CoreCard Corporation (CCRD): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of CoreCard Corporation right now, and honestly, the timing couldn't be better with the Euronet acquisition announced late this year. As an analyst who's seen a few cycles, I can tell you this isn't just a simple sale; it's a pivot point, moving the company from a model heavily reliant on its largest customer-that key Goldman Sachs agreement runs through December 31, 2030, by the way-to something much bigger. We're looking at a shift in Key Activities and Revenue Streams, aiming for that $60 million to $64 million fiscal year 2025 guidance while integrating into a global network. Below, I've broken down the nine blocks of their Business Model Canvas to show you exactly how they plan to make that transition work, so you can see the real engine driving this deal.

CoreCard Corporation (CCRD) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships that underpin CoreCard Corporation's technology platform as it transitions into late 2025. These partnerships are the engine for their modern card issuing and processing services.

• Euronet Worldwide, Inc. (EEFT) as the imminent parent company following the late 2025 merger.
• Goldman Sachs Group, the largest customer with a key agreement extended through December 31, 2030.
• Global financial institutions and card issuers leveraging the platform for their programs.
• Fintech innovators like Cardless for co-branded credit card offerings.
• Cloud technology infrastructure providers for hosting and scalability.

The pending acquisition by Euronet Worldwide, Inc. is a major structural partnership. Euronet entered a definitive agreement on July 30, 2025, to acquire CoreCard Corporation in a stock-for-stock merger valued at approximately $248 million. This deal values each CoreCard share at $30, representing a 14.03% premium over the last close. The exchange ratio means CoreCard shareholders will receive between 0.2783 and 0.3142 Euronet shares per CoreCard share, depending on Euronet's final stock price. Euronet is paying 14.85 times EBITDA for CoreCard. The transaction is expected to close in late 2025.

The relationship with Goldman Sachs Group remains central, despite recent shifts in the broader Apple Card servicing landscape. CoreCard extended its existing agreements, including the Software License and Support Agreement, through December 31, 2030, via an amendment dated October 23, 2024. Starting in January 2025, Goldman Sachs agreed to pay increased monthly fees for services under SOW 2. This customer was a significant driver of CoreCard's Q1 2025 performance, which saw total revenues hit $16.7 million, a 28% increase year-over-year. To be fair, revenue growth excluding this largest customer was only 8% in Q1 2025 on a year-over-year basis. The company's Q2 2025 total revenues reached $17.6 million, up from $13.8 million in Q2 2024.

CoreCard's platform is trusted by global financial institutions and card issuers, enabling them to manage credit, debit, prepaid, and Buy Now, Pay Later (BNPL) programs. The platform's modern architecture supports faster deployment and flexibility. This customer base contributed to strong financial results in early 2025; CoreCard reported 300% earnings growth in Q1 and 28% sales growth in that quarter. For the second quarter ended June 30, 2025, net income was $2.0 million, compared to $0.9 million in the prior year quarter. Diluted earnings per share for Q2 2025 was $0.24, up from $0.11 in Q2 2024. Adjusted EBITDA for Q2 2025 was $4.2 million.

The company actively partners with fintech innovators. CoreCard continues to onboard new customers through partnerships with program managers such as Cardless. The platform was instrumental in launching a highly successful co-branded credit card offering with Goldman Sachs and supports fintechs like Cardless, which was chosen as the partner for the Coinbase credit card. The financial impact of the company's new platform build was $800,000 in Q1 2025, up from $700,000 in the prior year period.

Here's a quick look at the reported financial performance tied to these relationships in the first half of 2025:

CoreCard maintains a strong liquidity position, holding over $22 million in cash as of June 30, 2024. The expected full-year 2025 revenue guidance is between $65 million and $69 million. Finance: draft 13-week cash view by Friday.

CoreCard Corporation (CCRD) - Canvas Business Model: Key Activities

You're looking at the engine room of CoreCard Corporation, the activities that actually generate the revenue and keep the platform running strong as of late 2025.

Developing and maintaining the CoreCard modern issuer processing platform.

• Platform build impact in Q1 2025 was reported at $800,000.
• The company projects total revenue for the full year 2025 to range between $60 million and $64 million.
• Growth from customers excluding Goldman Sachs is anticipated between 30% and 40% for 2025.
• CoreCard reported having around 15 million active revolving credit cards on its platform.

Providing professional services for custom card program implementation.

This activity saw significant financial impact in the first quarter of 2025.

Processing and managing real-time credit, debit, and prepaid card transactions.

This is captured in the Processing and Maintenance revenue line item, showing steady contribution.

CoreCard Corporation's Q1 2025 total revenue reached $16.7 million, a 28% year-over-year growth.

Ensuring regulatory compliance and security for global payments.

• Q1 2025 Income from operations was $2.8 million, up from $0.5 million in Q1 2024.
• Q1 2025 Adjusted EBITDA was $4.0 million, compared to $1.7 million in Q1 2024.
• The Q1 2025 effective tax rate was reported at 24%.

Integrating the CoreCard platform into Euronet's global payments network.

As part of Euronet Worldwide, CoreCard's processing capabilities feed into the larger network structure. Euronet Worldwide reported consolidated revenues of $1,074.3 million for the second quarter of 2025.

The EFT Processing Segment, which would encompass CoreCard's processing activities within Euronet, reported the following:

• EFT Processing Segment Revenue for Q2 2025: $338.5 million.
• EFT Processing Segment Revenue for Q3 2025: $409.4 million.

Euronet's global payments network reach includes connections to:

• 4.1 billion bank accounts.
• 3.2 billion digital wallet accounts.
• 631,000 payment locations.

Euronet's consolidated Adjusted EBITDA for Q2 2025 was $206.2 million.

CoreCard Corporation (CCRD) - Canvas Business Model: Key Resources

You're looking at the foundational assets CoreCard Corporation (CCRD) relies on to run its business as of late 2025. These aren't just things they own; they are the capabilities that make their value proposition possible.

The most critical resource is the proprietary, API-centric, and cloud-ready card management software platform. This platform, which CoreCard Corporation calls the CoreCard® Software Platform, is the engine for managing credit, debit, prepaid, and loyalty card portfolios. Key modules supporting this include CoreENGINE, CoreISSUE, CoreFRAUD, CoreCOLLECT, CoreAPP, CoreMONEY, and CoreACQUIRE. The platform supports deployment on private on-premise infrastructure or leading cloud technology.

Next, you have the deep institutional knowledge. CoreCard Corporation has deep domain expertise in credit card offerings and payment systems, having been established in 2001, giving them over two decades in the space as of late 2025. This expertise is embodied by their team of highly skilled software engineers and domain experts. As of July 1, 2024, the employee count was between 201 - 500.

Financially, the company maintains a solid liquidity position. As of the end of Q2 2025 (June 30, 2025), CoreCard Corporation reported cash and cash equivalents of approximately $26.6 million.

The final key resource is the anchor provided by long-term contracts with marquee clients. The extension of the managed services contract with Goldman Sachs is a prime example, ensuring support services continue through December 31, 2030, with increased monthly fees beginning in January 2025. This relationship was significant, representing 62% of total revenue in Q2 2024. Still, the growth from other clients is a growing asset, with management projecting revenue growth excluding Goldman Sachs for the full year 2025 to be between 30% to 40%.

Here's a look at some of the recent financial performance metrics that reflect the strength of these resources:

The platform's success is also visible in the revenue breakdown for Q2 2025:

• Professional services revenue: $9.38 million.
• Processing and maintenance revenue: $6.56 million.
• Third-party revenue: $1.65 million.
• License revenue: $0, as expected for 2025.

The company's full-year 2025 revenue guidance, supported by these resources, is projected to be between $60 million and $64 million, with EPS guidance of $0.88 to $0.94. Finance: draft 13-week cash view by Friday.

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:

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.

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:

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:

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:

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:

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.