CPI Card Group Inc (NASDAQ: PMTS) is a payment card solutions company that produces, personalizes, and fulfills physical and digital payment cards for financial institutions, fintechs, prepaid program managers, and other card issuers in the United States. Revenue is transactional, earned by manufacturing and personalizing debit, credit, prepaid, and specialty cards alongside related services including instant card issuance and secure packaging. The company acquired Arroweye in May 2025, expanding its on-demand, fully integrated card production and personalization capabilities to serve prepaid program managers, payroll providers, healthcare-related providers, and fintechs. Its proprietary SaaS-based Card@Once instant issuance system allows card issuers to produce personalized cards at customer locations within minutes. CPI is also a supplier of tamper-evident secure packaging for prepaid debit cards distributed through retail channels including national big box, grocery, and convenience and gas retailers. The business carries meaningful debt, with Senior Notes and an ABL Revolver both due July 15, 2029. Terra Grantham serves as Interim CFO; John Lowe is named in executive signing authority as of the 10-K filed March 5, 2026.

Revenue model

Transactional revenue from manufacturing, personalizing, and fulfilling payment cards. Additional revenue from SaaS-based instant issuance systems (Card@Once) and secure packaging solutions. Card programs require ongoing production, data personalization, and fulfillment, creating recurring demand tied to cards-in-circulation and new account openings.

Products and services

Debit cards, credit cards, prepaid debit cards, gift cards, payroll cards, healthcare payment cards, government disbursement cards, fleet management cards, incentive and rebate cards. Contactless (dual-interface, NFC-enabled) cards represent the significant majority of secure card volume. Eco-focused card lines include Second Wave and Earthwise, incorporating recycled ocean-bound plastic and recycled PVC. Card@Once SaaS-based instant issuance system. Tamper-evident secure packaging for retail prepaid card distribution. On-demand integrated card production and personalization via Arroweye (acquired May 2025).

Customers and end markets

U.S. financial institutions (banks and credit unions), fintech card issuers, prepaid program managers (largest in the U.S.), payroll-related providers, healthcare-related providers, entertainment venues, government disbursement programs, and insurance and fleet management operators. Prepaid program managers sell CPI-produced cards into retail channels including national big box, grocery, and convenience and gas retailers.

Value-chain role

Manufacturer, personalizer, and fulfillment provider sitting between card network brands (Payment Card Brands) and card issuers. Integrates directly into issuer operations through secure data links for cardholder data transfer. Manages fulfillment of completed prepaid card packages to retail locations in certain cases.

Geographic exposure

Primarily United States. Limited international operations as of the 10-K filed March 5, 2026.

Source: SEC 10-K, filed 2026-03-05

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