CPI Card Group Inc. reported third quarter 2025 net sales of $138.0 million, an increase of 11.0% compared to the same period last year. Net income rose 78.0% to $2.3 million, mainly due to costs related to debt retirement in the prior year. Adjusted EBITDA decreased 7.0% to $23.4 million, primarily due to lower gross margins and tariff expenses. Growth was driven by the addition of Arroweye and increased sales from the instant issuance solutions business, partially offset by a decline in Prepaid sales. The company updated its 2025 outlook to low double-digit to low teens net sales growth and flat to low single-digit Adjusted EBITDA growth, citing sales mix impacts in the Debit and Credit segment and order timing in the Prepaid segment.