NCR Atleos Corporation reported financial results today for the three months ended March 31, 2025. First quarter results and other recent highlights include:

• First quarter profit and earnings were at or above the high-end of guidance ranges on strong services and software margin contribution
• ATM as a Service unique customers grew by 40% year-over-year, with revenue up 24% year-over year
• Revenue of $980 million with 76% from recurring revenue streams
• GAAP net income of $17 million(1); Adjusted EBITDA of $175 million grew 9%
• GAAP diluted earnings per share of $0.23(1); Non-GAAP diluted earnings per share of $0.64 grew 56%
• Company reaffirms full year 2025 guidance ranges

“The first quarter represented a good start to 2025 for Atleos. We posted financial results that were either in-line with, or above, our expectations despite the macroeconomic disruptions and the follow-on effects. Our performance was uniformly strong across sales, operations, product innovation, and our key strategic initiatives,” said Tim Oliver, President and Chief Executive Officer. “Our early execution, coupled with diligent contingency planning, have us on track to meet our objectives for the year despite the uncertain global economic environment caused by the proposed tariffs and their follow-on effects. We continue to believe that our original annual guidance ranges are appropriate,” Mr. Oliver continued.

“Steady and continuous operational improvement, reinvigorated product innovation efforts, and a return to leading customer service levels have all affirmed our leading position in self-service banking solutions. Demand for our uniquely comprehensive solutions offering is accelerating across a growing range of customers and geographies, and the current uncertain environment makes the value proposition of shared financial utilities and outsourced services more evident. We have conviction in our simple growth strategy to generate incremental services revenue from every device across our leading global installed base of 600,000 ATMs. We remain confident that 2025 will be another successful year for Atleos,” Mr. Oliver concluded.

First Quarter 2025 Operating Results

• First quarter revenue was $980 million, including $742 million of recurring revenue, compared to $1.05 billion and $763 million, respectively, in the prior year period. First quarter recurring revenue mix increased to 76% from 73% in the prior year period.
• First quarter gross profit grew 6% year-over-year to $235 million on a GAAP basis, compared to $221 million in the prior year period. First quarter adjusted gross profit (non-GAAP) grew 5% year-over-year to $257 million, compared to $244 million in the prior year period.
• First quarter gross margin increased 300 basis points year-over-year to 24.0% on a GAAP basis, compared to 21.0% in the prior year period. First quarter adjusted gross margin (non-GAAP) increased 300 basis points year-over-year to 26.2%, compared to 23.2% in the prior year period.
• First quarter income from operations grew 33% to $96 million on a GAAP basis, compared to $72 million in the prior year period. First quarter adjusted income from operations (non-GAAP) grew 14% year-over-year to $132 million, compared to $116 million in the prior year period.
• First quarter net income attributable to Atleos was $17 million on a GAAP basis, compared to net loss attributable to Atleos of $8 million in the prior year period(1).
• First quarter Adjusted EBITDA grew 9% year-over-year to $175 million, compared to $160 million in the prior year period. First quarter Adjusted EBITDA margin expanded 270 basis points year-over-year to 17.9% from 15.2% in the prior year period.
• First quarter diluted earnings per share was $0.23 on a GAAP basis, compared to $(0.11) in the prior year period(1). First quarter Non-GAAP diluted earnings per share increased 56% year-over-year to $0.64, compared to $0.41 in the prior year period.
• First quarter net cash provided by operating activities was $123 million. First quarter Adjusted free cash flow-unrestricted was $(23) million.