Sezzle Inc(:SEZL) 
Sezzle is a publicly traded financial technology company headquartered in Minneapolis, U.S, with operations in the United States and Canada. The company provides an alternative payment platform offering interest-free installment plans at selected online stores.
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
total revenue | 129,869,000 | 116,796,000 | 98,702,000 | 104,912,000 | 98,223,060 | 69,957,691 | 55,968,505 | ||||||||||||
yoy | 32.22% | 66.95% | 76.35% | ||||||||||||||||
qoq | 11.19% | 18.33% | -5.92% | 6.81% | 40.40% | 24.99% | |||||||||||||
operating expenses | |||||||||||||||||||
personnel | 13,776,000 | 14,320,000 | 11,681,000 | 15,048,000 | 14,579,678 | 13,423,723 | 12,736,523 | 11,025,040 | 11,703,680 | 11,079,174 | 12,017,071 | 11,573,990 | 10,929,013 | 11,586,551 | 12,321,881 | 16,379,638 | 13,064,956 | 16,101,023 | 15,363,215 |
transaction expense | 18,966,000 | 17,435,000 | 14,243,000 | 15,317,000 | 16,074,145 | 12,761,438 | 10,741,618 | 11,787,146 | 13,086,430 | 9,936,804 | 7,945,948 | 8,238,586 | 9,547,375 | 9,319,823 | 10,115,258 | 11,794,369 | 13,837,681 | 11,556,891 | 9,572,408 |
third-party technology and data | 3,934,000 | 3,705,000 | 3,428,000 | 3,374,000 | 2,871,211 | 2,386,490 | 2,180,233 | 2,157,172 | 2,160,594 | 2,002,515 | 1,903,630 | 1,749,176 | 1,907,371 | 2,177,376 | 2,028,961 | 2,076,314 | 1,869,619 | 1,410,595 | 1,118,438 |
marketing, advertising, and tradeshows | 9,298,000 | 8,775,000 | 8,772,000 | 5,346,000 | 5,364,184 | 2,725,615 | 995,089 | 654,875 | 1,855,844 | 3,615,339 | 3,313,662 | 3,199,174 | 3,569,062 | 3,857,393 | 6,246,863 | 5,298,707 | 3,552,700 | 2,323,145 | 1,852,240 |
general and administrative | 4,974,000 | 4,823,000 | 3,846,000 | 3,131,000 | 4,084,957 | 2,416,951 | 2,521,782 | 2,379,778 | 1,907,866 | 2,184,076 | 1,697,629 | 2,798,210 | 2,180,193 | 2,287,595 | 4,201,063 | 7,743,061 | 5,158,857 | 4,320,404 | 3,905,806 |
provision for credit losses | 23,674,000 | 32,177,000 | 20,646,000 | 12,801,000 | 24,378,527 | 15,402,303 | 10,093,880 | 5,139,966 | 10,519,627 | 6,676,548 | 4,296,434 | 1,694,364 | |||||||
total operating expenses | 74,622,000 | 81,235,000 | 62,616,000 | 55,017,000 | 67,352,702 | 49,116,520 | 39,269,125 | 33,143,977 | 41,234,041 | 35,494,456 | 31,174,374 | 29,253,500 | 33,533,836 | 23,908,691 | 42,804,835 | 53,757,684 | 57,224,865 | 46,168,505 | 45,659,312 |
operating income | 55,247,000 | 35,561,000 | 36,086,000 | 49,895,000 | 30,870,358 | 20,841,171 | 16,699,380 | 13,834,657 | 7,667,434 | 5,349,745 | 3,763,291 | 5,419,931 | 4,742,356 | 6,499,558 | -13,552,797 | -26,123,722 | -24,349,791 | -17,687,607 | -17,813,643 |
yoy | 78.96% | 70.63% | 116.09% | 260.65% | 302.62% | 289.57% | 343.74% | 155.26% | 61.68% | -17.69% | -127.77% | -120.75% | -119.48% | -136.75% | -23.92% | ||||
qoq | 55.36% | -1.45% | -27.68% | 61.63% | 48.12% | 24.80% | 20.71% | 80.43% | 43.32% | 42.16% | -30.57% | 14.29% | -27.04% | -147.96% | -48.12% | 7.29% | 37.67% | -0.71% | |
operating margin % | 42.54% | 30.45% | 36.56% | 47.56% | 31.43% | 29.79% | 29.84% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% |
other income | 17,000 | -6,000 | 87,000 | 25,000 | 299,863 | 96,057 | 50,127 | -91,560 | 726,650 | 14,560 | 1,078,753 | 113,487 | -6,328.75 | 47,688 | 155,336 | ||||
net interest expense | -3,683,000 | -3,923,000 | -3,501,000 | -2,914,000 | -3,441,072 | -3,327,998 | -2,911,133 | -4,081,442 | -4,514,629 | -4,143,258 | -3,933,446 | -3,377,047 | -3,123,552 | -2,191,995 | -1,669,830 | -1,615,339 | -1,517,016 | -1,172,541 | -1,226,108 |
fair value adjustment on warrants | -1,261,556 | -376,694 | 89,227 | 251,706 | -420,201 | ||||||||||||||
loss on extinguishment of line of credit | -259,706 | ||||||||||||||||||
income before taxes | 51,581,000 | 31,632,000 | 32,672,000 | 47,006,000 | 27,729,149 | 17,609,230 | 13,578,668 | 8,400,099 | 3,502,761 | 1,310,274 | 1,160,304 | 1,736,170 | -9,669,860 | 4,355,251 | |||||
income tax expense | 8,890,000 | 4,961,000 | 5,068,000 | 10,842,000 | 2,361,965 | 2,162,989 | -16,123,213 | 393,094 | 563,463 | 15,874 | 20,526 | 11,624 | 20,821 | 10,827 | 16,653 | 21,146 | 6,738 | 11,201 | 22,255 |
net income | 42,691,000 | 26,671,000 | 27,604,000 | 36,164,000 | 25,367,184 | 15,446,241 | 29,701,881 | 8,007,005 | 2,939,298 | 1,294,400 | 1,139,778 | 1,724,546 | 634,310 | 4,344,424 | -15,083,944 | -27,988,546 | -25,922,008 | -18,834,126 | -19,058,872 |
yoy | 68.29% | 72.67% | -7.06% | 351.65% | 763.04% | 1093.31% | 2505.94% | 364.30% | 363.39% | -70.21% | -107.56% | -106.16% | -102.45% | -123.07% | -20.86% | ||||
qoq | 60.07% | -3.38% | -23.67% | 42.56% | 64.23% | -48.00% | 270.95% | 172.41% | 127.08% | 13.57% | -33.91% | 171.88% | -85.40% | -128.80% | -46.11% | 7.97% | 37.63% | -1.18% | |
net income margin % | 32.87% | 22.84% | 27.97% | 34.47% | 25.83% | 22.08% | 53.07% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% |
other comprehensive income | |||||||||||||||||||
foreign currency translation adjustment | 422,000 | -339,000 | 729,000 | 93,000 | -938,441 | 71,598 | -75,402 | 1,451 | 196,561 | -358,465 | 304,687 | -145,808 | 406,878 | -1,354,622 | -668,127 | 407,986 | -221,688 | -212,357 | 368,520 |
total comprehensive income | 43,113,000 | 26,332,000 | 28,333,000 | 36,257,000 | 24,428,743 | 15,517,839 | 29,626,479 | 8,008,456 | 3,135,859 | 935,935 | 1,444,465 | 1,578,738 | -10,085,707.25 | 2,989,802 | |||||
net income per share | |||||||||||||||||||
basic | 1.26 | 0.78 | 0.82 | 1.07 | 4.52 | 2.79 | 5.25 | 1.41 | 0.52 | 0.23 | 0.2 | 0.31 | -0.048 | 0.02 | |||||
diluted | 1.17 | 0.75 | 0.78 | 1 | 4.19 | 2.62 | 4.93 | 1.34 | 0.51 | 0.23 | 0.2 | 0.31 | -0.048 | 0.02 | |||||
weighted-average shares outstanding*: | |||||||||||||||||||
basic | 33,910 | 34,048 | 33,733 | 33,852 | 5,618,497 | 5,545,353 | 5,660,196 | 5,660,199 | 5,606,087 | 5,667,430 | 5,579,618 | 5,480,673 | 207,650,379 | ||||||
diluted | 35,744 | 35,675 | 35,507 | 36,171 | 5,981,795 | 5,905,833 | 6,024,378 | 5,960,768 | 5,678,527 | 5,729,665 | 5,655,741 | 5,556,830 | 227,155,822 | ||||||
total income | 46,978,634 | 48,901,475 | 40,844,201 | 34,937,665 | 34,673,431 | 38,276,192 | 30,408,249 | 29,252,038 | 27,633,962 | 32,875,074 | 28,480,898 | 27,845,669 | |||||||
reimbursement of merger-related costs | -11,000,000 | ||||||||||||||||||
provision for uncollectible accounts | 5,400,822 | 5,679,953 | 7,890,809 | 10,465,595 | 19,741,052 | 10,456,447 | 13,847,205 | ||||||||||||
weighted-average shares outstanding: | |||||||||||||||||||
basic | 33,910 | 34,048 | 33,733 | 33,852 | 5,618,497 | 5,545,353 | 5,660,196 | 5,660,199 | 5,606,087 | 5,667,430 | 5,579,618 | 5,480,673 | 207,650,379 | ||||||
diluted | 35,744 | 35,675 | 35,507 | 36,171 | 5,981,795 | 5,905,833 | 6,024,378 | 5,960,768 | 5,678,527 | 5,729,665 | 5,655,741 | 5,556,830 | 227,155,822 | ||||||
income | |||||||||||||||||||
sezzle income | 25,716,517 | 24,127,630 | 27,739,601 | 24,474,900 | 24,149,057 | ||||||||||||||
account reactivation fee income | 3,535,521 | 3,506,332 | 5,135,473 | 4,005,998 | 3,696,612 | ||||||||||||||
loss before taxes | -15,067,291 | -27,967,400 | -25,915,270 | -18,822,925 | -19,036,617 | ||||||||||||||
total comprehensive loss | -15,752,071 | -27,580,560 | -26,143,696 | -19,046,483 | -18,690,352 | ||||||||||||||
net losses per share: | |||||||||||||||||||
basic and diluted loss per common share | -0.07 | -0.14 | -0.13 | -0.09 | -0.1 | ||||||||||||||
basic and diluted weighted-average shares outstanding | 206,856,959 | 207,156,599 | 204,572,060 | 200,344,028 | 202,326,434 | 197,770,409 | |||||||||||||
other expense | -228,339 | ||||||||||||||||||
other income and expense | -4,170.5 | 37,223 | 3,134 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||
current assets | |||||||||||||||||||
cash and cash equivalents, including amounts held by variable interest entity (“vie”) of 25,921 and 30,899, respectively | 64,054,000 | ||||||||||||||||||
restricted cash, current, including amounts held by vie of 8,245 and 4,096, respectively | 8,413,000 | ||||||||||||||||||
notes receivable | 283,400,000 | 217,849,000 | 208,555,000 | 167,150,000 | 190,665,266 | 151,413,490 | 131,021,474 | 112,514,403 | 142,885,682 | 111,146,024 | 90,266,229 | 91,032,633 | 93,358,404 | 92,201,355 | 89,436,168 | 110,486,449 | 133,986,583 | 113,705,769 | 99,720,294 |
allowance for credit losses | -28,505,000 | -33,718,000 | -23,615,000 | -20,522,000 | -26,103,421 | -18,626,222 | -11,786,141 | -9,182,732 | -12,253,041 | -8,597,942 | -6,494,092 | -6,251,765 | |||||||
notes receivable, net, including amounts held by vie of 237,062 and 152,174, respectively | 254,895,000 | ||||||||||||||||||
other receivables | 6,186,000 | 7,423,000 | 4,025,000 | 3,263,000 | 3,629,182 | 3,823,280 | 1,023,752 | 1,316,330 | 1,571,728 | 2,055,649 | 1,957,103 | 1,887,944 | 2,532,710 | 2,349,830 | 2,840,964 | 2,125,753 | 5,084,099 | 1,461,558 | 1,941,455 |
prepaid expenses and other current assets | 18,316,000 | 22,838,000 | 23,066,000 | 12,219,000 | 11,392,782 | 8,580,986 | 6,800,685 | 5,432,878 | 6,223,274 | 4,868,559 | 3,586,400 | 3,744,939 | 4,737,688 | 3,593,994 | 2,465,826 | 3,510,655 | 3,350,053 | 5,009,039 | 3,093,766 |
total current assets | 351,864,000 | 329,454,000 | 311,533,000 | 265,945,000 | 257,618,643 | 232,427,365 | 190,470,189 | 191,683,959 | 209,044,866 | 176,202,988 | 152,684,862 | 150,974,525 | 170,131,460 | 156,890,239 | 158,019,607 | 176,683,022 | 221,290,903 | 167,051,282 | 164,762,458 |
non-current assets | |||||||||||||||||||
internally developed intangible assets | 3,331,000 | 3,094,000 | 2,777,000 | 2,404,000 | 2,441,611 | 2,289,227 | 2,199,637 | 2,058,271 | 1,898,470 | 1,791,784 | 1,659,008 | 1,451,673 | 1,322,836 | 1,290,793 | 1,213,170 | 1,115,354 | 910,584 | 789,093 | 738,904 |
operating right-of-use assets | 665,000 | 700,000 | 735,000 | 768,000 | 800,424 | 834,117 | 865,393 | 867,861 | 994,476 | 1,028,165 | 15,595 | 43,663 | 86,715 | 126,856 | 169,395 | 225,530 | 285,865 | 139,373 | 186,251 |
restricted cash, non-current | 30,134,000 | 19,594,000 | 20,467,000 | 17,034,000 | 20,275,310 | 1,107,298 | 582,000 | 582,000 | 82,000 | 82,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 |
deferred tax asset, net of 0 and 3,742 valuation allowance, respectively | 13,615,000 | ||||||||||||||||||
other assets | 620,000 | 679,000 | 620,000 | 307,000 | 330,742 | 347,475 | 402,366 | 516,330 | 625,471 | 632,158 | 693,690 | 717,031 | 733,922 | 231,971 | 243,237 | 244,486 | 233,752 | 21,413 | 42,394 |
total assets | 400,229,000 | 366,964,000 | 350,552,000 | 298,074,000 | 298,372,045 | 252,869,272 | 212,076,653 | 195,708,421 | 212,645,283 | 179,903,359 | 155,278,501 | 153,478,305 | 172,576,538 | 158,941,207 | 160,136,454 | 178,895,528 | 223,403,576 | 168,672,758 | 166,255,315 |
liabilities and stockholders' equity | |||||||||||||||||||
current liabilities | |||||||||||||||||||
merchant accounts payable | 56,374,000 | 57,829,000 | 60,478,000 | 65,380,000 | 68,966,667 | 70,449,314 | 71,251,579 | 73,732,665 | 74,135,491 | 68,182,563 | 67,422,648 | 65,274,028 | 83,020,739 | 83,763,032 | 85,310,864 | 95,273,209 | 96,516,668 | 90,735,441 | 88,926,109 |
other payables, including amounts held by vie of 1,476 and 1,103, respectively | 6,908,000 | ||||||||||||||||||
deferred revenue | 5,431,000 | 4,845,000 | 4,261,000 | 4,126,000 | 4,234,224 | 4,373,270 | 3,942,120 | 3,134,135 | 2,643,230 | 2,070,231 | 1,802,822 | 1,636,673 | 1,516,228 | 531,092 | |||||
other current liabilities | 21,053,000 | 24,566,000 | 21,307,000 | 21,854,000 | 25,020,936 | ||||||||||||||
total current liabilities | 89,766,000 | 93,662,000 | 88,874,000 | 101,599,000 | 105,677,243 | 96,879,344 | 91,946,695 | 92,941,541 | 187,268,687 | 83,438,237 | 78,675,161 | 77,420,666 | 99,194,522 | 99,277,788 | 102,649,395 | 113,967,693 | 107,559,445 | 104,891,317 | 101,566,550 |
non-current liabilities | |||||||||||||||||||
operating lease liabilities | 661,000 | 711,000 | 759,000 | 791,000 | 823,071 | 83,222 | 69,705 | 50,431 | 57,316 | 15,597 | 39,963 | 79,312 | 112,041 | 150,138 | 153,418 | 171,959 | 105,760 | 142,992 | |
line of credit, net of unamortized debt issuance costs of 1,268 and 1,008, respectively, held by vie | 139,991,000 | ||||||||||||||||||
other non-current liabilities | 9,000 | 20,000 | 32,000 | 44,743 | 59,681 | 74,071 | 580,456 | 1,083,323 | 1,515,550 | 2,019,248 | 2,515,596 | ||||||||
total liabilities | 230,418,000 | 211,694,000 | 220,154,000 | 172,312,000 | 210,536,616 | 191,731,258 | 161,786,938 | 166,095,030 | 190,550,959 | 161,929,304 | 139,000,357 | 139,815,804 | 163,733,292 | 153,212,191 | 159,988,719 | 166,168,025 | 185,611,538 | 108,862,235 | 121,348,226 |
commitments and contingencies | |||||||||||||||||||
stockholders' equity* | |||||||||||||||||||
common stock and additional paid-in capital, 0.00001 par value... | 194,890,000 | 196,004,000 | 193,541,000 | 192,703,000 | |||||||||||||||
treasury stock | -24,072,000 | -20,474,000 | -16,507,000 | -11,835,000 | -9,390,893 | -7,938,255 | -7,258,600 | -6,070,146 | -5,755,961 | -5,718,668 | -5,378,140 | -4,101,669 | -4,072,752 | -4,040,521 | -4,016,528 | -3,994,461 | -3,691,322 | -2,704,954 | -1,656,685 |
accumulated other comprehensive loss | -683,000 | -1,105,000 | -766,000 | -1,495,000 | -1,587,793 | -649,352 | -720,950 | -645,548 | -646,999 | -843,560 | -485,095 | -789,782 | |||||||
accumulated deficit | -324,000 | -19,155,000 | -45,826,000 | -53,611,000 | -89,774,658 | -115,141,842 | -125,961,197 | -149,922,323 | -157,519,880 | -160,459,178 | -161,753,578 | -162,893,356 | -165,496,479 | -166,130,789 | -170,475,213 | -155,391,269 | -127,402,723 | -101,480,715 | -82,646,589 |
total stockholders' equity | 169,811,000 | 155,270,000 | 130,398,000 | 125,762,000 | 87,835,429 | 61,138,014 | 50,289,715 | 29,613,391 | 22,094,324 | 17,974,055 | 16,278,144 | 13,662,501 | 8,843,246 | 5,729,016 | 147,735 | 12,727,503 | 37,792,038 | 59,810,523 | 44,907,089 |
total liabilities and stockholders' equity | 400,229,000 | 366,964,000 | 350,552,000 | 298,074,000 | 298,372,045 | 252,869,272 | 212,076,653 | 195,708,421 | 212,645,283 | 179,903,359 | 155,278,501 | 153,478,305 | 172,576,538 | 158,941,207 | 160,136,454 | 178,895,528 | 223,403,576 | 168,672,758 | 166,255,315 |
cash and cash equivalents | 104,147,000 | 88,943,000 | 88,893,000 | 73,185,252 | 80,062,505 | 58,026,053 | 77,784,583 | 67,624,212 | 65,150,280 | 62,085,060 | 59,038,722 | 68,279,539 | 57,874,902 | 62,076,421 | 58,371,390 | 76,983,728 | 43,967,044 | 58,184,476 | |
restricted cash, current, including amounts held by variable interest entity (“vie”) of 9,930 and 4,096, respectively | 10,915,000 | ||||||||||||||||||
notes receivable, net, including amounts held by vie of 156,000 and 152,174, respectively | 184,131,000 | ||||||||||||||||||
deferred tax asset, net of 4,013 and 3,742 valuation allowance, respectively | 13,443,000 | ||||||||||||||||||
other payables | 6,422,000 | 2,828,000 | 10,239,000 | 7,455,416 | 10,498,376 | 8,242,992 | 5,536,037 | 5,261,436 | 5,300,675 | 4,412,107 | 3,183,212 | 4,129,371 | 5,151,254 | 4,684,034 | 4,643,610 | 2,874,046 | 2,742,706 | 2,810,124 | |
line of credit, net of unamortized debt issuance costs of 688 and 1,008, respectively, held by vie | 117,312,000 | ||||||||||||||||||
restricted cash, current, including amounts held by variable interest entity (“vie”) of 8,608 and 4,096, respectively | 10,559,000 | ||||||||||||||||||
notes receivable, net, including amounts held by vie of 160,840 and 152,174, respectively | 184,940,000 | ||||||||||||||||||
deferred tax asset, net of 4,058 and 3,742 valuation allowance, respectively | 14,420,000 | ||||||||||||||||||
line of credit, net of unamortized debt issuance costs of 799 and 1,008, respectively, held by vie | 130,501,000 | ||||||||||||||||||
stock subscriptions: 7 and no shares subscribed, respectively | -44,000 | ||||||||||||||||||
restricted cash, current, including amounts held by variable interest entity (“vie”) of 7,088 and 4,096, respectively | 14,942,000 | ||||||||||||||||||
notes receivable, net, including amounts held by vie of 136,106 and 152,174, respectively | 146,628,000 | ||||||||||||||||||
deferred tax asset, net of 3,841 and 3,742 valuation allowance, respectively | 11,616,000 | ||||||||||||||||||
line of credit, net of unamortized debt issuance costs of 910 and 1,008, respectively, held by vie | 69,890,000 | ||||||||||||||||||
restricted cash, current, including amounts held by variable interest entity (“vie”) of 4,095,855 and 2,868,011, respectively | 4,849,582 | ||||||||||||||||||
notes receivable, net, including amounts held by vie of 152,174,296 and 125,188,900, respectively | 164,561,845 | ||||||||||||||||||
deferred tax asset, net of 3,741,900 and 32,450,807 valuation allowance, respectively | 16,905,315 | ||||||||||||||||||
line of credit, net of unamortized debt issuance costs of 619,094, held by vie | |||||||||||||||||||
long term debt | 250,000 | 250,000 | 250,000 | 250,000 | 250,000 | 250,000 | 250,000 | 250,000 | 250,000 | 250,000 | 250,000 | 250,000 | |||||||
line of credit, net of unamortized debt issuance costs of 1,008,441, held by vie | 103,991,559 | ||||||||||||||||||
warrant liabilities | 967,257 | 590,563 | 679,790 | 931,497 | 511,295 | ||||||||||||||
stockholders' equity | |||||||||||||||||||
common stock, 0.00001 par value... | 2,085 | 2,084 | 2,084 | 2,084 | 2,085 | 2,085 | 2,084 | 2,084 | 2,083 | 2,080 | 2,077 | 2,069 | 2,044 | 2,036 | 1,978 | ||||
additional paid-in capital | 188,586,688 | 184,865,379 | 184,228,378 | 186,288,172 | 186,015,079 | 184,993,376 | 183,892,873 | 181,445,224 | 179,054,368 | 176,949,098 | 174,333,629 | 171,445,100 | 168,338,673 | 163,246,863 | 128,254,422 | ||||
restricted cash, current | 7,173,326 | 5,384,366 | 3,818,497 | 2,993,011 | 1,580,418 | 1,284,162 | 1,522,052 | 1,223,119 | 870,158 | 1,200,228 | 2,188,775 | 1,886,440 | 2,907,872 | 1,822,467 | |||||
deferred tax asset, net of 8,349,879 and 32,478,033 valuation allowance, respectively | 15,863,790 | ||||||||||||||||||
accrued liabilities | 11,475,162 | 8,440,299 | 10,488,273 | 10,790,308 | 7,832,651 | 5,021,987 | 7,286,790 | 10,448,872 | 9,720,369 | 12,504,359 | 13,897,456 | 7,996,772 | 11,307,410 | 9,687,325 | |||||
line of credit, net of unamortized debt issuance costs of 619,094 | 94,380,906 | ||||||||||||||||||
long term liabilities | |||||||||||||||||||
line of credit, net of unamortized debt issuance costs of 1,062,276 | 93,937,724 | ||||||||||||||||||
deferred tax asset, net of 9,693,510 and 32,478,033 valuation allowance, respectively | 17,557,068 | ||||||||||||||||||
line of credit, net of unamortized debt issuance costs of 1,117,952 | 68,882,048 | ||||||||||||||||||
line of credit, net of unamortized debt issuance costs of 561,194 | 71,438,806 | ||||||||||||||||||
stock subscriptions: 658 and 0 shares subscribed, respectively | -38,848 | ||||||||||||||||||
line of credit, net of unamortized debt issuance costs of 1,222,525 | |||||||||||||||||||
property and equipment | 166,264 | 205,346 | 271,413 | 281,605 | 381,348 | 471,045 | 607,136 | 662,472 | 651,597 | 505,308 | |||||||||
operating lease liabilities, current | 52,117 | ||||||||||||||||||
operating lease liabilities, non-current | 998,316 | ||||||||||||||||||
line of credit, net of unamortized debt issuance costs of 763,362 and 1,222,525, respectively | 75,136,638 | ||||||||||||||||||
line of credit, net of unamortized debt issuance costs of 923,842 and 1,222,525, respectively | 57,376,158 | ||||||||||||||||||
line of credit, net of unamortized debt issuance costs of 1,101,955 and 1,222,525, respectively | 58,698,045 | ||||||||||||||||||
line of credit, net of unamortized debt issuance costs of 1,222,525 and 1,088,869, respectively | 63,777,475 | ||||||||||||||||||
stock subscriptions: 0 and 20,729 shares subscribed, respectively | |||||||||||||||||||
accumulated other comprehensive income | -643,974 | -1,050,852 | 303,770 | 971,897 | 563,911 | 785,599 | 997,956 | ||||||||||||
lease liabilities | 3,969 | 4,926 | 53,599 | 90,962 | |||||||||||||||
line of credit, net of unamortized debt issuance costs of 327,952 and 1,088,869, respectively | 53,680,434 | ||||||||||||||||||
line of credit, net of unamortized debt issuance costs of 715,602 and 1,088,869, respectively | 57,084,398 | ||||||||||||||||||
line of credit, net of unamortized debt issuance costs of 903,267 and 1,088,869, respectively | 51,896,733 | ||||||||||||||||||
stock subscriptions: 1,343,750 and 20,729 shares subscribed, respectively | -305,833 | ||||||||||||||||||
line of credit, net of unamortized debt issuance costs of 1,088,869 and 173,773, respectively | 77,711,131 | ||||||||||||||||||
stock subscriptions: 20,729 and 64,000 shares subscribed, respectively | -18,545 | ||||||||||||||||||
line of credit, net of unamortized debt issuance costs of 1,279,082 and 173,773, respectively | 3,720,918 | ||||||||||||||||||
stock subscriptions: 56,559 and 64,000 shares subscribed, respectively | -38,306 | ||||||||||||||||||
line of credit, net of unamortized debt issuance costs of 1,468,324 and 173,773, respectively | 19,531,676 | ||||||||||||||||||
stock subscriptions: 37,017 and 64,000 shares subscribed, respectively | -43,993 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities: | ||||||||||||||||||
net income | 42,691,000 | 26,671,000 | 27,604,000 | 36,164,000 | 25,367,184 | 15,446,241 | 29,701,881 | 8,007,005 | 2,939,298 | 1,294,400 | 1,139,778 | 1,724,546 | ||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||
depreciation and amortization | 389,000 | 369,000 | 324,000 | 274,000 | 257,954 | 233,251 | 247,383 | 226,816 | 231,195 | 217,729 | 206,111 | 200,768 | 197,783 | 206,731 | 218,645 | 223,967 | 211,285 | 198,766 |
provision for credit losses | 23,674,000 | 32,177,000 | 20,646,000 | 12,801,000 | 24,378,527 | 15,402,303 | 10,093,880 | 5,139,966 | 10,519,627 | 6,676,548 | 4,296,434 | 1,694,364 | ||||||
provision for other credit losses | 12,661,000 | 12,291,000 | 4,567,000 | 3,956,000 | 5,665,484 | 2,340,717 | 1,520,454 | 1,078,409 | 1,284,698 | 917,226 | 633,723 | 516,319 | ||||||
discount on notes receivable | ||||||||||||||||||
equity based compensation and restricted stock vested | 1,340,000 | 2,409,000 | 1,498,000 | 1,273,000 | 1,369,091 | 1,456,259 | 1,462,009 | 905,244 | 1,021,703 | 1,085,977 | 2,435,930 | 2,390,108 | 2,104,641 | 2,613,768 | 2,873,031 | 2,718,095 | 3,434,929 | 4,763,743 |
amortization of debt issuance costs | 202,000 | 111,000 | 110,000 | 109,000 | 108,410 | 102,280 | 119,310 | 195,617 | 197,391 | 183,072 | 178,113 | 173,453 | 161,975 | 448,503 | 187,665 | 185,602 | 189,728 | 189,727 |
fair value adjustment on warrants | 0 | 0 | 0 | 1,261,556 | 376,694 | -89,227 | -251,706 | 420,201 | ||||||||||
impairment losses on long-lived assets | 0 | 2,000 | 0 | 66,000 | 0 | -1 | -1 | 14,410 | 13,403 | 18,298 | 1 | |||||||
gain on sale of fixed assets | -7,000 | 2,000 | ||||||||||||||||
loss on extinguishment of line of credit | 0 | 0 | 0 | 0 | ||||||||||||||
deferred income taxes | -172,000 | 977,000 | -2,804,000 | 5,289,000 | -1,964,111 | 1,903,776 | ||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||
other receivables | -11,416,000 | -15,688,000 | -5,328,000 | -3,589,000 | -5,477,950 | -5,139,661 | -1,228,272 | -823,724 | -800,110 | -1,016,437 | -702,367 | 128,749 | -2,607,632 | -1,264,179 | -3,283,789 | 444,861 | -6,545,720 | -1,442,878 |
prepaid expenses and other assets | 4,558,000 | 254,000 | -10,810,000 | -796,000 | -1,875,180 | -1,944,972 | -2,044,016 | 866,677 | -1,196,448 | -1,222,614 | 186,207 | 1,013,216 | -1,045,467 | -1,147,403 | 1,019,866 | -180,022 | 1,442,324 | -1,903,283 |
merchant accounts payable | -1,591,000 | -2,514,000 | -5,300,000 | -3,631,000 | -871,219 | -920,094 | -2,379,160 | -174,394 | 5,753,722 | 913,337 | 1,966,347 | -17,748,691 | -757,174 | -1,034,409 | -9,670,013 | -1,467,348 | 5,847,880 | 2,011,221 |
other payables | 487,000 | 3,586,000 | -7,424,000 | 2,779,000 | -3,034,329 | 2,250,032 | 2,457,962 | 277,626 | -45,396 | 893,568 | 1,225,131 | -952,451 | -1,079,793 | 507,435 | 77,839 | 1,776,019 | -24,326 | -62,191 |
accrued and other liabilities | -3,554,000 | 3,234,000 | -598,000 | -898,000 | ||||||||||||||
deferred revenue | 585,000 | 586,000 | 131,000 | -109,000 | -134,751 | 430,307 | 808,270 | 491,107 | 572,961 | 267,410 | 166,148 | 120,447 | 985,136 | |||||
operating leases | 5,000 | 5,000 | 15,000 | 15,000 | 15,189 | 15,188 | 21,633 | 22,265 | 22,266 | 22,263 | 3,704 | 3,700 | 3,441 | 3,520 | 4,200 | 4,387 | 10,708 | 9,664 |
net cash from operating activities | 154,289,000 | 33,096,000 | -36,315,000 | 58,837,000 | 971,413 | 5,710,365 | -4,394,753 | 38,613,013 | 1,440,728 | 950,512 | -1,688,732 | 7,809,340 | -40,889,084 | |||||
capital expenditures | -61,000 | -163,000 | -404,000 | -27,000 | -33,697 | -10,279 | -23,937 | -1,847 | -39,832 | 8,515 | 35,569 | -56,488 | -126,530 | |||||
free cash flows | 154,228,000 | 32,933,000 | -36,719,000 | 58,810,000 | 937,716 | 5,700,086 | -4,418,690 | 38,611,166 | 1,400,896 | 959,027 | -1,653,163 | 7,752,852 | -41,015,614 | |||||
investing activities: | ||||||||||||||||||
purchases and originations of notes receivable, net of proceeds from repayments | ||||||||||||||||||
purchase of property and equipment | -61,000 | -163,000 | -404,000 | -27,000 | -33,697 | -10,279 | -23,937 | -1,847 | -28,076 | 22,817 | -25,192 | -51,158 | -39,832 | 8,515 | 35,569 | -56,488 | -126,530 | -250,629 |
internally developed intangible asset additions | -531,000 | -612,000 | -616,000 | -281,000 | -372,116 | -273,729 | -410,129 | -338,229 | -299,807 | -320,968 | -393,113 | -270,095 | -181,702 | -226,406 | -230,052 | -317,681 | -218,972 | -151,604 |
net cash from investing activities | -179,466,000 | -775,000 | -1,020,000 | -308,000 | -405,813 | -284,008 | -434,066 | -340,076 | -327,883 | -298,151 | -418,305 | -321,253 | -221,534 | -217,891 | -194,483 | -374,169 | -345,502 | -402,233 |
financing activities: | ||||||||||||||||||
proceeds from line of credit | 75,060,000 | 10,800,000 | 80,000,000 | 15,000,000 | 32,700,000 | 28,000,000 | 25,949,000 | 17,600,000 | 0 | 11,300,000 | 66,155,556 | 0 | 107,000,000 | 41,000,000 | ||||
payments to line of credit | -51,800,000 | -24,100,000 | -19,500,000 | -49,200,000 | -22,700,000 | -3,000,000 | -48,726,901 | -23,000,000 | -6,849,000 | 0 | -1,500,000 | -16,500,000 | -55,163,942 | -3,791,614 | 0 | -26,000,000 | -33,200,000 | -57,000,000 |
payments of debt issuance costs | -782,000 | 0 | 0 | -10,000 | -54,574 | -46,605 | -867,385 | -137,717 | -53,123 | -22,592 | 0 | -52,883 | -1,270,048 | 485 | -485 | |||
proceeds from stock option exercises | 113,000 | 54,000 | 3,024,000 | 540,000 | 2,352,219 | 1,328,724 | 65,703 | 171,816 | 0 | 14,527 | 11,719 | 750 | 632 | 1,705 | 15,507 | 82,526 | 354,364 | 160,001 |
stock subscriptions collected related to stock option exercises | 0 | 0 | 0 | 0 | 0 | 305,833 | 18,545 | 38,421 | 77,213 | |||||||||
proceeds from warrant exercises | 0 | 367,341 | ||||||||||||||||
repurchase of common stock | -30,025,000 | -3,967,000 | -28,219,000 | -2,444,000 | -1,452,638 | -7,821,864 | -10,550,115 | -3,795,262 | -37,293 | -340,528 | -1,276,471 | -28,918 | -32,231 | -23,994 | -22,068 | -303,141 | -822,289 | -1,048,272 |
net cash from financing activities | -7,434,000 | -17,169,000 | 35,305,000 | -36,114,000 | -13,279,549 | -26,761,163 | 19,009,584 | 17,251,407 | -2,764,752 | -5,281,051 | -3,874,756 | 5,299,272 | -26,202,070 | |||||
effect of exchange rate changes on cash | 556,000 | -465,000 | 1,130,000 | 144,000 | -1,443,592 | 96,757 | -84,293 | -25,917 | 220,091 | -378,403 | -559,443 | 735,157 | 448,744 | -1,389,454 | -699,573 | 456,896 | -141,143 | -263,216 |
net increase in cash, cash equivalents, and restricted cash | -32,611,000 | 15,152,000 | -2,030,000 | 22,415,000 | 11,410,607 | 11,511,774 | 32,136,395 | -12,868,811 | ||||||||||
cash, cash equivalents, and restricted cash, beginning of period | 0 | 0 | 0 | 98,310,000 | 0 | 0 | 0 | 70,699,223 | 0 | 0 | 0 | 69,522,658 | ||||||
cash, cash equivalents, and restricted cash, end of period | -32,055,000 | 14,687,000 | -900,000 | 120,869,000 | 9,967,015 | 24,350,710 | -18,192,661 | 82,185,080 | 3,886,525 | 3,423,476 | 2,808,448 | 60,580,774 | -4,531,589 | 2,716,484 | 60,580,165 | 31,995,252 | -13,132,027 | |
notes receivable | -31,376,000 | -58,930,000 | 5,134,000 | -56,294,768 | -28,853,625 | -26,093,177 | 21,952,935 | -38,419,127 | -25,591,908 | -2,238,818 | 6,885,554 | -6,564,393 | -8,944,575 | 12,878,506 | 13,221,231 | -40,156,034 | -24,617,198 | |
noncash investing and financing activities: | ||||||||||||||||||
conversion of accrued profit-sharing incentive plan liabilities to stockholders' equity | 0 | 0 | 2,301,000 | |||||||||||||||
conversion of warrant liabilities to stockholders' equity | 0 | 0 | 0 | 2,228,813 | ||||||||||||||
supplementary disclosures: | ||||||||||||||||||
interest paid | 4,212,000 | 3,819,000 | 3,217,000 | 3,570,259 | 3,327,952 | 2,981,238 | 4,167,381 | 4,502,623 | 4,177,899 | 4,064,663 | 3,617,351 | 2,925,059 | 1,869,745 | 1,427,987 | 1,567,639 | 1,207,752 | 1,032,261 | |
income taxes paid | 155,000 | 25,075,000 | 94,000 | 1,220,766 | 2,017,929 | 379,826 | 1 | 71,774 | 825 | 41,097 | 5,529 | 51,442 | 0 | |||||
loss on sale of fixed assets | -16,964 | -25,683 | 5,237 | -17,289 | 7,977 | -27,991 | 43,461 | 2,174 | ||||||||||
net cash (used for) provided from financing activities | 10,845,007 | 13,185,689 | ||||||||||||||||
lease liabilities arising from obtaining right-of-use assets | 0 | 185,744 | 0 | |||||||||||||||
accrued liabilities | 3,014,047 | -2,550,836 | -796,803 | 2,518,283 | 2,310,860 | -2,765,086 | -647,194 | 726,360 | -2,763,879 | -1,376,857 | 5,891,198 | -2,040,720 | 1,650,150 | |||||
net decrease in cash, cash equivalents, and restricted cash | 3,801,879 | 3,367,891 | -9,677,041 | 10,308,854 | -3,142,135 | 3,416,057 | -18,766,899 | |||||||||||
adjustments to reconcile net income to net cash (used for) provided from operating activities: | ||||||||||||||||||
net cash (used for) provided from operating activities | -15,015,267 | -4,074,737 | ||||||||||||||||
payment of debt extinguishment costs | 0 | 0 | ||||||||||||||||
issuance of warrants | ||||||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||
net loss | 634,310 | 4,344,424 | -15,083,944 | -27,988,546 | -25,922,008 | -18,834,126 | ||||||||||||
provision for uncollectible accounts | 5,400,822 | 5,679,953 | 7,890,809 | 10,465,595 | 19,741,052 | 10,456,447 | ||||||||||||
provision for other uncollectible receivables | 2,424,251 | 1,751,233 | 2,567,499 | 2,514,301 | 2,921,817 | 1,922,217 | ||||||||||||
payments on long term debt | 0 | 0 | ||||||||||||||||
proceeds from issuance of common stock | 0 | |||||||||||||||||
costs incurred from issuance of common stock | 0 | |||||||||||||||||
cash, cash equivalents, and restricted cash, beginning of year | 0 | 0 | 0 | 78,890,168 | 0 | 0 | ||||||||||||
cash, cash equivalents, and restricted cash, end of year | ||||||||||||||||||
issuance of restricted stock units for settlement of accrued expenses | ||||||||||||||||||
conversion of liability-classified incentive awards to stockholders' equity | ||||||||||||||||||
withholding of restricted stock units to cover employee tax withholding | ||||||||||||||||||
conversion of liability-classified incentive awards to stockholder's equity | ||||||||||||||||||
proceeds from issuance of long term debt | ||||||||||||||||||
retirement of common stock | ||||||||||||||||||
proceeds from long term debt | ||||||||||||||||||
noncash investing and finance activities: | ||||||||||||||||||
conversion of long-term incentive compensation from liability to equity | 0 | |||||||||||||||||
adjustments to reconcile net loss to net cash (used for) provided from operating activities: |