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Side-by-side financial comparison of Paysign, Inc. (PAYS) and Recon Technology, Ltd (RCON). Click either name above to swap in a different company.
Paysign, Inc. is the larger business by last-quarter revenue ($22.8M vs $12.2M, roughly 1.9× Recon Technology, Ltd). Paysign, Inc. runs the higher net margin — 6.0% vs -6.8%, a 12.8% gap on every dollar of revenue. On growth, Recon Technology, Ltd posted the faster year-over-year revenue change (111.0% vs 45.8%).
Paysign, Inc. is a specialized payment solutions provider that designs and delivers customized prepaid card programs, end-to-end payment processing services, and digital disbursement tools. Its core served segments include healthcare, corporate incentives, and general consumer markets, with primary operations and client bases across North America.
Recon Instruments Inc. was a Canadian technology company that produced smartglasses and wearable displays marketed by the company as "heads-up displays" for sports. Recon's products delivered live activity metrics, GPS maps, and notifications directly to the user's eye. Recon's first heads-up display offering was released commercially in October 2010, roughly a year and a half before Google introduced Google Glass.
PAYS vs RCON — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $22.8M | $12.2M |
| Net Profit | $1.4M | $-832.7K |
| Gross Margin | 57.7% | 33.5% |
| Operating Margin | 8.1% | -14.6% |
| Net Margin | 6.0% | -6.8% |
| Revenue YoY | 45.8% | 111.0% |
| Net Profit YoY | -0.7% | 70.5% |
| EPS (diluted) | $0.02 | $-0.09 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $22.8M | $12.2M | ||
| Q3 25 | $21.6M | — | ||
| Q2 25 | $19.1M | — | ||
| Q1 25 | $18.6M | — | ||
| Q4 24 | $15.6M | $5.8M | ||
| Q3 24 | $15.3M | — | ||
| Q2 24 | $14.3M | — | ||
| Q1 24 | $13.2M | — |
| Q4 25 | $1.4M | $-832.7K | ||
| Q3 25 | $2.2M | — | ||
| Q2 25 | $1.4M | — | ||
| Q1 25 | $2.6M | — | ||
| Q4 24 | $1.4M | $-2.8M | ||
| Q3 24 | $1.4M | — | ||
| Q2 24 | $697.1K | — | ||
| Q1 24 | $309.1K | — |
| Q4 25 | 57.7% | 33.5% | ||
| Q3 25 | 56.3% | — | ||
| Q2 25 | 61.6% | — | ||
| Q1 25 | 62.9% | — | ||
| Q4 24 | 58.9% | 31.7% | ||
| Q3 24 | 55.5% | — | ||
| Q2 24 | 52.9% | — | ||
| Q1 24 | 52.6% | — |
| Q4 25 | 8.1% | -14.6% | ||
| Q3 25 | 7.3% | — | ||
| Q2 25 | 7.5% | — | ||
| Q1 25 | 13.4% | — | ||
| Q4 24 | 3.0% | -63.9% | ||
| Q3 24 | 4.5% | — | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | -2.0% | — |
| Q4 25 | 6.0% | -6.8% | ||
| Q3 25 | 10.3% | — | ||
| Q2 25 | 7.3% | — | ||
| Q1 25 | 13.9% | — | ||
| Q4 24 | 8.8% | -48.9% | ||
| Q3 24 | 9.4% | — | ||
| Q2 24 | 4.9% | — | ||
| Q1 24 | 2.3% | — |
| Q4 25 | $0.02 | $-0.09 | ||
| Q3 25 | $0.04 | — | ||
| Q2 25 | $0.02 | — | ||
| Q1 25 | $0.05 | — | ||
| Q4 24 | $0.02 | $-0.31 | ||
| Q3 24 | $0.03 | — | ||
| Q2 24 | $0.01 | — | ||
| Q1 24 | $0.01 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $10.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $48.5M | $66.4M |
| Total Assets | $276.3M | $77.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $10.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $19.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $48.5M | $66.4M | ||
| Q3 25 | $45.8M | — | ||
| Q2 25 | $42.2M | — | ||
| Q1 25 | $39.3M | — | ||
| Q4 24 | $30.4M | $66.9M | ||
| Q3 24 | $28.5M | — | ||
| Q2 24 | $26.9M | — | ||
| Q1 24 | $25.5M | — |
| Q4 25 | $276.3M | $77.6M | ||
| Q3 25 | $209.5M | — | ||
| Q2 25 | $193.9M | — | ||
| Q1 25 | $205.1M | — | ||
| Q4 24 | $179.0M | $74.2M | ||
| Q3 24 | $167.0M | — | ||
| Q2 24 | $182.3M | — | ||
| Q1 24 | $173.0M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $48.1M | $-1.9M |
| Free Cash FlowOCF − Capex | $47.5M | — |
| FCF MarginFCF / Revenue | 208.7% | — |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | 35.29× | — |
| TTM Free Cash FlowTrailing 4 quarters | $51.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $48.1M | $-1.9M | ||
| Q3 25 | $6.8M | — | ||
| Q2 25 | $3.6M | — | ||
| Q1 25 | $-6.0M | — | ||
| Q4 24 | $14.3M | $-1.7M | ||
| Q3 24 | $-20.2M | — | ||
| Q2 24 | $20.6M | — | ||
| Q1 24 | $8.2M | — |
| Q4 25 | $47.5M | — | ||
| Q3 25 | $6.3M | — | ||
| Q2 25 | $3.6M | — | ||
| Q1 25 | $-6.1M | — | ||
| Q4 24 | $14.2M | — | ||
| Q3 24 | $-20.3M | — | ||
| Q2 24 | $20.4M | — | ||
| Q1 24 | $8.2M | — |
| Q4 25 | 208.7% | — | ||
| Q3 25 | 29.2% | — | ||
| Q2 25 | 18.6% | — | ||
| Q1 25 | -32.9% | — | ||
| Q4 24 | 91.0% | — | ||
| Q3 24 | -133.0% | — | ||
| Q2 24 | 142.4% | — | ||
| Q1 24 | 62.1% | — |
| Q4 25 | 2.6% | — | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.4% | — | ||
| Q4 24 | 0.7% | — | ||
| Q3 24 | 0.8% | — | ||
| Q2 24 | 1.0% | — | ||
| Q1 24 | 0.4% | — |
| Q4 25 | 35.29× | — | ||
| Q3 25 | 3.05× | — | ||
| Q2 25 | 2.62× | — | ||
| Q1 25 | -2.33× | — | ||
| Q4 24 | 10.43× | — | ||
| Q3 24 | -14.03× | — | ||
| Q2 24 | 29.48× | — | ||
| Q1 24 | 26.67× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PAYS
| Plasma Industry | $12.6M | 55% |
| Pharma Industry | $9.6M | 42% |
| Other | $558.4K | 2% |
RCON
Segment breakdown not available.
