NATLHIGH SIGNALFINANCIAL10-K

NATL delivered exceptional financial performance with 523% net income growth and 288% revenue growth, while strengthening its competitive position through enhanced service offerings and operational improvements.

The dramatic increase in profitability combined with significant revenue growth indicates NATL has achieved substantial operational leverage and market expansion. The company is simultaneously investing heavily in R&D (+289%) for innovative capabilities like Bitcoin and cashless access while improving its competitive differentiation through enhanced expertise and service network scale.

Comparing 2026-02-27 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

NATL demonstrated explosive growth with revenue surging 288% to $4.4B and net income skyrocketing 523% to $162M, while operating income increased 335% to $478M, indicating strong operational leverage. The company is reinvesting aggressively in growth with R&D expenses up 289% and capex increasing 34%, while maintaining financial discipline by reducing total debt 11% and growing stockholders' equity 55%. The overall picture signals a company in a rapid expansion phase with strong profitability metrics and disciplined capital allocation supporting sustainable growth.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+523.1%
$26.0M$162.0M

Net income grew 523.1% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+334.5%
$110.0M$478.0M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

R&D Expense
P&L
+288.9%
$18.0M$70.0M

R&D investment increased 288.9% — signals commitment to future product development, though near-term margin impact.

Revenue
P&L
+288.4%
$1.1B$4.4B

Strong top-line growth of 288.4% — accelerating demand or successful expansion into new markets.

SG&A Expense
P&L
+258.7%
$143.0M$513.0M

SG&A up 258.7% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Stockholders Equity
Balance Sheet
+55%
$260.0M$403.0M

Equity base grew 55% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Capital Expenditure
Cash Flow
+34.5%
$87.0M$117.0M

Capital expenditure jumped 34.5% — major investment cycle underway; assess returns on deployment.

Current Liabilities
Balance Sheet
+11.6%
$1.7B$1.9B

Current liabilities rose 11.6% — increased short-term obligations, watch current ratio.

Inventory
Balance Sheet
+11.4%
$307.0M$342.0M

Inventory built 11.4% — monitor whether demand supports this build or if write-downs may follow.

Total Debt
Balance Sheet
-10.8%
$3.0B$2.7B

Debt reduced 10.8% — deleveraging strengthens balance sheet and reduces financial risk.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-03-03
ADDED
As of February 20, 2026, there were 73,561,203 shares of common stock issued and outstanding.
We also continue to invest in data analytics to identify high cash usage areas allowing us to better serve our financial institution partners and customers.
By combining all of these components into one ATMaaS offering, the Company strengthens its service offering for customers and increases our ability to capture additional revenues.
For example, we are investing to introduce cashless card access and Bitcoin capabilities, extending ATM capabilities beyond traditional uses, such as cash access and balance inquiries.
The scale, expertise and global reach of our service network differentiate us from our competitors.
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REMOVED
As of February 21, 2025, there were 73,041,674 shares of common stock issued and outstanding.
We also continue to invest in data analytics to better understand our ATM usage patterns to help us identify growth opportunities.
By combining all of these components into one ATMaaS offering, the Company expects to expand its opportunities and expects to capture additional revenues.
For example, we are investing to introduce cashless card access and Bitcoin capabilities, extending ATM capabilities beyond cash access and balance inquiries.
The scale and global reach of our service network differentiates us from our competitors.
+7 more — sign up free →
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