PAYSHIGH SIGNALOPPORTUNITY10-K

PAYS has significantly expanded its business model by adding life science technology solutions under the Apherion brand while delivering exceptional financial performance with operating income surging 621% and operating cash flow more than doubling.

The company has successfully diversified beyond its core payment solutions into higher-margin life science software, generating revenue from licensing, hosting and consulting fees. The removal of references to the discontinued pharma prepaid business and public sector offerings suggests strategic focus on more profitable segments, supported by dramatically improved operating leverage.

Comparing 2026-03-25 vs 2025-03-26View on EDGAR →
FINANCIAL ANALYSIS

PAYS delivered exceptional growth across all key metrics, with operating income exploding from $1.0M to $7.4M (+621%) and operating cash flow more than doubling to $52.5M, indicating strong business momentum and improved profitability. The company scaled significantly with total assets growing 54% to $276.3M and accounts receivable more than doubling to $72.2M, suggesting robust revenue growth and business expansion. The proportional growth in assets and liabilities, combined with 59% growth in stockholders' equity to $48.5M, signals healthy, profitable scaling of operations.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+620.8%
$1.0M→$7.4M

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

Capital Expenditure
Cash Flow
+178%
$435K→$1.2M

Capital expenditure jumped 178% — major investment cycle underway; assess returns on deployment.

Operating Cash Flow
Cash Flow
+128.6%
$22.9M→$52.5M

Operating cash flow surged 128.6% — exceptional cash generation, highest quality earnings signal.

Accounts Receivable
Balance Sheet
+121.2%
$32.6M→$72.2M

Receivables surged 121.2% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Net Income
P&L
+97.9%
$3.8M→$7.6M

Net income grew 97.9% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
+59.3%
$30.4M→$48.5M

Equity base grew 59.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Interest Expense
P&L
-59%
$77K→$32K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Total Assets
Balance Sheet
+54.3%
$179.0M→$276.3M

Asset base grew 54.3% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+53.3%
$148.6M→$227.8M

Liabilities grew 53.3% — significant increase in debt or obligations, assess impact on financial flexibility.

Gross Profit
P&L
+51.3%
$32.2M→$48.7M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

LANGUAGE CHANGES
NEW — 2026-03-25
PRIOR — 2025-03-26
ADDED
In addition to our payment solutions, we also offer life science technology solutions targeting blood and plasma collection organizations.
These software solutions are marketed under the Apherion brand, and we derive our revenue from licensing, hosting and consulting fees.
Our suite of product offerings includes solutions for corporate rewards, prepaid gift cards, general purpose reloadable debit cards, employee incentives, consumer rebates, donor compensation, clinical trials, healthcare reimbursement payments and pharmaceutical payment assistance, demand deposit accounts accessible with a debit card and software solutions targeting blood and plasma collection organizations.
Settlement income is recorded at the expiration of the card or card program and relates primarily to our corporate incentive programs.
Open-Loop Prepaid Card Market Forecast, 2025-2029, shows that open-loop prepaid growth continues to demonstrate strong performance in both the short-term and long-term.
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REMOVED
Public sector organizations can utilize our payment solutions to disburse public benefits or for internal payments.
Our suite of product offerings includes solutions for corporate rewards, prepaid gift cards, general purpose reloadable debit cards, employee incentives, consumer rebates, donor compensation, clinical trials, healthcare reimbursement payments and pharmaceutical payment assistance, and demand deposit accounts accessible with a debit card.
Settlement income is recorded at the expiration of the card program and relates predominantly to our pharma prepaid business which ended in 2022.
Open-Loop Prepaid Card Market Forecast, 2023-2027, shows that open-loop prepaid growth in the short-term is strong and forecasted to remain strong in the long-term.
This forecast is led by strong anticipated growth in the cash access market, the largest open-loop market.
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