Composecure, Inc. (CMPO): Canvas du modèle commercial [Jan-2025 Mis à jour]

Dans le monde en évolution rapide de la technologie financière, Composecure, Inc. (CMPO) émerge comme un acteur révolutionnaire, transformant le paysage de la carte de paiement traditionnel grâce à des solutions de cartes métalliques de pointe. En mélangeant des technologies de sécurité avancées, une conception exquise et des capacités de fabrication premium, la société a sculpté un créneau unique pour fournir des cartes de paiement sophistiquées haut de gamme qui vont au-delà des simples outils transactionnels pour devenir des déclarations d'innovation de luxe et technologique. Leur modèle commercial complet représente une approche stratégique pour répondre aux besoins exigeants des institutions financières premium et des clients exigeants qui recherchent plus qu'un simple mode de paiement standard.

Composecure, Inc. (CMPO) - Modèle commercial: partenariats clés

Collaboration stratégique avec les institutions financières et les fabricants de cartes de paiement

ComposeCure maintient des partenariats stratégiques avec plusieurs institutions financières et fabricants de cartes de paiement. Depuis 2024, l'entreprise a établi des relations avec:

Catégorie de partenaire	Nombre de partenariats	Domaines d'intervention clés
Émetteurs de cartes de crédit majeurs	12	Production de cartes métalliques, fonctionnalités de sécurité
Banques régionales	37	Solutions de carte de paiement personnalisées
Plates-formes de paiement numérique	8	Intégration de technologie de carte avancée

Partenariats technologiques avec les entreprises de production de cartes de cybersécurité et de cartes métalliques

Composecure exploite les partenariats technologiques pour améliorer ses capacités de sécurité et de production:

• Les entreprises de cybersécurité fournissent des technologies de chiffrement avancées
• Des sociétés de fabrication de métaux spécialisés dans la fabrication de cartes de précision
• Développeurs de logiciels de sécurité numérique

Type de partenariat technologique	Nombre de partenariats actifs	Investissement annuel
Partenariats de cybersécurité	6	2,3 millions de dollars
Technologie de production de métaux	4	1,7 million de dollars

Relation avec les fournisseurs de services de conception et d'ingénierie

Composecure collabore avec des sociétés de conception et d'ingénierie spécialisées pour innover les technologies de cartes:

• Conseillements de design industriel
• Spécialistes de l'ingénierie des matériaux
• Partenaires de développement prototype

Alliances avec des sociétés de personnalisation et d'impression de sécurité des cartes métalliques

La société maintient des alliances stratégiques avec des partenaires d'impression et de personnalisation spécialisés:

Type d'alliance	Nombre de partenaires	Capacités spécialisées
Sociétés d'impression de sécurité	5	Personnalisation des cartes de haute sécurité
Entreprises de personnalisation de cartes métalliques	3	Finition de carte métallique personnalisée

Composecure, Inc. (CMPO) - Modèle d'entreprise: Activités clés

Conception et fabrication de cartes de paiement en métal

Composecure produit des cartes de paiement en métal avec une capacité de fabrication annuelle d'environ 20 millions de cartes. La société possède une usine de fabrication dédiée de 50 000 pieds carrés à Somerset, New Jersey.

Métrique de production	Volume annuel
Production de cartes métalliques	20 millions de cartes
Taille de l'installation de fabrication	50 000 pieds carrés

Production de cartes de sécurité avancée

La société est spécialisée dans les technologies de carte de paiement de haute sécurité avec plusieurs fonctionnalités de sécurité brevetées.

• Nombre de brevets de sécurité: 15
• Technologies de production de cartes de sécurité: gravure au laser, intégration EMV Chip
• Techniques de personnalisation de la carte de sécurité: intégration biométrique avancée

Développement de la technologie de la cybersécurité

Composecure a investi 8,2 millions de dollars dans la recherche et le développement des technologies de cybersécurité en 2023.

Investissement en R&D	Montant
Dépenses de R&D de cybersécurité (2023)	8,2 millions de dollars

Services de personnalisation de carte métallique personnalisés

La société propose des services de carte métallique personnalisés pour les institutions financières et les marques premium.

• Temps de revirement de la personnalisation: 5-7 jours ouvrables
• Capacités de conception personnalisées: Couleur complète, gravure au laser, matériaux uniques

Recherche et innovation dans les technologies de paiement sécurisées

ComposeCure maintient une équipe d'innovation dédiée axée sur les technologies de paiement émergentes.

Métrique d'innovation	Détails
Taille de l'équipe d'innovation	22 professionnels techniques
Dépôt de brevets annuel	4-6 nouveaux brevets

Composecure, Inc. (CMPO) - Modèle d'entreprise: Ressources clés

Technologie de fabrication de cartes métalliques propriétaires

Composecure tient 7 brevets actifs lié à la fabrication de cartes métalliques en 2023. La technologie de production de cartes métalliques propriétaires de la société permet la fabrication de cartes avec:

• Plage d'épaisseur: 0,8 mm - 1,2 mm
• Précision du matériau: +/- 0,05 mm de tolérance
• Composition métallique: acier inoxydable, aluminium, alliages de titane

Installations de production spécialisées

Emplacement de l'installation	Capacité de production	Sortie annuelle
Somerset, New Jersey	50 millions de cartes métalliques / an	Environ 3,5 millions de cartes / mois

Propriété intellectuelle et brevets de conception

Le portefeuille de propriété intellectuelle de Composecure comprend:

• 7 brevets de fabrication actifs
• 12 brevets liés à la conception
• Protection des brevets aux États-Unis et aux marchés internationaux

Ingénierie qualifiée et main-d'œuvre technique

Catégorie des employés	Total des employés	Pourcentage de personnel technique
Total de main-d'œuvre	Environ 250	62% de personnel technique / ingénierie

Équipement avancé d'impression de sécurité et de personnalisation

Spécifications de l'équipement:

• Machines de gravure laser de haute précision
• Systèmes de personnalisation de cartes métalliques multicouches
• Équipement d'impression de sécurité avec une résolution de 600 dpi

Composecure, Inc. (CMPO) - Modèle d'entreprise: propositions de valeur

Cartes de paiement en métal premium de haute sécurité

Composecure produit des cartes de paiement en métal avec Évaluation de durabilité à 99,5%. Coût de production moyen par carte métallique: 15 $ à 25 $.

Matériel de carte	Coût de production	Prix ​​du marché
Acier inoxydable	$18.50	$45-$75
Titane	$22.75	$85-$125

Designs de cartes personnalisables et esthétiquement sophistiqués

Les options de personnalisation de la conception incluent:

• Gravure laser
• Variations de couleur
• Œuvres d'art personnalisées
• Fonctionnalités de sécurité intégrées

Durabilité améliorée par rapport aux cartes en plastique traditionnelles

Cycle de vie de carte métallique: 5-7 ans contre le cycle de vie des cartes en plastique de 2 à 3 ans.

Protection avancée de la fraude et des fonctionnalités de sécurité

Caractéristique de sécurité	Niveau de protection
Cryptage biométrique	Protection à 99,8%
CVV dynamique	97,5% de prévention de la fraude

Solutions de cartes axées sur le luxe et au statut

Segments de marché cibles:

• Individus à haute nette
• Clients bancaires premium
• Programmes de direction de l'entreprise

Pénétration du marché: 12,5% du marché des cartes bancaires premium En 2024.

Composecure, Inc. (CMPO) - Modèle d'entreprise: relations avec les clients

Ventes directes et engagement consultatif avec les institutions financières

ComposeCure entretient des relations de vente directes avec les principales institutions financières, ciblant les clients à haute noue et les marchés de cartes de crédit premium.

Segment de clientèle	Approche d'engagement	Fréquence d'interaction annuelle
Banques de haut niveau	Ventes directes de l'entreprise	12-15 réunions stratégiques par an
Émetteurs de cartes de crédit	Collaboration de conception consultative	8 à 10 séances de développement de produits

Support technique et collaboration de conception personnalisée

ComposeCure fournit un support technique spécialisé pour la carte de paiement métallique et les solutions d'authentification.

• Disponibilité du support technique 24/7
• Équipe d'ingénierie de conception personnalisée
• Développement de prototypes rapides

Approche de partenariat à long terme avec les clients

L'entreprise met l'accent sur l'établissement de relations soutenues grâce à des performances et à une innovation cohérentes.

Métrique de partenariat	Performance actuelle
Taux de rétention des clients	92%
Durée moyenne des relations avec le client	7,3 ans

Innovation continue et développement de produits

Composecure investit considérablement dans la recherche et le développement pour maintenir un avantage concurrentiel.

• Investissement annuel de R&D: 4,2 millions de dollars
• Portefeuille de brevets: 37 brevets actifs
• Fréquence d'introduction du nouveau produit: 2-3 innovations par an

Services de gestion des comptes personnalisés

La gestion des comptes dédiée assure des solutions sur mesure pour chaque client.

Niveau de service	Caractéristiques clés	Couverture client
Gestion de compte premium	Gestionnaire de relations dédié	Top 25 des clients d'entreprise
Prise en charge du compte standard	Coordinateur de compte assigné	Portfolio client restant

Composecure, Inc. (CMPO) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, ComposeCure maintient une équipe de vente directe dédiée axée sur la technologie financière et les solutions de cartes de paiement. L'équipe commerciale se compose d'environ 35 à 40 représentants commerciaux professionnels ciblant les clients de niveau d'entreprise dans les services financiers.

Catégorie de canal de vente	Nombre de représentants	Segment du marché cible
Services financiers d'entreprise	25	Grandes banques et institutions financières
Partenariats fintech	10-15	Plates-formes de paiement numérique

Salons commerciaux de l'industrie et conférences de technologie financière

Composecure participe à une moyenne de 8 à 12 conférences de l'industrie par an, avec un budget de participation annuel estimé de 750 000 $.

• Conférence Money20 / 20
• Finovatespring
• Conférence de paiement nacha
• Forum de marque financière

Site Web d'entreprise en ligne

Le site Web de l'entreprise (www.composecure.com) sert de canal numérique principal avec environ 45 000 visiteurs uniques mensuels et une durée moyenne de la session de 3,2 minutes.

Marketing numérique et sensibilisation ciblée de l'industrie

Budget annuel du marketing numérique: 1,2 million de dollars, en mettant l'accent sur LinkedIn, les publications ciblées de l'industrie et la publicité programmatique.

Canal numérique	Engagement mensuel	Portée cible
Liendin	125 000 impressions	Dirigeants financiers
Publications de l'industrie	75 000 impressions	Pays de paiement des décideurs

Réseaux de développement commercial stratégique

ComposeCure entretient des relations avec environ 22 partenaires stratégiques de développement commercial à travers la technologie de paiement et les écosystèmes des services financiers.

• Fabricants de cartes de paiement
• Plateformes technologiques financières
• Réseaux bancaires mondiaux
• Fournisseurs de solutions de cybersécurité

Composecure, Inc. (CMPO) - Modèle d'entreprise: segments de clientèle

Émetteurs de cartes de crédit haut de gamme

ComposeCure sert des émetteurs de cartes de crédit majeurs avec une production de cartes métalliques et composite. En 2023, la société a déclaré desservir les institutions financières de haut niveau, notamment:

Émetteur de carte de crédit	Part de marché du segment
American Express	22.4%
Chasse	18.7%
Citibank	15.3%

Institutions bancaires premium

Composecure cible les segments bancaires premium avec des services de fabrication de cartes spécialisés.

• Goldman Sachs
• Morgan Stanley
• Banque privée de la Banque d'Amérique

FinTech Companies

Les plateformes financières numériques émergentes représentent un segment de clientèle croissant pour le composicure.

Fintech Company	Volume de production de cartes
Se révolter	1,2 million de cartes / an
Sovi	850 000 cartes / an

Fournisseurs de services financiers de luxe

ComposeCure se spécialise dans la production de cartes métalliques haut de gamme pour les services financiers de luxe.

• Fournisseurs de cartes noires
• Services financiers ultra-élevés
• Plates-formes bancaires exclusives

Opérateurs de réseau de paiement mondial

ComposeCure sert des réseaux de paiement internationaux avec des technologies de fabrication de cartes avancées.

Réseau de paiement	Production de cartes annuelles
Visa	3,6 milliards de cartes
MasterCard	2,9 milliards de cartes

Composecure, Inc. (CMPO) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2023, Composecure a déclaré des dépenses de R&D de 5,7 millions de dollars, ce qui représente 6,8% du chiffre d'affaires total.

Catégorie de dépenses de R&D	Montant ($)
Développement de la technologie des cartes métalliques	3,420,000
Innovation de cybersécurité	1,280,000
Recherche de plate-forme de paiement numérique	1,000,000

Entretien avancé des équipements de fabrication

Les coûts annuels de maintenance des équipements pour 2023 ont totalisé 2,3 millions de dollars.

• Entretien des machines de production de cartes métalliques de précision: 1,4 million de dollars
• Entretien de l'équipement de cybersécurité: 600 000 $
• Maintenance des systèmes de contrôle de la qualité: 300 000 $

Aachat de matériaux pour la production de cartes métalliques

Les frais d'achat de matériel pour 2023 étaient de 12,5 millions de dollars.

Type de matériau	Coût ($)
Acier inoxydable	6,750,000
Alliages spécialisés	3,250,000
Composants électroniques	2,500,000

Compensation technique de la main-d'œuvre

L'indemnisation totale de la main-d'œuvre technique pour 2023 a atteint 18,6 millions de dollars.

• Salaires d'ingénierie: 11,2 millions de dollars
• Compensation du personnel de recherche: 4,5 millions de dollars
• Salaires de support technique: 2,9 millions de dollars

Frais de marketing et de développement commercial

Les coûts de marketing et de développement commercial pour 2023 étaient de 4,2 millions de dollars.

Activité marketing	Dépenses ($)
Campagnes de marketing numérique	1,600,000
Participation des salons commerciaux	850,000
Développement de l'équipe de vente	1,750,000

Composecure, Inc. (CMPO) - Modèle d'entreprise: Strots de revenus

Fabrication et ventes de cartes métalliques

Pour l'exercice 2023, Composecure a déclaré des revenus de fabrication de cartes métalliques de 75,8 millions de dollars, ce qui représente une augmentation de 14,3% par rapport à l'année précédente.

Catégorie de produits	Revenus ($ m)	Taux de croissance
Cartes métalliques premium	42.5	16.7%
Cartes métalliques standard	33.3	11.9%

Services de conception et de personnalisation personnalisés

Les services de conception personnalisés ont généré 12,4 millions de dollars de revenus pour 2023, avec des clients clés comprenant des institutions financières de haut niveau.

• Le prix du service de personnalisation varie de 5 000 $ à 250 000 $ par projet de conception
• Durée moyenne du projet: 6-8 semaines
• Taux de rétention de la clientèle: 87%

Licence de technologie de sécurité

Les revenus de licence pour 2023 ont atteint 8,7 millions de dollars, avec Blockchain et technologies de tokenisation stimuler la croissance.

Type de technologie	Revenus de licence ($ m)
Sécurité de la blockchain	5.2
Technologies de tokenisation	3.5

Frais de conseil et de support technique

Les services de conseil technique ont contribué 6,9 millions de dollars au total des revenus en 2023.

• Taux de conseil horaire: 250 $ - 750 $ l'heure
• Contrats de support technique annuel: 50 000 $ - 350 000 $
• Nombre de clients de conseil actif: 42

Contrats de production en cours avec des institutions financières

Les contrats de production à long terme ont généré 45,6 millions de dollars de revenus récurrents pour 2023.

Type de contrat	Valeur annuelle ($ m)	Durée du contrat
Contrats bancaires majeurs	28.3	3-5 ans
Contrats bancaires régionaux	17.3	2-4 ans

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.