0001628280-26-033174
SEC filingA challenging quarter with sharp revenue and profit declines, driven by lower transaction volumes and pricing concessions, while cash flow turned negative on working capital timing.
Revenue for the first quarter of 2026 decreased 15.5% to $122.0 million compared to $144.3 million in the prior year period. The decline was primarily due to a decrease in transaction volume, partially offset by an increase in the average principal sent per transaction. Additionally, lower payer fees resulting from better pricing negotiated with paying agents contributed to the revenue reduction.