Paysign (PAYS) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $28.3M, up 48.1% year-over-year, with net income rising to $6.8M and adjusted EBITDA increasing 113% to $9.6M, driven by strong growth in pharma/patient affordability and plasma segments.

• Gross and operating margins expanded due to favorable revenue mix, expense discipline, and higher contribution from pharma programs.

• Platform scalability and strong demand evidenced by rapid program launches and increased utilization.

• Gross dollar volume loaded on cards reached $546M for Q2 and $1.07B for the first half of 2026.

• Raised full-year 2026 outlook for revenue to $114M–$117M and adjusted EBITDA to $35M–$38M.

Financial highlights

• Q2 2026 revenue: $28.3M, up 48% year-over-year; first half 2026 revenue: $56.29M, up 49.4%.

• Net income for Q2: $6.8M ($0.11 per diluted share), nearly five times higher year-over-year.

• Adjusted EBITDA for Q2: $9.6M (34% margin), up 113%; first half: $20.2M (35.9% margin).

• Gross margin expanded to 63.3%, with gross profit for Q2 at $17.9M.

• Cash and restricted cash at June 30, 2026: $176.5M, with $27.4M in unrestricted cash and zero bank debt.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $114M–$117M (39–43% growth year-over-year); adjusted EBITDA expected at $35M–$38M.

• Q3 2026 revenue projected at $28.5M–$30M, with gross margin of 61%–63% and adjusted EBITDA of $9.5M–$10M.

• Anticipates exiting Q3 2026 with 165–170 active patient affordability programs and 561–563 plasma centers.

• Management expects continued growth in plasma and pharma programs, with sufficient liquidity for at least 24 months.

• Ongoing investments planned in technology, sales, marketing, cybersecurity, and compliance.