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Sep 30, 2023
CoreCard Q3 2023 Earnings Report
Announced third quarter results, with processing and maintenance revenue increasing by 10% year-over-year.
Key Takeaways
CoreCard Corporation reported total revenues of $13.4 million for the third quarter, which was in line with expectations. The growth in processing and maintenance revenue was offset by lower professional services revenue. The company experienced a net loss of $0.2 million, with a loss per diluted share of $0.03.
Total revenues reached $13.4 million.
Processing and maintenance revenue increased by 10% year-over-year.
Income from operations was $0.4 million.
Net loss was $0.2 million, with a loss per diluted share of $0.03.
CoreCard
CoreCard
Forward Guidance
The company expects the lower level of professional services revenue to continue in the fourth quarter and into 2024. Full-year services revenue is expected to be approximately flat for 2023 as compared to 2022. Additional license revenue is anticipated during the first half of 2024.
Positive Outlook
- Anticipates additional license revenue during the first half of 2024.
Challenges Ahead
- Expects lower level of professional services revenue to continue in the fourth quarter and into 2024.
- Expects full-year services revenue to be approximately flat for 2023 as compared to 2022.