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Paysign Inc. (PAYS+1.97%) has filed its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $58,384,552 for the year, reflecting a 23.5% increase from the previous year. The growth was driven by a 4.6% increase in plasma industry revenues and a 212.3% increase in pharma industry revenues.
Cost of revenues increased by 13.2% to $26,187,218, resulting in a gross profit of $32,197,334, a 33.4% increase from the prior year. The gross margin improved to 55.1% from 51.1%.
Operating expenses rose by 28.3% to $31,175,826, primarily due to increased selling, general, and administrative expenses, which grew by 24.2% to $25,180,840.
Depreciation and amortization expenses increased by 48.9% to $5,994,986. The company reported an income from operations of $1,021,508, compared to a loss from operations of $167,255 in the previous year.
Net income for the year was $3,815,907, a 40.9% decrease from the previous year, attributed to a lower income tax benefit compared to 2023.
The company had $10,766,982 in unrestricted cash as of December 31, 2024, a decrease from the previous year. Paysign forecasts that its cash on hand and projected revenues will sustain operations for the next 24 months.
Paysign reported that it has approximately 7.3 million cardholders participating in around 600 card programs as of the end of 2024.
The filing also notes that Paysign entered into an Asset Purchase Agreement with Gamma Innovation LLC on March 19, 2025, to acquire substantially all of Gamma's assets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Paysign Inc. annual 10-K report dated March 26, 2025. To report an error, please email earnings@qz.com.