---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-013732"
form_type: "8-K"
ticker: "PMTS"
cik: "0001641614"
company_name: "CPI Card Group Inc."
filed_at: "2023-08-08T23:59:59+00:00"
generated_at: "2026-06-12T02:09:37.294753+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# CPI Card Group Q2 net income +6% to $6.5M; lowers sales growth outlook on soft demand

## Summary
- Q2 net sales $115M (+1% YoY); net income $6.5M (+6%); Adjusted EBITDA $23.3M (+18%).
- Debit & Credit segment net sales -1% to $93.2M; Prepaid Debit +14% to $21.8M.
- Lowered FY2023 net sales outlook to flat/low-single-digit growth from mid-single-digit; affirmed Adj. EBITDA growth mid-to-high single digit.
- Expects Q3 sales and EBITDA to decline, with return to growth in Q4.
- Retired $15M of 8.625% Senior Secured Notes in H1; net leverage ratio improved to 2.8x.

## SEC filing metadata
- accession: 0001558370-23-013732
- form_type: 8-K
- ticker: PMTS
- cik: 0001641614
- company_name: CPI Card Group Inc.
- filed_at: 2023-08-08T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1641614/000155837023013732/0001558370-23-013732-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1641614/000155837023013732/pmts-20230808x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-013732
- JSON: https://secwatch.observer/filing/0001558370-23-013732.json
- Plain text: https://secwatch.observer/filing/0001558370-23-013732.txt

## Key facts
- Earnings Releases
  CPI Card Group Inc. reported First half 2023 results: revenue $235.8 million, net income $17.4 million, EPS $1.46 diluted earnings per share.
  - Period: First half 2023
  - Revenue: $235.8 million
  - Net income: $17.4 million
  - EPS: $1.46 diluted earnings per share
  - Result: reported results
  source text: a higher effective tax rate compared to prior year, partially offset by lower interest expense. ​ First Half 2023 Financial Highlights Net sales increased 5% year-over-year to $235.8 million in the first half of 2023. ● Debit and Credit segment net sales increased 5% to $195.2 million, driven by higher sales of contactless cards, services related to personalization
  evidence_url: https://www.sec.gov/Archives/edgar/data/1641614/000155837023013732/0001558370-23-013732-index.htm
- Earnings Releases
  CPI Card Group Inc. updated its Full year 2023 guidance (lowered).
  - Period: Full year 2023
  - Guidance: lowered
  - Result: guidance update
  source text: The Company updated its full-year net sales outlook for 2023 to a range of flat to low single-digit growth and affirmed its outlook for mid-to-high single-digit Adjusted EBITDA growth, as well as its projections for Free Cash Flow to more than double and the year-end Net Leverage Ratio to improve to between 2.5x and 3.0x. The previous outlook for net sales was mid-single digit growth.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1641614/000155837023013732/0001558370-23-013732-index.htm
- Earnings Releases
  CPI Card Group Inc. reported Second quarter ended June 30, 2023 results: revenue $115 million, net income $6.5 million, EPS $0.55 diluted earnings per share.
  - Period: Second quarter ended June 30, 2023
  - Revenue: $115 million
  - Net income: $6.5 million
  - EPS: $0.55 diluted earnings per share
  - Result: reported results
  source text: Second quarter net sales increased 1% to $115 million, as strong growth from the Prepaid Debit segment was largely offset by a slight decline in the Debit and Credit segment.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1641614/000155837023013732/0001558370-23-013732-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.