1.3 millones.

Categoría de equipo	Costo anual
Equipo de impresión de tarjetas	$ 2.1 millones
Maquinaria de personalización	$ 1.5 millones
Mantenimiento y reparación	$ 1.3 millones

Inversiones de investigación y desarrollo

Grupo de tarjetas CPI invertido $ 6.7 millones en gastos de I + D Para el año fiscal 2023, centrándose en tecnologías innovadoras de tarjetas de pago y procesos de fabricación seguros.

• Desarrollo de tecnología de ciberseguridad: $ 2.4 millones
• Innovación de la tarjeta de pago: $ 3.1 millones
• Técnicas de fabricación avanzada: $ 1.2 millones

Fuerza laboral laboral y técnica

Los costos laborales totales para el grupo de tarjetas CPI en 2023 fueron aproximadamente $ 38.4 millones, cubriendo aproximadamente 550 empleados a tiempo completo en roles de fabricación, técnicos y administrativos.

Categoría de empleado	Costo laboral anual	Número de empleados
Personal de fabricación	$ 22.6 millones	325
Personal técnico	$ 9.8 millones	140
Personal administrativo	$ 6 millones	85

Infraestructura tecnológica

Las inversiones en infraestructura tecnológica para 2023 alcanzaron $ 5.6 millones, que abarca sistemas de TI, ciberseguridad y plataformas digitales.

• Sistemas y software de TI: $ 2.9 millones
• Infraestructura de ciberseguridad: $ 1.7 millones
• Plataformas digitales y computación en la nube: $ 1 millón

Marketing y desarrollo de negocios

Los gastos de marketing y desarrollo comercial para el grupo de tarjetas CPI en 2023 totalizaron $ 4.3 millones.

Actividad de marketing	Costo anual
Marketing digital	$ 1.5 millones
Participación en la feria y la conferencia	$ 1.2 millones
Desarrollo de ventas y negocios	$ 1.6 millones

CPI Card Group Inc. (PMTS) - Modelo comercial: flujos de ingresos

Tarifas de emisión y personalización de la tarjeta

En 2023, CPI Card Group reportó ingresos por emisión de tarjetas de $ 134.2 millones de sus servicios de personalización de pago, financieros y tarjetas minoristas.

Tipo de tarjeta	Contribución de ingresos
Tarjetas de pago	$ 78.6 millones
Tarjetas financieras	$ 42.3 millones
Tarjetas minoristas	$ 13.3 millones

Licencias de tecnología

La licencia de tecnología generó $ 8.7 millones en ingresos para el grupo de tarjetas CPI en 2023.

• Tecnología de fabricación de tarjetas seguras
• Plataformas de personalización digital
• Tecnologías de diseño de tarjetas de propiedad

Contratos de solución de pago seguras

Los contratos de solución de pago seguro representaron $ 47.5 millones en ingresos de 2023.

Tipo de contrato	Ganancia
Contratos de institución financiera	$ 32.6 millones
Soluciones de pago corporativo	$ 14.9 millones

Ingresos de servicio y soporte continuo

El servicio y soporte en curso generaron $ 22.3 millones en 2023.

• Servicios de gestión de tarjetas
• Apoyo técnico
• Contratos de mantenimiento

Servicios de diseño de tarjetas personalizadas

Los servicios de diseño de tarjetas personalizadas contribuyeron con $ 16.4 millones a los ingresos de la compañía en 2023.

Categoría de diseño	Ganancia
Tarjetas de marca corporativa	$ 9.2 millones
Servicios de diseño especializados	$ 7.2 millones

CPI Card Group Inc. (PMTS) - Canvas Business Model: Value Propositions

Instant card issuance at the branch via Card@Once.

• Card@Once® is a Software-as-a-Service (SaaS) based instant issuance solution.
• The solution expanded to more than 17,000 locations as of Q3 2025.
• The installation base spans over 2,000 financial institutions (FIs).
• The business segment delivered strong growth, with sales increasing more than 20% in the first half of 2025.

Eco-focused cards using recycled materials (over 500 million sold).

CPI Card Group Inc. is a leading provider of eco-focused payment card solutions in the U.S. market.

Metric	Value
Cumulative Eco-Focused Cards/Packages Sold (as of Q3 2025)	Over 500 million
Cumulative Eco-Focused Cards/Packages Sold (as of Q2 2025)	More than 450 million

Digitally-driven, on-demand card production (Arroweye).

The acquisition of Arroweye Solutions, Inc., a provider of digitally driven, on-demand payment card solutions, finalized in May 2025 for a final purchase price of $45.8 million.

• Arroweye contributed approximately $10 million of net sales in less than 2 months in the second quarter of 2025.
• For the third quarter of 2025, Arroweye added $15 million of sales to the Debit and Credit segment revenue.

Secure, compliant physical and digital payment solutions.

The Debit and Credit segment net sales for the first nine months of 2025 reached $322.5 million, a 14% increase year-to-date, driven by contactless card sales.

• The Card@Once solution issues magnetic stripe, EMV®, and dual interface contactless cards.
• Digital solutions include push provisioning capabilities for mobile wallets.

Value-based metal card offerings.

Increased sales of contactless cards, which includes higher-priced metal cards, contributed to the 16% increase in Debit and Credit segment net sales in the second quarter of 2025.

Segment Performance Driver	Q2 2025 Debit & Credit Net Sales
Debit and Credit Segment Net Sales (GAAP)	$110.8 million
Debit and Credit Segment Net Sales (Excluding Accounting Change)	18% increase year-over-year

Finance: review Q4 2025 capital expenditure forecast by next Tuesday.

CPI Card Group Inc. (PMTS) - Canvas Business Model: Customer Relationships

You're focused on how CPI Card Group Inc. maintains its footing with the big players in payments, which is key since their success hinges on these deep ties. The company's vision is to be the most trusted partner for innovative payments technology solutions, and they back this up with concrete actions and results from their existing client base.

Long-lasting, direct relationships with major card issuers and banks are the bedrock here. The overall U.S. card market shows sustained demand, with Visa and Mastercard® U.S. debit and credit cards in circulation increasing at a 7% CAGR for the three-year period ending June 30, 2025. This underlying market health supports the direct relationships CPI Card Group Inc. maintains with its core financial institution clients.

Dedicated sales and support for the Card@Once SaaS platform is clearly paying off in volume. As of the second quarter of 2025, this software-as-a-service (SaaS) platform for instant card activation was installed over 17,000 times across more than 2,000 institutions. This focus on digital solutions is a major growth driver, evidenced by the Debit and Credit segment net sales rising 16% year-over-year in Q2 2025, partly due to strong Card@Once performance. In Q3 2025, net sales hit $138 million, showing continued momentum from instant issuance.

Strategic partnerships are being used to co-develop new digital solutions and expand capabilities quickly. CPI Card Group Inc. acquired Arroweye Solutions, Inc. on May 6, 2025, for a final purchase price of $45.8 million to bolster on-demand production. Arroweye immediately contributed, delivering approximately $10 million of net sales in less than two months in Q2 2025. Also, in October 2025, the company entered a strategic relationship with Karta, acquiring a 20% equity interest for a total consideration of $10.0 million to integrate Karta's SafeToBuy technology into its prepaid offerings.

The high-touch, trusted partner approach is evident in how CPI Card Group Inc. manages external pressures. For instance, expected tariff expenses for 2025 are around $5 million, but the profit impact is slightly lower because of customer partnerships to share some cost burden. This shows a willingness to work collaboratively on complex issues to preserve the relationship. The company's net leverage ratio stood at 3.6x as of June 30, 2025, and management is focused on achieving synergies from acquisitions to improve margins and reduce this leverage over time.

Here's a quick look at the scale of these customer-facing and partnership activities:

Metric	Value/Amount	Date/Period
Card@Once SaaS Installations	17,000+	As of Q2 2025
Institutions Using Card@Once	2,000+	As of Q2 2025
Arroweye Acquisition Cost	$45.8 million	May 2025
Karta Equity Investment Cost	$10.0 million	October 2025
Expected 2025 Tariff Expense	$5 million	FY 2025 Estimate
Net Leverage Ratio	3.6x	June 30, 2025

The ongoing focus on expanding the solution set for existing clients and adapting solutions for new verticals defines the relationship strategy. This includes:

• Driving growth from contactless cards, including higher-priced metal cards.
• Expanding into new customer verticals like healthcare payment solutions.
• Integrating Arroweye's on-demand production capabilities.
• Teaming with Karta to deliver digital security for prepaid cards.
• Maintaining a focus on eco-focused card products.

Finance: draft 13-week cash view by Friday.

CPI Card Group Inc. (PMTS) - Canvas Business Model: Channels

You're looking at how CPI Card Group Inc. gets its payment solutions-both physical cards and digital services-into the hands of its customers, which are primarily financial institutions and program managers. Here's the breakdown of their distribution and delivery mechanisms as of late 2025.

Direct Sales Force to Large Financial Institutions and Credit Unions

CPI Card Group relies on a direct approach to serve its core market. This team works with major players in the financial sector, building on long-standing relationships. The company has supported many of the top U.S. banks for more than twenty years. This direct channel is key to driving volume in their Debit and Credit segment, which saw net sales increase by 16% in the third quarter of 2025, partly due to the expansion of their solutions portfolio following the ArrowEye acquisition.

Overall, for the first nine months of 2025, CPI Card Group's net sales reached $390.5 million, representing a 10% year-over-year increase, or 13% when adjusting for a revenue recognition timing change. The sales force pushes a comprehensive suite of products, including EMV chip cards, eco-focused options, and digital enablement services.

Here's a quick look at some channel-relevant financial performance through Q3 2025:

Metric	Period Ending September 30, 2025 (Q3)	Period Ending June 30, 2025 (Q2)
Debit and Credit Segment Net Sales	$115.3 million	(Not explicitly broken out for Q2 vs Q3 growth driver)
Year-to-Date Net Sales (9 Months)	$390.5 million	(N/A - YTD is cumulative)
Year-to-Date Net Sales Growth (Excl. Accounting Change)	13%	14% (First Half 2025)

SaaS-based Delivery of the Card@Once Instant Issuance Solution

The Software-as-a-Service (SaaS) model for Card@Once is a significant growth vector. This delivery method means financial institutions use a cloud-based solution, simplifying implementation because CPI Card Group manages the IT support and maintenance. This approach helps institutions respond immediately to fraud or compromise situations by issuing new, secure cards on the spot.

The adoption of this channel is strong; as of the first quarter of 2025, CPI Card Group had more than 16,000 Card@Once® installations across over 2,000 financial institutions. Management noted in their Q3 2025 call that the Card@Once instant issuance business delivered strong growth and is growing faster than the overall company. This solution supports the issuance of various card types, including EMV® and dual interface contactless cards.

Key aspects of the Card@Once channel include:

• SaaS model simplifies deployment; no new technical resources needed.
• Enables in-branch issuance of EMV®-enabled cards.
• Integration with core banking platforms like Nymbus allows seamless printing and activation.
• Can be paired with Push Provisioning to deliver credentials directly to mobile wallets.

Secure, Physical Delivery Network from U.S. Production Facilities

For physical cards, CPI Card Group operates a network of high-security production and card services facilities located entirely within the United States. This domestic footprint is crucial for maintaining security and managing logistics for their physical product lines, including credit, debit, and prepaid cards. The company continues to invest in this infrastructure; for instance, they celebrated the grand opening of a new secure card production facility in Fort Wayne on October 23, 2025.

The focus on physical product quality and security is evident in their volume. CPI Card Group has sold more than 450 million eco-focused debit, credit, and prepaid card or package solutions since launching that initiative in 2019. This demonstrates the scale of their physical production channel. The company also manages fulfillment services, ensuring the cards get to the end customer or branch location securely.

Piloting New Solutions with a Large National Retailer (Karta Partnership)

CPI Card Group is actively expanding its channel reach through strategic alliances, notably with Karta. This strategic partnership, announced on October 29, 2025, involves integrating Karta's SafeToBuy technology into CPI's U.S. prepaid solutions. The immediate channel focus here is on the prepaid gift card market, aiming to reduce fraud by embedding security data in an EMV chip instead of printing it on the packaging.

This new channel initiative is currently in a pilot phase. CPI Card Group is piloting the program in the U.S. with a leading national retailer. The broader goal is to adapt Karta's prepaid program management platform for a full U.S. launch targeted for early 2026. CPI will serve as Karta's exclusive supplier in the U.S. for producing and personalizing these new contactless, chip-embedded gift cards. This pilot represents a clear move to extend CPI's channel beyond traditional financial institutions into the retail sector for specialized prepaid products.

Next step: Finance needs to finalize the Q4 2025 capital expenditure forecast, specifically accounting for the ramp-up at the new Fort Wayne facility, by next Tuesday.

CPI Card Group Inc. (PMTS) - Canvas Business Model: Customer Segments

You're looking at the core customer base for CPI Card Group Inc. as of late 2025, based on their recent performance and strategic focus. Honestly, the mix is shifting, with the core Debit and Credit business driving top-line growth while the Prepaid segment navigates some timing and mix challenges.

CPI Card Group Inc. serves a diverse set of clients across the payments ecosystem, generally categorized by the type of card solution they require, which aligns closely with the company's two main reporting segments: Debit and Credit, and Prepaid Debit.

Large U.S. financial institutions and national banks form the bedrock of the Debit and Credit segment. This group is responding well to CPI Card Group Inc.'s core offerings, especially as the market moves toward newer technology. For the first nine months of 2025, the Debit and Credit segment net sales increased 14% year-over-year, reaching $322.5 million. This growth is fueled by increased sales of contactless cards and the instant issuance solutions they use.

Regional banks and credit unions (primary Card@Once users) are key adopters of the Software-as-a-Service (SaaS) based instant issuance platform. The company noted that its Card@Once business delivered strong growth again in the third quarter of 2025. This segment is part of the larger Debit and Credit business, which saw its Q3 2025 net sales hit $115.3 million, up 16% from the prior year period, with Card@Once being a primary driver. The overall U.S. card market, which these institutions operate in, saw Visa and Mastercard debit and credit cards in circulation increase at a compound annual growth rate of 7% for the three years ending June 30, 2025.

Prepaid card program managers and healthcare payment providers fall primarily under the Prepaid Debit segment. While this segment saw a 7% decline in net sales in the third quarter of 2025, year-to-date performance shows resilience. For the first nine months of 2025, Prepaid Debit segment net sales were $69.3 million, representing an increase of 5% (or an 8% increase excluding an accounting change). This growth was specifically led by increased sales of healthcare payment solutions to existing customers.

Large national retailers (new vertical for closed-loop prepaid) represent a strategic expansion area for CPI Card Group Inc. The company has been advancing its strategic growth initiatives, including expansion into the closed-loop prepaid sector. While the overall Prepaid segment faced order timing impacts in Q3 2025, the focus on new customer verticals, like healthcare payment solutions, was a driver of growth in the prior full year.

Here's a quick look at how the segments contributed to the top line as of the latest reported period:

Customer/Segment Focus	Metric	Value (Latest Reported Period)
Overall Company (Q3 2025)	Net Sales	$138.0 million
Debit and Credit Segment (Q3 2025)	Net Sales	$115.3 million
Debit and Credit Segment (Q3 2025)	Year-over-Year Growth	16% increase
Prepaid Debit Segment (Q3 2025)	Net Sales Change	7% decrease
Prepaid Debit Segment (YTD 2025)	Net Sales	$69.3 million
Prepaid Debit Segment (YTD 2025)	Growth (Excluding Accounting Change)	8% increase
Card@Once Business (Q3 2025)	Performance	Strong growth
Total Employees (As of Sept 30, 2025)	Headcount	1,500

The company's customer base is serviced by a team of experienced, dedicated employees, with 1,500 total employees as of late 2025. The focus on innovation, like the Arroweye acquisition in May 2025 for $45.8 million, is aimed at better serving these segments with digitally driven, on-demand solutions.

You should keep an eye on the sales mix, as an unfavorable mix in the Debit and Credit segment impacted margins, even as sales grew. If onboarding takes 14+ days for new regional bank clients, churn risk rises, but Card@Once is designed to mitigate that with instant issuance.

• Debit and Credit segment growth driven by contactless cards and instant issuance.
• Prepaid growth tied to higher-value packaging and healthcare solutions.
• Strategic focus on expanding into the closed-loop prepaid sector.
• Large issuers show continued card and account growth.

Finance: draft 13-week cash view by Friday.

CPI Card Group Inc. (PMTS) - Canvas Business Model: Cost Structure

You're looking at the major drains on CPI Card Group Inc.'s bottom line as of late 2025. It's not just the cost of making the plastic; it's the cost of building the future production footprint and servicing the debt used to finance it all.

The overall production costs are definitely under pressure. Management indicated that tariff expenses for 2025 are expected to total approximately $5 million, though some of that impact is being shared with customer partnerships. To give you a snapshot of the quarter, Q3 2025 alone included $1.6 million in tariff expenses. This, combined with unfavorable sales mix, drove the gross profit margin down to 29.7% in Q3 2025 from 35.8% in the prior year period.

Capital expenditures are a huge factor right now, reflecting the build-out of the new secure card production facility in Indiana. For the first nine months of 2025, capital expenditures increased by $9.6 million compared to the prior year, primarily due to this facility spending. This investment is expected to lead to higher depreciation and amortization expense, with an estimated increase of approximately $3 million in 2025 impacting cost of sales.

Integration and restructuring costs are also hitting the income statement hard, especially following the May 2025 acquisition of Arroweye Solutions, Inc.. In the second quarter of 2025, net income was impacted by $3.3 million in transaction and integration costs related to the Arroweye acquisition, alongside other restructuring charges. Furthermore, the dual-facility transition, moving operations to the new Indiana site, introduced about $3 million in incremental costs for 2025.

Then there's the debt load. CPI Card Group Inc. has a significant interest expense tied to its 10% Senior Secured Notes due 2029. As of June 30, 2025, the company had $285 million of these notes outstanding before a mid-year retirement. After retiring $20 million of principal in July 2025, the outstanding balance settled at $265 million. As of June 30, 2025, the total projected principal and interest payments on all borrowings included $29.5 million of interest expected to be paid in the next 12 months. Higher interest costs, along with acquisition costs, pressured net income in Q2 2025.

Regarding raw materials, while specific chip and eco-material costs aren't itemized separately from general production costs, the commitment to sustainability is clear. CPI Card Group Inc. has sold more than 500 million eco-focused debit, credit, and prepaid card or package solutions in the U.S. market.

Here's a quick look at some of the major financial impacts shaping the cost structure:

Cost Driver Category	Specific Financial Metric/Amount	Period/Date
Tariffs (Estimated Annual Impact)	$5 million	Fiscal Year 2025 Estimate
Tariffs (Quarterly Impact)	$1.6 million	Q3 2025
Indiana Facility CapEx Increase (YTD)	$9.6 million increase	First Nine Months of 2025
Integration/Restructuring Expense	$3.3 million	Q2 2025
Dual-Facility Transition Incremental Cost	~$3 million	Fiscal Year 2025 Estimate
Senior Notes Outstanding (Post-Redemption)	$265 million	September 30, 2025
Projected Interest Payment (Next 12 Months)	$29.5 million	As of June 30, 2025

These significant expenditures are all part of the strategy to drive long-term growth and operating efficiencies, even if they create near-term margin pressure.

The key cost components you need to track closely are:

• Tariff Headwinds: The $5 million annual estimate.
• Facility Build-Out: The ongoing $9.6 million CapEx spend year-to-date.
• Integration Costs: The $3.3 million in Q2 2025 charges.
• Debt Service: Interest on the $265 million notes at 10%.

Finance: draft 13-week cash view by Friday.

CPI Card Group Inc. (PMTS) - Canvas Business Model: Revenue Streams

You're looking at how CPI Card Group Inc. actually brings in the money, which is key to understanding its valuation right now. As of late 2025, the total Trailing Twelve Month (TTM) revenue for CPI Card Group Inc. stands at $0.51 Billion USD.

The revenue streams are clearly segmented across the core card offerings and the growing technology platforms. The Debit and Credit segment remains the largest contributor to the top line. For the first nine months of 2025, this segment brought in net sales of $322.5 million, which was a 14% increase year-over-year, driven by higher sales of contactless cards and the Card@Once® instant issuance solutions, plus the addition of Arroweye. To be fair, the third quarter of 2025 alone for this segment was $115.3 million.

The Prepaid Debit segment shows a different trend. For the first nine months of 2025, net sales were $69.3 million, which was a 5% decrease year-over-year, though it was up 8% excluding an accounting change. This segment saw increased sales of higher-value packaging solutions. The third quarter of 2025 net sales for Prepaid Debit were $23.3 million.

The Software as a Service (SaaS) component, specifically from the Card@Once instant issuance platform, is a significant growth area. CPI Card Group Inc. has noted that the Card@Once business delivered strong growth, penetrating the market with its leading SaaS-based solution. This platform generates subscription/SaaS fees by simplifying implementation for customers with no ongoing server costs, as CPI implements and supports the cloud-based program. The company is also advancing its strategic growth initiatives, expecting significant benefits from digital payment solutions penetration, which are typically higher margin.

Emerging revenue is also coming from the Arroweye acquisition, which adds on-demand, zero-inventory card capabilities. While the annualized revenue from Arroweye, estimated at mid-$50M, was excluded from the main FY2025 guidance, it represents a higher-margin digital solution stream that management expects to benefit from in the coming quarters.

Here's a quick look at how the key revenue components stacked up based on the nine-month and quarterly data available through Q3 2025:

Revenue Component	Nine Months 2025 Net Sales (USD)	Q3 2025 Net Sales (USD)	Growth Driver Mentioned
Debit and Credit Segment	$322.5 million	$115.3 million	Contactless cards, Card@Once
Prepaid Debit Segment	$69.3 million	$23.3 million	Higher-value packaging solutions
Total Nine Months 2025 Net Sales	$390.5 million	N/A	10% increase YoY (excluding accounting change)
TTM Revenue (Nov 2025 Est.)	$0.51 Billion	N/A	Overall company performance

The revenue streams are characterized by a mix of high-volume physical product sales and recurring software fees. Key characteristics influencing revenue include:

• Debit and Credit segment net sales increased 14% year-to-date 2025.
• Card@Once® is a leading SaaS-based instant issuance solution.
• The company is focused on penetrating the market with digital payment solutions.
• The Arroweye business adds on-demand, zero-inventory capabilities.
• Prepaid Debit segment net sales decreased 5% year-to-date 2025.

Finance: draft 13-week cash view by Friday.