Atlanticus Holdings Corp

Listed Company

ATLCZCIK 0001464343NasdaqAcceleratedPersonal Credit InstitutionsGeorgiaFY ends Dec 31

Period

FY 2025

Revenue

$1.97B

Net Income

$122.20M

Total Assets

$7.62B

Equity

$608.70M

Shares Out

14.92M

Op. Cash Flow

$637.96M

Business

Atlanticus Holdings Corp is a financial technology company that powers inclusive consumer credit solutions by providing a technology platform and program management services to lenders. It offers private label and general purpose credit card products, receivable acquisition, loan servicing, merchant fee arrangements, and risk management and predictive analytics for lender decisioning. The company reports two segments: Credit as a Service (CaaS), which supports retail and healthcare private label and general purpose cards, and Auto Finance, which purchases and services buy-here, pay-here auto loans. Its products are distributed in the U.S. through retail and healthcare point-of-sale locations, direct mail, digital marketing, third‑party partnerships and a network of independent auto dealers.

Summary from filing dated 2025-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Consumer loans, including past due fees	1,404	980	879	786	519
Fees and related income on earning assets	452	270	239	217	194
Other revenue	112	60	37	43	31
Total operating revenue and other income	1,968	1,310	1,155	1,046	744
Other non-operating income	39,000	1	630,000	809,000	4
Total revenue and other income	1,968	1,311	1,156	1,047	748
Interest expense	−302	−160	−109	−82	−54
Provision for credit losses	−6	−16	−2	−1	−37
Increase (Decrease) in Fair Value of Loans and Fees Receivable Recorded at Fair Value	−1,103	−733	−690	−577	−219
Net margin	557	401	355	387	439
Salaries and benefits	−70	−50	−44	43	34
Card and loan servicing	−161	−118	−101	95	75
Marketing and solicitation	−113	−56	−52	62	57
Depreciation	−6	−3	−3	2	1
Other	−48	−35	−27	34	22
Total operating expenses	−397	−263	−226	237	190
Income before income taxes	160	139	129	149	220
Income tax expense	−39	−28	−27	−15	−42
Net income	121	110	102	135	178
Net loss attributable to noncontrolling interests	2	1	891,000	985,000	113,000
Net income attributable to controlling interests	122	111	103	136	178
Preferred stock and preferred unit dividends and discount accretion	−10	−24	−25	−25	−22
Net income attributable to common shareholders	112	87	78	111	156
Net income attributable to common shareholders per common sharebasic (in dollars per share)	7.4	5.92	5.35	7.55	10.32
Net income attributable to common shareholders per common sharediluted (in dollars per share)	5.96	4.77	4.24	5.83	7.56

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Unrestricted cash and cash equivalents	621	375	339	385	410
Restricted cash and cash equivalents	146	124	44	48	97
Loans, interest and fees receivable, at fair value	6,648	2,630	2,174	1,818	1,026
Loans at amortized cost, net (including $4.1 million and $4.9 million of allowance for credit losses at December 31, 2025 and December 31, 2024, respectively; and $20.1 million and $19.8 million of deferred revenue at December 31, 2025 and December 31, 2024, respectively)	83	84	98	1,905	—
Property at cost, net of depreciation	13	11	11	10	7
Intangible assets, net (Note 3)	30	0	—	—	—
Operating lease right-of-use assets	15	14	11	12	4
Prepaid expenses and other assets	67	32	28	27	16
Total assets	7,623	3,271	2,706	2,388	1,944
Accounts Payable and Accrued Liabilities	285	72	62	44	42
Operating lease liabilities	25	24	20	20	5
Notes Payable, net held by VIEs	5,819	2,199	1,862	1,653	1,279
Senior notes, net	699	282	144	144	143
Income tax liability	152	114	86	61	48
Total liabilities	6,979	2,691	2,174	1,923	1,517
Commitments and contingencies (Note 12)	—	—	—	—	—
Common stock, no par value, 150,000,000 shares authorized: 14,922,462 and 14,904,192 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	0	0	0	0	0
Paid-in capital	102	98	87	122	228
Retained earnings	506	395	307	204	60
Total shareholders equity attributable to Atlanticus Holdings Corporation	609	493	395	326	288
Noncontrolling interests	−5	−4	−2	−1	−500,000
Total equity	604	489	392	325	287
Total liabilities, shareholders' equity and temporary equity	7,623	3,271	2,706	2,388	1,944

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, amortization and accretion, net	10	5	4	5	2
Deferred income tax expense	39	30	38	—	—
Income from accretion of discount associated with Loans at amortized cost, net	−27	−25	−23	−137	−166
Income from merchant fees associated with Loans at fair value	−197	−144	−124	—	—
Changes in fair value of loans	1,103	733	690	577	219
Change in bank partner fees carried at fair value	6	1	0	—	—
Amortization of debt issuance costs	18	12	7	5	5
Stock-based compensation costs	4	4	4	4	3
Decrease in lease liability	−3	−3	−2	−4	−10
Increase in uncollected fees on earning assets	−447	−270	−247	−253	−112
Increase (decrease) in income tax liability	−584,000	−2	−13	−11	22
Increase in accounts payable and accrued expenses	30	3	—	—	—
Other	−23	−1	18	4	6
Net cash provided by operating activities	638	469	459	348	212
Proceeds from recoveries on charged off receivables	72	44	52	32	14
Investments in earning assets	−4,436	−2,629	−2,516	−2,546	−2,019
Proceeds from earning assets	2,931	1,840	1,797	1,836	1,536
Acquisition of Mercury (net of cash acquired)	−73	0	—	—	—
Purchases and development of property	−5	−2	−4	−5	−7
Net cash used in investing activities	−1,512	−747	−672	−682	−475
Noncontrolling interests contributions	268,000	53,000	4,000	114,000	387,000
Noncontrolling interests distributions	0	−148,000	0	—	—
Proceeds from issuance of common stock	12	7	0	—	—
Proceeds from issuance of Series B preferred stock, net of issuance costs	6	1	1	437,000	75
Preferred stock and preferred unit dividends	−12	−26	−25	−25	−22
Proceeds from exercise of stock options	1	984,000	3	4	2
Purchase and retirement of outstanding stock and preferred units	−70	−53	−18	−89	−25
Proceeds from issuance of Senior notes, net of issuance costs	426	135	0	0	143
Proceeds from borrowings	3,510	894	955	681	923
Repayment of borrowings	−2,731	−566	−754	−310	−586
Net cash provided by financing activities	1,142	394	163	261	510
Net increase in cash and cash equivalents and restricted cash and cash equivalents	268	116	−50	−73	248
Cash paid for interest	268	146	99	75	48
Cash paid for income taxes, net of refunds	1	229,000	1	4	20
Decrease in accrued and unpaid preferred stock and preferred unit dividends	−2	−2	4,000	1,000	254,000
Cash assumed upon acquisition of Mercury	94	0	—	—	—

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