Crane NXT is an industrial technology company focused on anti-counterfeiting, authentication, and payment verification. It operates through two segments: Crane Payment Innovations (CPI) and Security and Authentication Technologies (SAT). CPI makes electronic hardware and software for verifying payment transactions — including currency scanners, bill validators, and coin sorters — used in vending machines, casinos, retail checkout, and financial institutions. CPI sells to OEMs who embed CPI hardware into their machines, as well as directly to end-market operators, and generates recurring revenue through maintenance contracts and field service agreements. SAT operates two businesses: Crane Currency and Crane Authentication. Crane Currency designs and manufactures banknotes and proprietary security features for central banks, and has been the sole supplier of currency paper to the U.S. government since 1879. Its flagship product is a proprietary micro-optics anti-counterfeiting feature embedded in banknotes; once a central bank specifies micro-optics in a denomination, it tends to reorder the feature in future print runs, creating recurring revenue. Crane Authentication — formed from the acquisitions of OpSec Security and De La Rue Authentication — protects consumer goods and government documents from counterfeiting through physical authentication labels, track-and-trace software, online brand protection, and tax stamp solutions. Crane NXT's growth strategy centers on expanding micro-optics wins with international central banks, capitalizing on a U.S. new banknote series rollout starting in 2026, and scaling Crane Authentication toward higher margins. Crane NXT is also acquiring Antares Vision, a track-and-trace software company serving life sciences and food & beverage.