CPI Card Group manufactures and personalizes physical payment cards for U.S. financial institutions, fintechs, and prepaid program managers. CPI operates two segments: Debit and Credit (~65-70% of revenue), which covers card production, personalization, fulfillment, and instant issuance for banks and fintechs; and Prepaid Debit (~30-35% of revenue), which covers prepaid card production and tamper-evident secure packaging sold into retail channels. CPI's revenue is primarily transactional — customers order cards as needed with no long-term volume commitments. Key revenue drivers include the number of cards in circulation, card complexity and mix (contactless, eco-focused, and metal cards carry higher ASPs), and bundled personalization and fulfillment services. CPI also operates Card@Once, a proprietary SaaS-based instant issuance platform with over 14,000 active installations across roughly 2,500 financial institutions, generating recurring per-issuance fees at higher margins than standard card production. In May 2025, CPI acquired Arroweye Solutions for ~$45.6M, adding an on-demand, digitally-driven card production platform serving fintechs, prepaid program managers, and healthcare providers. Growth initiatives include digital push provisioning, expansion into closed-loop gift card packaging, chip-enabled prepaid cards, and healthcare payment cards. CPI carries meaningful leverage, with ~$265M of senior notes outstanding and a near-term focus on paying down revolver borrowings with free cash flow.