Revenue growth has accelerated to 50.8% in 2026Q1, supported by a resilient gross margin profile that peaked at 62.9% in 2025Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Sales/Revenue | 91.47M | 82.03M | 58.38M | 47.27M | 38.03M | 29.46M | 24.12M | 34.67M | 23.42M | 15.23M | 10.42M | 8.11M | 10.29M | 6.31M | 6.7M | 3.24M | 4.28M |
| Revenue Growth % | 43.38% | 40.5% | 23.5% | 24.3% | 29.08% | 22.16% | -30.42% | 48% | 53.76% | 46.25% | 28.48% | -21.23% | 63.18% | -5.86% | 107.02% | -24.41% | - |
| Cost of Goods Sold | 41.07M | 41.63M | 26.19M | 23.14M | 17.08M | 14.75M | 14.82M | 15.43M | 12.03M | 8.53M | 5.2M | 4.02M | 4.65M | 4.1M | 5.31M | 2.43T | 3.61M |
| COGS % of Revenue | - | 50.75% | 44.85% | 48.94% | 44.91% | 50.07% | 61.43% | 44.5% | 51.34% | 56.02% | 49.89% | 49.58% | 45.22% | 65.06% | 79.18% | 75084666.74% | 84.27% |
| Gross Profit | 50.4M | 40.4M | 32.2M | 24.14M | 20.95M | 14.71M | 9.3M | 19.24M | 11.4M | 6.7M | 5.22M | 4.09M | 5.64M | 2.2M | 1.4M | -2.43T | 673.29K |
| Gross Margin % | 55.1% | 49.25% | 55.15% | 51.06% | 55.09% | 49.93% | 38.57% | 55.5% | 48.66% | 43.98% | 50.11% | 50.42% | 54.78% | 34.94% | 20.82% | -75084566.74% | 15.73% |
| Gross Profit Growth % | - | 25.47% | 33.4% | 15.18% | 42.43% | 58.13% | -51.65% | 68.83% | 70.11% | 28.37% | 27.67% | -27.5% | 155.8% | 58% | 100% | -99999900% | - |
| Operating Expenses | 38.86M | 33.15M | 31.18M | 24.3M | 20.61M | 17.45M | 17.64M | 13.14M | 8.92M | 4.93M | 3.86M | 4.1M | 2.89M | 1.53M | 820.18K | 591.2B | 657.81K |
| OpEx % of Revenue | - | 40.42% | 53.4% | 51.41% | 54.19% | 59.23% | 73.14% | 37.9% | 38.1% | 32.37% | 37.06% | 50.53% | 28.05% | 24.32% | 12.24% | 18266634.49% | 15.36% |
| Selling, General & Admin | 17.97M | 33.15M | 25.18M | 20.28M | 18.16M | 15.83M | 15.09M | 11.66M | 7.84M | 4.06M | 3.29M | 3.73M | 2.72M | 1.48M | 760.93K | 547.69K | 548.69K |
| SG&A % of Revenue | - | 40.42% | 43.13% | 42.89% | 47.75% | 53.72% | 62.57% | 33.63% | 33.45% | 26.62% | 31.57% | 46.06% | 26.38% | 23.41% | 11.36% | 16.92% | 12.82% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 5.99M | 4.03M | 2.45M | 1.62M | 2.55M | 1.48M | -31.13K | 55.54K | 16.15K | -6.36K | 171.59K | 58.01K | -1.3M | 43.51B | 109.11K |
| Operating Income | 11.54M | 7.24M | 1.02M | -167.25K | 344.33K | -2.74M | -8.34M | 6.1M | 2.47M | 1.77M | 1.36M | -8.87K | 2.75M | 669.82K | 574.85K | 278.89B | 3.59M |
| Operating Margin % | 12.62% | 8.83% | 1.75% | -0.35% | 0.91% | -9.3% | -34.57% | 17.6% | 10.56% | 11.6% | 13.04% | -0.11% | 26.73% | 10.62% | 8.58% | 8616866.36% | 83.92% |
| Operating Income Growth % | - | 609.11% | 710.75% | -148.57% | 112.57% | 67.15% | -236.65% | 146.77% | 39.87% | 30.12% | 15413.45% | -100.32% | 310.79% | 16.52% | -100% | 7762275.33% | - |
| EBITDA | 20.63M | 15.56M | 7.02M | 3.86M | 3.25M | -241.51K | -6.21M | 7.58M | 3.56M | 2.64M | 1.93M | 353.84K | 2.92M | 727.83K | 634.1K | 278.89B | 3.7M |
| EBITDA Margin % | 22.55% | 18.97% | 12.02% | 8.16% | 8.56% | -0.82% | -25.76% | 21.88% | 15.21% | 17.36% | 18.54% | 4.36% | 28.4% | 11.54% | 9.46% | 8616867.71% | 86.46% |
| EBITDA Growth % | 100.67% | 121.8% | 81.81% | 18.6% | 1447.31% | 96.11% | -181.92% | 112.93% | 34.73% | 36.93% | 445.71% | -87.9% | 301.63% | 14.78% | -100% | 7533477.79% | - |
| D&A (Non-Cash Add-back) | 9.08M | 8.32M | 5.99M | 4.03M | 2.91M | 2.5M | 2.12M | 1.48M | 1.09M | 876.19K | 572.32K | 362.71K | 171.59K | 58.01K | 59.25K | 43.51K | 109.11K |
| EBIT | 12.21M | 7.24M | 1.02M | -167.25K | -115.42K | -3.62M | -7.91M | 6.54M | 2.58M | 1.77M | 1.37M | -2.5M | 2.75M | 669.82K | 1.87M | 278.89K | 51.1K |
| Net Interest Income | 2.71M | 2.67M | 3.12M | 2.53M | 790.92K | 28.3K | 90.72K | 441.12K | 139.74K | 7.6K | -77.11K | -45.68K | -141.51K | -59.08K | -62.16K | -63.7K | -66.43K |
| Interest Income | 2.71M | 2.67M | 3.12M | 2.53M | 790.92K | 28.3K | 90.72K | 441.12K | 139.74K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31.62K | 77.11K | 45.68K | 141.51K | 59.08K | 62.16K | 63.7K | 66.43K |
| Other Income/Expense | 2.71M | 2.79M | 3.12M | 2.53M | 790.92K | 28.3K | 90.72K | 441.12K | 108.61K | 23.92K | -60.96K | -2.54M | -141.51K | -59.08K | 1.23M | -63.7K | -97.23K |
| Pretax Income | 14.25M | 10.03M | 4.14M | 2.36M | 1.14M | -2.71M | -8.25M | 6.54M | 2.58M | 1.79M | 1.3M | -2.55M | 2.61M | 610.73K | 1.81M | 215.19K | -15.32K |
| Pretax Margin % | 15.58% | 12.23% | 7.09% | 5% | 2.98% | -9.2% | -34.19% | 18.87% | 11.02% | 11.76% | 12.46% | -31.45% | 25.36% | 9.68% | 26.99% | 6.65% | -0.36% |
| Income Tax | 3.85M | 2.48M | 322.29K | -4.09M | 107.48K | 10.2K | 894.18K | -909.98K | 0 | 6K | 0 | 0 | 0 | 0 | 0 | -105M | -7.03K |
| Effective Tax Rate % | 26.99% | 24.73% | 7.79% | -173.23% | 9.47% | -0.38% | -10.84% | -13.91% | 0% | 0.33% | 0% | 0% | 0% | 0% | 0% | -48795% | 45.89% |
| Net Income | 10.4M | 7.55M | 3.82M | 6.46M | 1.03M | -2.72M | -9.14M | 7.45M | 2.59M | 1.79M | 1.4M | -2.41M | 2.61M | 611.68K | 1.82M | 215.29K | -8.29K |
| Net Margin % | 11.37% | 9.21% | 6.54% | 13.66% | 2.7% | -9.24% | -37.9% | 21.5% | 11.05% | 11.76% | 13.45% | -29.73% | 25.36% | 9.7% | 27.12% | 6.65% | -0.19% |
| Net Income Growth % | 70.76% | 97.9% | -40.92% | 528.42% | 137.77% | 70.23% | -222.63% | 188.03% | 44.49% | 27.87% | 158.12% | -192.33% | 326.77% | -66.33% | 743.91% | 2696.37% | - |
| Net Income (Continuing) | 10.4M | 7.55M | 3.82M | 6.46M | 1.03M | -2.72M | -9.14M | 7.45M | 2.58M | 1.79M | 1.3M | -2.55M | 2.61M | 610.73K | 1.81M | 215.19K | -15.32K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -263.09K | -206.93K | -200.12K | -194.69K | -91.54K | 47.7K | 48.15K | 49.1K | 57.38K | 57.49K |
| EPS (Diluted) | 0.17 | 0.13 | 0.07 | 0.12 | 0.02 | -0.05 | -0.19 | 0.14 | 0.05 | 0.04 | 0.03 | -0.06 | 0.06 | 0.01 | 0.05 | 0.01 | -0.00 |
| EPS Growth % | 52.48% | 89.5% | -42.83% | 518.56% | 136.33% | 71.89% | -235.71% | 181.12% | 24.5% | 33.33% | 149.34% | -201.33% | 500% | -80% | - | - | - |
| EPS (Basic) | - | 0.14 | 0.07 | 0.12 | 0.02 | -0.05 | -0.19 | 0.16 | 0.05 | 0.04 | 0.03 | -0.06 | 0.07 | 0.02 | 0.05 | 0.01 | -0.00 |
| Diluted Shares Outstanding | 61.02M | 59.65M | 55.59M | 54.16M | 52.93M | 50.98M | 49.27M | 54.55M | 51.99M | 48.04M | 43.87M | 39.64M | 42.41M | 42.39M | 39.57M | 35.25M | 34.69M |
| Basic Shares Outstanding | 55.17M | 54.43M | 53.21M | 52.49M | 52.05M | 50.98M | 49.27M | 47.44M | 51.76M | 43.4M | 42.88M | 39.64M | 38.81M | 38.93M | 36.53M | 35.25M | 34.69M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory fee structure sensitivity
As reported in recent financial filings, PaySign achieved a 50.8% year-over-year revenue growth rate in 2026Q1, signaling a significant acceleration in business activity driven by the successful scaling of its specialized plasma and pharmaceutical payment programs within the competitive US infrastructure software market.
The consistent upward trend in quarterly revenue suggests that the company's strategic pivot toward vertical-specific payment solutions is gaining traction. Investors should monitor whether this growth is sustainable or if it remains dependent on the lumpy onboarding of new pharmaceutical programs.
Based on the provided income statement data, PaySign maintains a robust gross margin profile, peaking at 62.9% in 2025Q1, which reflects the company's ability to leverage its proprietary processing platform despite ongoing dependencies on third-party bank sponsors and card network interchange fee structures.
The ability to sustain gross margins above 50% in most periods implies a degree of pricing power derived from deep integration into donor management systems. However, the fluctuation in margins warrants further investigation into whether these variations stem from shifts in product mix or changes in network cost pass-throughs.
According to the latest quarterly results, PaySign's operating income reached $6.7 million in 2026Q1, demonstrating a notable improvement in operating leverage as the company scales its revenue base while keeping R&D expenses at zero, according to the provided historical income statement data.
While the recent expansion in operating margin to 23.8% is encouraging, the historical volatility in operating income suggests that the company's cost structure remains sensitive to SG&A fluctuations. It appears that management is attempting to balance aggressive growth with the need to demonstrate bottom-line profitability.
As indicated by the company's financial statements, stock-based compensation has been a recurring feature, with $1.4 million recorded in 2025Q4, which may suggest that reported net income figures are partially supported by non-cash accounting adjustments rather than purely operational cash generation.
The presence of stock-based compensation warrants careful scrutiny, as it dilutes shareholders and masks the true cash cost of talent acquisition. Analysts should adjust for these non-cash items to determine the underlying quality of the company's earnings and its true capacity for self-funded growth.
While PaySign's growth trajectory appears strong, the company faces significant counter-analysis risks regarding its reliance on interchange and maintenance fees, which may be vulnerable to future regulatory intervention by the CFPB, as suggested by the historical sensitivity of prepaid card models to fee caps.
Short-sellers may focus on the potential for margin compression if regulatory bodies target the 'junk fees' that contribute to the company's revenue. Investors should monitor the regulatory environment closely, as any legislative shift could fundamentally alter the economics of the plasma and pharma payment segments.
Quick answers to the most common questions about buying PAYS stock.
For fiscal year 2025, PaySign, Inc. (PAYS) reported total revenue of $82.0M. This represents a 1815.9% increase compared to $4.3M in 2010.
PaySign, Inc. (PAYS) is profitable, generating $7.6M in net income for the fiscal year ending 2025 with a net profit margin of 9.2%.
PaySign, Inc. (PAYS) reported an operating income of $7.2M, resulting in an operating profit margin of 8.8%. This margin reflects the operational efficiency of the business before interest and taxes.
PaySign, Inc. (PAYS) generated $40.4M in gross profit for the year, representing a gross profit margin of 49.2%. This demonstrates the company's core pricing power and production efficiency.