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Sep 30, 2021
CoreCard Q3 2021 Earnings Report
Reported strong Q3 2021 results with revenue increase and strategic investments.
Key Takeaways
Intelligent Systems Corporation reported a 26% year-over-year increase in total revenue, reaching $12.9 million for the third quarter of 2021. The company continued making strategic investments in R&D and expanding its operations to support growth with existing and new customers. They now expect top-line growth of 30% to 35% for the full year.
Total revenue increased by 26% year-over-year to $12.9 million.
License revenue was $1.8 million for the quarter.
Net income was $2,534,000 compared to $2,795,000 in the comparable prior year quarter.
Earnings per diluted share was $0.29 compared to $0.31 in the comparable prior year quarter.
CoreCard
CoreCard
Forward Guidance
Intelligent Systems anticipates fiscal year 2021 revenues to grow between 30% and 35% compared to fiscal year 2020.
Positive Outlook
- Expect top-line growth of 30% to 35% for the full year
- Revolving credit platform is faster, more agile, more scalable and more feature advanced than anything else currently on the market
- Making strategic investments that enable the company to grow with existing customers while onboarding new ones
- Opened an office in Bogota, Colombia where they expect to hire and train operations and development personnel
- Investments reinforce capabilities and help ensure that CoreCard remains the best platform to service the evolving needs of modern card issuers
Challenges Ahead
- Instability in the financial markets
- Delays in product development
- Undetected software errors
- Competitive pressures
- Changes in customers’ requirements or financial condition