PAYS - Paysign, Inc.

Paysign, Inc. provides prepaid debit card programs and payment solutions, primarily through its Paysign-branded prepaid Visa and Mastercard products deployed for plasma donation centers, where donors receive compensation loaded onto cards. The core customer base is plasma collection companies operating under a B2B fee-per-transaction and program management model, with secondary segments including pharmaceutical patient assistance programs and corporate payroll cards. Revenue is approximately $50-60M annually, concentrated in the United States market.

Past Year Trends

• Paysign's full-year 2025 revenue grew 40.5% year-over-year to $82.02M, with the pharma patient affordability segment surging 167.8% as active programs expanded from roughly 50 to 131, becoming the dominant growth engine of the business. (Bullish)
• Adjusted EBITDA more than doubled in FY2025, rising 107.3% to $19.94M, demonstrating significant operating leverage as pharma program volumes scaled without proportional cost increases. (Bullish)
• Q1 2026 revenue accelerated to $28.04M, up 50.8% year-over-year from Q1 2025's $18.60M, indicating the growth rate increased rather than moderated as the business scaled, supported by plasma center count reaching 589 centers. (Bullish)

Next Year Trends

• Paysign's own FY2026 guidance projects $106.5M–$110.5M in revenue (+30–35% YoY) and $30M–$33M in adjusted EBITDA, with the 137+ active pharma patient affordability programs expected at end of Q1 2026 serving as the primary volume driver for the remainder of the year. (Bullish)
• Continued expansion of the pharma patient affordability program count beyond 137 active programs is the key revenue catalyst, but growing revenue concentration in a single segment creates execution risk if one or more large pharmaceutical clients discontinue copay card programs due to drug patent expirations or regulatory changes to patient assistance rules. (Bearish)
• The company's zero-debt balance sheet and $21.07M in unrestricted cash as of year-end 2025 position it for potential acquisitions or organic investment in new pharma client programs, but Paysign has not announced a specific M&A target or incremental contract win that would materially move the 2026 revenue range beyond current guidance. (Neutral)

Red Flags

[Securities Fraud / Investigation] Securities fraud class action lawsuit filed April 2020 (class period March 12, 2019 – March 31, 2020) alleging that Paysign and named executives made material misrepresentations about the company's employment of an SEC-barred accountant who assisted in preparing financial statements; settled for $3.75 million with final court approval April 2024. — Block & Leviton LLP / Bloomberg Law, April 2020 (filed); April 2024 (settled)

[Financial Restatement / Auditor Issue] BDO USA, LLP resigned as Paysign's independent registered public accounting firm within approximately two years of appointment, coinciding with disclosure of material weaknesses in internal controls related to the company's employment of an SEC-barred accountant. — SEC filings / Paysign public disclosures, 2020–2021

[Executive Fraud Charges] Paysign's CEO and CFO were named defendants in civil securities fraud complaints alleging they knowingly employed an accountant subject to an SEC Cease-and-Desist Order to prepare financial statements for fiscal years 2017, 2018, and 2019 in violation of SEC restrictions. — Bloomberg Law / Paysign Investors Advance Fraud Suit, April 2020 (complaint); August 2023 (survived motion to dismiss)