- Usio ( NASDAQ: USIO ) stock dropped ~17% on Tuesday after the firm said its revenue will likely be affected by Voyager Digital's suspension of trading , deposits, withdrawals, and loyalty rewards.
- USIO expects to continue processing transactions as requested by Voyager.
- But due to the temporary suspension, ACH volume of transactions USIO processes for Voyager will be impacted unless Voyager resumes full operations.
- Voyager accounted for 8% of USIOS' total revenue for 2021 and 8% of its revenue from Jan. 1 through May 31.
- USIO's 2022 outlook assumed only $1M in revenue from Voyager's prepaid card program services for 2022.
- Through May 31, revenues from the prepaid card services were ~$670K.
- So the impact of a slowdown or end to this prepaid card program on USIO's bottom line is projected to be minimal.
- USIO reiterated its 2022 revenue guidance, but widened the range to 16-20% Y/Y growth.
- The firm expects to replace any potential revenue shortfall from suspended Voyager processing with new PayFac relationships.
- USIO also has over $15M in potential card spoilage revenue expected to be recognized starting Sept. and will continue for the following 12-18 months.
- USIO expects to report both sequential and Y/Y growth in ACH returned check processing for Q2. Sequential growth is projected in total ACH transactions processed.
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Usio stock drops as Voyager Digital halts trading