USIO - Usio Buffeted By Voyager

• The company's shares have sold off strongly on economic and crypto risk and the latter turned out to be real with their crypto partner Voyager entering into serious problems.
• Q1 margins showed some decline mostly on one-off investments, paving the way for recovery in subsequent quarters, and the company still gained cash.
• Guidance will likely be lowered considerably, and we think the shares will be dead money for a while, although we think most of the problems are priced in already.
• Longer term, PayFac and prepaid will likely to keep growing strongly, so there is still some lure for the patient investor.

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