Paysign (PAYS) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenue of $19.1 million, up 33.1% year-over-year, with net income nearly doubling to $1.4 million and diluted EPS of $0.02.

• Adjusted EBITDA more than doubled to $4.51 million, with margin expanding to 23.7% from 15.6% year-over-year.

• Pharma patient affordability revenue surged 189.9% to $7.75 million, now 40.6% of total revenue, offsetting a 4.7% decline in plasma revenue.

• Added 123 new plasma centers and 7 pharma programs in Q2; exited quarter with 607 plasma centers and 97 pharma programs.

• Ended quarter with $11.8 million in unrestricted cash and no debt.

Financial highlights

• Gross margin improved to 61.6% from 52.9% year-over-year; gross profit rose 55% to $11.76 million.

• Net income was $1.4 million ($0.02 per diluted share), up from $0.70 million last year.

• Adjusted EBITDA was $4.51 million ($0.08 per share), up from $2.24 million ($0.04 per share) last year.

• Operating expenses increased 36.2% to $10.32 million, mainly from compensation, technology, and stock-based compensation.

• Ended quarter with $11.8 million in unrestricted cash and zero debt.

Outlook and guidance

• 2025 revenue guidance raised to $76.5–$78.5 million, up 32.7% at midpoint; plasma expected to be 56% and pharma 40.5% of revenue.

• Full-year gross margin expected at 61–62%; net income $6–$7 million ($0.10–$0.12 per share).

• Adjusted EBITDA forecasted at $18–$20 million ($0.31–$0.35 per share).

• Q3 revenue expected at $19.5–$20.5 million; gross margin ~59%.

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