---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-017843"
form_type: "8-K"
ticker: "PMTS"
cik: "0001641614"
company_name: "CPI Card Group Inc."
filed_at: "2023-11-07T23:59:59+00:00"
generated_at: "2026-06-08T15:40:44.624125+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# CPI Card Group Q3 net sales down 15% to $105.9M; cuts full-year outlook

## Summary
- Q3 net sales $105.9M (-15% YoY); net income $3.9M ($0.33 diluted EPS) -68% YoY.
- Q3 Adjusted EBITDA $21.2M (-25% YoY); gross margin 34.1% vs 38.9% prior year.
- FY2023 outlook cut: net sales and Adj EBITDA now expected mid-single-digit decline (prior: flat/low growth).
- Board authorized $20M share repurchase program expiring Dec 31, 2024.
- Appointed Ravi Mallela (CFO of NMIH) as independent director, effective Nov 15, 2023.

## SEC filing metadata
- accession: 0001558370-23-017843
- form_type: 8-K
- ticker: PMTS
- cik: 0001641614
- company_name: CPI Card Group Inc.
- filed_at: 2023-11-07T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 5.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1641614/000155837023017843/0001558370-23-017843-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1641614/000155837023017843/pmts-20231101x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-017843
- JSON: https://secwatch.observer/filing/0001558370-23-017843.json
- Plain text: https://secwatch.observer/filing/0001558370-23-017843.txt

## Key facts
- Earnings Releases
  CPI Card Group Inc. reported third quarter ended September 30, 2023 results: revenue $105.9 million, net income decreasing 68% to $3.9 million, EPS $0.33 diluted earnings per share.
  - Period: third quarter ended September 30, 2023
  - Revenue: $105.9 million
  - Net income: decreasing 68% to $3.9 million
  - EPS: $0.33 diluted earnings per share
  - Result: reported results
  source text: CPI Card Group Inc. Reports Third Quarter 2023 Results Date: November 7, 2023 ​ Third Quarter Net Sales Decreased 15% to $106 Million; Net Income Decreased 68% to $4 Million; Adjusted EBITDA Decreased 25% to $21 Million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1641614/000155837023017843/0001558370-23-017843-index.htm
- Earnings Releases
  CPI Card Group Inc. reported first nine months ended September 30, 2023 results: revenue Net sales decreased 2% year-over-year to $341.7 million, net income net income decreased 12% to $21.3 million, EPS $1.79 diluted earnings per share.
  - Period: first nine months ended September 30, 2023
  - Revenue: Net sales decreased 2% year-over-year to $341.7 million
  - Net income: net income decreased 12% to $21.3 million
  - EPS: $1.79 diluted earnings per share
  - Result: reported results
  source text: Third Quarter Net Sales Decreased 15% to $106 Million; Net Income Decreased 68% to $4 Million; Adjusted EBITDA Decreased 25% to $21 Million First Nine Months Net Sales Decreased 2%; Net Income Decreased 12%; Adjusted EBITDA Decreased 1% Company Updates 2023 Outlook; Announces $20 Million Share Repurchase Authorization ​ Littleton, CO . November 7, 2023 --
  evidence_url: https://www.sec.gov/Archives/edgar/data/1641614/000155837023017843/0001558370-23-017843-index.htm
- Executive change
  Ravi Mallela was appointed as Director at CPI Card Group Inc..
  - Action: appointed
  - Role: Director
  source text: On November 1, 2023, the Board of Directors (the “Board”) of the Company appointed Ravi Mallela to serve on the Board of Directors effective November 15, 2023 to fill the current vacancy on the Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1641614/000155837023017843/0001558370-23-017843-index.htm

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