Paysign (PAYS) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with revenue up 50.8% year-over-year to $28.04 million, surpassing guidance, driven by strong growth in patient affordability and plasma segments.

• Net income rose 110.3% to $5.44 million, or $0.09 per diluted share, with net margin improving to 19.4% from 13.9% year-over-year.

• Operating margin expanded by 1,040 basis points to 23.8%, reflecting strong operating leverage and improved mix.

• Adjusted EBITDA increased 113.4% to $10.59 million, with margin rising to 37.8%.

• Patient affordability business became the largest revenue contributor, overtaking plasma, with 135 active programs.

Financial highlights

• Gross profit margin improved to 65.0% from 62.9% year-over-year, driven by higher pharma mix.

• Operating expenses rose 25.5% to $11.6 million, below revenue growth rate.

• Gross profit increased 55.8% to $18.2 million; operating income rose 167.9% to $6.7 million.

• Gross dollar load and spend volumes both increased over 26% year-over-year.

• Ended quarter with $20.5 million in unrestricted cash and no bank debt.

Outlook and guidance

• Full-year 2026 revenue expected at $106.5–$110.5 million, 30–35% growth year-over-year.

• Gross profit margin guidance: 60–62%; net income: $13–$16 million ($0.21–$0.26 per share).

• Adjusted EBITDA forecast: $30–$33 million ($0.49–$0.53 per share).

• Expects to exit Q2 2026 with 147–150 active patient affordability programs and 555–560 plasma centers.

• Management expects available cash and forecasted revenues to sustain operations for at least 24 months.