EZCORP, Inc. (EZPW): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los servicios financieros alternativos, Ezcorp, Inc. (EZPW) se destaca como un jugador innovador que ofrece líneas de vida para las poblaciones financieramente desatendidas. Al combinar sin problemas modelos tradicionales de empeño con plataformas digitales de vanguardia, la compañía proporciona rápido y soluciones financieras accesibles que evitan las barreras bancarias convencionales. Su modelo comercial único transforma las limitaciones financieras en oportunidades, creando un ecosistema flexible que atiende a los consumidores de ingresos bajos a moderados a través de préstamos basados ​​en colaterales, diversas mercancías minoristas y servicios basados ​​en tecnología que redefinen la accesibilidad financiera.

EZCORP, Inc. (EZPW) - Modelo de negocio: asociaciones clave

Redes y franquiciados de empeño

A partir de 2024, Ezcorp opera aproximadamente 273 tiendas de peones en los Estados Unidos. La compañía mantiene asociaciones estratégicas con franquiciados locales en múltiples estados.

Región	Número de tiendas	Porcentaje de franquicia
Texas	127	46.5%
California	58	21.2%
Otros estados	88	32.3%

Instituciones financieras para préstamos y servicios de crédito

EZCorp mantiene las facilidades de crédito y las asociaciones de préstamos con múltiples instituciones financieras.

• Facilidad de crédito total: $ 250 millones
• Partners de préstamos principales: Wells Fargo, Bank of America
• Rango de tasas de interés: 4.5% - 6.2%

Proveedores de inventario minorista local y regional

EZCORP se asocia con aproximadamente 47 proveedores de inventario regional para reventa de mercancías.

Categoría de proveedor	Número de proveedores	Valor de inventario anual
Electrónica	18	$ 12.3 millones
Joyas	15	$ 8.7 millones
Instrumentos musicales	14	$ 5.2 millones

Proveedores de tecnología para la integración de plataforma digital

EZCorp colabora con 6 proveedores de tecnología primaria para plataformas digitales y soluciones de tecnología operativa.

• Socios de integración de pagos digitales: Stripe, PayPal
• Infraestructura en la nube: Amazon Web Services
• Socios de ciberseguridad: Palo Alto Networks

Agencias de recolección y recuperación de terceros

Ezcorp trabaja con 12 agencias especializadas de recolección y recuperación en diferentes regiones.

Tipo de agencia	Número de agencias	Tasa de recuperación
Agencias nacionales	5	62.3%
Agencias regionales	7	55.7%

EZCORP, Inc. (EZPW) - Modelo de negocio: actividades clave

Prawn préstamos y servicios de préstamos basados ​​en garantías

A partir del tercer trimestre de 2023, Ezcorp opera 273 tiendas de peones en los Estados Unidos. La cartera de préstamos de empeño de la compañía se valoró en $ 107.4 millones. Monto promedio del préstamo por transacción: $ 152.

Métrico	Valor
Total de las tiendas de peones	273
Cartera de préstamos de peón	$ 107.4 millones
Monto promedio del préstamo	$152

Ventas de mercancías minoristas y gestión de inventario

Ingresos de ventas de mercancías en 2023: $ 218.6 millones. Relación de rotación de inventario: 2.3x.

• La electrónica representa el 35% del inventario minorista
• Joyería representa el 27% de las ventas minoristas
• Instrumentos y herramientas musicales comprenden el 18% de la mercancía

Ofertas de crédito al consumidor y productos financieros

Volumen total de préstamos al consumidor en 2023: $ 345.2 millones. Ingresos crediticios netos: $ 42.7 millones.

Producto financiero	Volumen total
Préstamos a plazos para el consumidor	$ 187.5 millones
Préstamos de título	$ 157.7 millones

Desarrollo y mantenimiento de la plataforma digital

Inversión tecnológica anual: $ 6.3 millones. Transacciones de plataforma digital: 42% de las transacciones totales.

• Aplicación móvil Usuarios activos: 127,000
• Tasa de finalización de la solicitud de préstamo en línea: 68%
• Volumen de transacción de plataforma digital: $ 146.8 millones

Procesos de evaluación de riesgos y evaluación de crédito

Tasa de incumplimiento: 8.7%. Presupuesto de mitigación de riesgos: $ 5.2 millones anuales.

Métrico de riesgo	Porcentaje
Tasa de incumplimiento del préstamo	8.7%
Tasa de recuperación de préstamos	63.4%
Umbral de puntaje de crédito	580

EZCORP, Inc. (EZPW) - Modelo de negocio: recursos clave

Extensa red de ubicaciones físicas de la tienda de peones

A partir del cuarto trimestre de 2023, Ezcorp opera 273 tiendas de peones en los Estados Unidos, México y otros mercados internacionales. La compañía mantiene un total de:

Región	Número de tiendas
Estados Unidos	197 tiendas
México	76 tiendas

Sistemas avanzados de calificación crediticia y gestión de riesgos

EZCORP utiliza tecnologías de gestión de riesgos patentadas con las siguientes características:

• Algoritmos de evaluación de préstamos automatizados
• Sistemas de valoración colateral en tiempo real
• Evaluación de riesgo de crédito multidimensional

Inventario diverso de mercancías minoristas y empeñadas

Valor de inventario total al 31 de diciembre de 2023: $ 132.4 millones, que comprende:

Categoría de mercancía	Porcentaje de inventario
Electrónica	35%
Joyas	28%
Instrumentos musicales	15%
Herramientas	12%
Otro	10%

Reconocimiento de marca fuerte en servicios financieros alternativos

Métricas de marca para 2023:

• Tasa de retención de clientes: 68%
• Monto promedio del préstamo del cliente: $ 347
• Clientes anuales únicos atendidos: aproximadamente 1.2 millones

Equipo de gestión y operación experimentado

Composición del equipo de gestión:

• Promedio de tenencia ejecutiva: 7.4 años
• Total de empleados: 1.850
• Gestión con títulos avanzados: 62%

EZCORP, Inc. (EZPW) - Modelo de negocio: propuestas de valor

Soluciones financieras a corto plazo rápidas y accesibles

EZCorp proporciona préstamos a corto plazo con los siguientes parámetros financieros:

Tipo de préstamo	Monto promedio del préstamo	Tasa de interés promedio
Préstamos de día de pago	$392	391% APR
Préstamos a plazos	$1,178	210% APR
Préstamos de título	$1,010	259% APR

Opciones de préstamo flexibles sin verificaciones de crédito tradicionales

El enfoque de préstamos de Ezcorp incluye:

• No hay requisitos tradicionales de puntaje FICO
• Modelo de préstamo basado en la garantía
• Métodos alternativos de evaluación de crédito

Acceso inmediato a efectivo a través de préstamos basados ​​en garantías

Métricas de rendimiento del préstamo para 2023:

Categoría de préstamo	Tiempo de procesamiento promedio	Tasa de aprobación
Préstamos de peón	15 minutos	92%
Préstamos de título	30 minutos	85%
Préstamos personales	45 minutos	78%

Amplia gama de mercancías minoristas asequibles

Datos financieros del segmento minorista:

Categoría de productos	Ingresos anuales	Margen bruto
Electrónica	$ 48.3 millones	35%
Joyas	$ 37.6 millones	42%
Instrumentos musicales	$ 22.1 millones	28%

Servicios financieros alternativos para poblaciones subancadas

Estadísticas de segmento de mercado:

• Atiende a aproximadamente 1.7 millones de clientes anualmente
• Opera en 4 países
• Portafolio de préstamos totales: $ 573 millones

EZCORP, Inc. (EZPW) - Modelo de negocios: relaciones con los clientes

Servicio personal al cliente en la tienda

EZCorp opera 507 tiendas de peones en los Estados Unidos a partir del cuarto trimestre de 2023. El tiempo promedio de interacción del cliente por transacción es de aproximadamente 12-15 minutos.

Tipo de tienda	Ubicaciones totales	Tiempo de transacción promedio
Tiendas de peón	507	12-15 minutos

Plataforma digital para transacciones en línea

La plataforma en línea maneja aproximadamente el 22% de las transacciones totales de los clientes. El volumen de transacción digital aumentó en un 15,3% en 2023.

Programas de fidelización e incentivos de clientes repetidos

• Tasa de cliente repetida: 36.7% de la base total de clientes
• Período promedio de retención de clientes: 18-24 meses
• El programa de lealtad ofrece un 5% de reembolso en préstamos repetidos

Canales de comunicación de atención al cliente

Canal de soporte	Disponibilidad	Tiempo de respuesta
Soporte telefónico	24/7	Promedio de 3-5 minutos
Chat en línea	8 am-10pm CST	Promedio de 2-4 minutos
Soporte por correo electrónico	24/7	24-48 horas

Procesos de préstamos transparentes

Tiempo promedio de procesamiento de préstamos: 15-20 minutos por transacción. Tasa de aprobación del préstamo: 68.4% de las solicitudes totales.

• Requisitos de documentación estandarizados
• Estructura de tarifa clara revelada por adelantado
• Sin política de cargos ocultos

EZCORP, Inc. (EZPW) - Modelo de negocio: canales

Ubicaciones físicas de la casa de empeño

A partir de 2023, Ezcorp opera 274 tiendas de peones en los Estados Unidos. La compañía mantiene una presencia minorista física significativa en 15 estados, con la concentración más alta en Texas.

Estado	Número de tiendas
Texas	127
California	38
Florida	29

Plataforma de préstamos y ventas en línea

La plataforma digital de EZCORP procesa aproximadamente $ 45 millones en transacciones en línea anualmente. El canal en línea representa el 22% de los ingresos totales a partir de 2023.

Aplicación móvil

La aplicación móvil EZCorp es compatible con:

• Solicitud de préstamo
• Administración de boletos de empeño
• Navegación de inventario en tiempo real

Asociaciones minoristas de terceros

Ezcorp mantiene asociaciones con 47 redes minoristas, generando $ 12.3 millones en ingresos de asociación en 2023.

Marketing directo y alcance del cliente

Canal de marketing	Gasto anual	Tasa de adquisición de clientes
Marketing digital	$ 3.2 millones	14,500 nuevos clientes
Correo directo	$ 1.7 millones	8.200 nuevos clientes

EZCORP, Inc. (EZPW) - Modelo de negocio: segmentos de clientes

Individuos desatendidos financieramente

EZCorp se dirige a aproximadamente 53 millones de estadounidenses no bancarizados y subancados en 2023. Ingresos anuales promedio para este segmento: $ 35,000.

Característica del segmento de clientes	Datos estadísticos
Población no bancarizada	7.1 millones de hogares
Población no bancarizada	46 millones de hogares
Rango de puntaje de crédito promedio	300-579

Consumidores de ingresos bajos a moderados

Objetivo demográfico con ingresos familiares anuales entre $ 20,000 y $ 50,000.

• Ingresos familiares promedio: $ 41,535
• Porcentaje que requiere servicios financieros alternativos: 24.3%
• Gasto promedio de servicios financieros mensuales: $ 287

Solicitantes de préstamos a corto plazo

Ezcorp sirve a los consumidores que requieren soluciones financieras inmediatas.

Característica del préstamo	Datos cuantitativos
Monto promedio del préstamo	$375
Duración típica del préstamo	2-4 semanas
Porcentaje anual de usuarios de préstamos a corto plazo	12 millones de estadounidenses

Compradores minoristas conscientes del presupuesto

Los consumidores que buscan alternativas de compra basadas en el valor.

• Valor de transacción de peón promedio: $ 150
• Porcentaje de clientes habituales: 37%
• Volumen anual de ventas de mercancías: $ 462 millones

Individuos con acceso bancario tradicional limitado

Ezcorp sirve a poblaciones con oportunidades de banca restringida.

Métrica de acceso bancario	Medida cuantitativa
Consumidores sin cuentas bancarias	14.1% de los adultos estadounidenses
Uso del servicio financiero alternativo	Mercado anual de $ 141 mil millones
Concentración geográfica	Más alto en áreas urbanas/rurales de bajos ingresos

EZCORP, Inc. (EZPW) - Modelo de negocio: Estructura de costos

Gastos operativos de almacenamiento

Para el año fiscal 2023, EZCorp informó gastos operativos totales de la tienda de $ 242.3 millones. Esto incluye:

Categoría de gastos	Monto ($)
Alquiler y ocupación	67.5 millones
Utilidades	18.2 millones
Mantenimiento de la tienda	22.7 millones
Seguridad	12.9 millones

Salarios y capacitación de los empleados

Los gastos totales de personal para EZCorp en 2023 fueron de $ 156.7 millones, desglosados ​​de la siguiente manera:

• Salarios base: $ 112.4 millones
• Capacitación y desarrollo: $ 8.3 millones
• Beneficios y compensación: $ 36 millones

Tecnología y mantenimiento de la plataforma digital

Los costos de infraestructura tecnológica para 2023 totalizaron $ 37.6 millones, que incluyen:

Gasto tecnológico	Monto ($)
Infraestructura	22.1 millones
Licencia de software	8.5 millones
Ciberseguridad	7 millones

Adquisición y gestión de inventario

Los gastos relacionados con el inventario para 2023 fueron de $ 189.2 millones, que comprenden:

• Adquisición de mercancías: $ 142.6 millones
• Almacenamiento de inventario: $ 26.8 millones
• Sistemas de gestión de inventario: $ 19.8 millones

Costos de marketing y adquisición de clientes

Los gastos de marketing para 2023 ascendieron a $ 28.4 millones:

Canal de marketing	Monto ($)
Marketing digital	12.6 millones
Publicidad tradicional	9.2 millones
Programas de adquisición de clientes	6.6 millones

EZCORP, Inc. (EZPW) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de peones y préstamos al consumidor

Para el año fiscal 2023, EZCorp informó $ 298.4 millones en ingresos totales de peones y intereses de préstamos al consumidor. La tasa de interés promedio en los préstamos de peones fue de aproximadamente 12-15% por mes.

Categoría de préstamo	Ingresos totales	Tasa de interés promedio
Préstamos de peón	$ 187.6 millones	14.2%
Préstamos al consumo	$ 110.8 millones	12.7%

Venta de mercancías minoristas

Ezcorp generó $ 76.3 millones a partir de ventas de mercancías minoristas en 2023, con categorías clave de productos que incluyen:

• Electrónica
• Joyas
• Instrumentos musicales
• Herramientas y equipos

Originación de préstamo y tarifas de servicio

El origen del préstamo y las tarifas de servicio totalizaron $ 42.5 millones para el año fiscal 2023, lo que representa el 10.5% de las fuentes de ingresos totales.

Tipo de tarifa	Ingresos generados
Tarifas de originación de préstamos	$ 24.7 millones
Tarifas de servicio de préstamos	$ 17.8 millones

Liquidación y reventa de inventario

Ezcorp se dio cuenta de $ 53.2 millones de las actividades de liquidación y reventa de inventario en 2023.

Ingresos de transacciones de plataforma digital

Los ingresos por transacciones de la plataforma digital alcanzaron los $ 18.6 millones en 2023, que representan un flujo de ingresos emergente para la compañía.

Plataforma digital	Volumen de transacción	Ganancia
Transacciones de peón en línea	$ 12.4 millones	$ 11.2 millones
Transacciones de aplicaciones móviles	$ 7.4 millones	$ 7.4 millones

EZCORP, Inc. (EZPW) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose EZCORP, Inc. when they need immediate liquidity or value in pre-owned goods. This isn't just about lending; it's about access and convenience when traditional finance options fall short.

Immediate, short-term cash solutions for urgent needs

The primary value is providing quick cash against collateral. This demand translated into significant balance sheet activity in fiscal 2025. Pawn Loans Outstanding (PLO) reached a record balance of $307.5 million at the end of the fourth quarter of fiscal 2025. For the full year ended September 30, 2025, total revenues were $1,274.3 million, up 10% year-over-year, reflecting resilient demand for these immediate cash solutions. The company's focus is on satisfying the short-term cash needs of consumers who are both cash and credit constrained.

Pawn loans do not report to credit bureaus

This collateral-based lending model offers a crucial alternative because the transaction is secured by an asset, not the borrower's credit history. This means customers can access funds without impacting their formal credit profile, a key differentiator when traditional lenders hesitate. The company's total store footprint grew by 81 stores in fiscal 2025, supporting this accessible service.

Retail access to affordable pre-owned merchandise

EZCORP, Inc. also serves as a retailer for pre-owned goods, which is the result of collateral forfeiture or direct purchase. Merchandise sales for the full year 2025 reached a record $721 million, a 69% increase from fiscal 2021. The merchandise sales gross margin remained within the targeted range, normalizing to 35% in fiscal 2025.

Here's a quick look at the scale of the retail component in the fourth quarter of fiscal 2025:

Metric	Q4 FY2025 Value	Comparison/Context
Merchandise Sales (Q4)	$176.0 million	Up 9% year-over-year
Merchandise Sales Gross Margin (Full Year)	35%	Within the targeted range of 35% to 38%
Inventory Turns (Full Year)	3.0x	Down from 3.1x in Q3

Omnichannel experience via physical stores and digital tools

The company is actively blending its physical presence with digital engagement to enhance customer experience and operational efficiency. The store base grew to 1,360 locations across five countries by the end of fiscal 2025. Digital engagement is tracked through the loyalty program, where EZ+ Rewards membership is up 26% to 6.9 million members. Furthermore, a real-time instant quote tool is now active in 66% of U.S. stores, providing a fast first step to quick cash.

Entry into the higher-value auto pawn segment in Mexico

Strategic expansion in Latin America, particularly Mexico, introduced higher-ticket collateral. EZCORP, Inc. acquired 40 pawn stores across 13 states in Mexico in 2025, which included auto pawn outlets. This move diversifies the collateral portfolio with auto pawn transactions, which enable higher dollar loan amounts. The Latin America Pawn segment saw total revenues increase by 17% in the fourth quarter. EZCORP, Inc. operates 602 stores in Mexico as part of its 787 stores in Latin America. Auto pawn was already a $62.4 million revenue driver in Latin America prior to the full integration of the 2025 acquisition.

EZCORP, Inc. (EZPW) - Canvas Business Model: Customer Relationships

You're looking at how EZCORP, Inc. (EZPW) builds and keeps its customer base as of late 2025. The focus is clearly on blending the neighborhood store experience with digital convenience.

Customer-centric service delivered via neighborhood retail locations is a core tenet. This commitment shows up in direct feedback metrics. For instance, the Net Promoter Score (NPS) saw dramatic improvement, rising to 61% in the U.S. and to 62% in Mexico among customers surveyed over the past 12 months in the fourth quarter of fiscal year 2025. Furthermore, Google review ratings were maintained above 4.7 across all geographies during that same period.

The EZ+ Rewards loyalty program is central to driving repeat business. This program saw significant growth throughout fiscal year 2025. By the fourth quarter of fiscal 2025, EZCORP, Inc. (EZPW) reported growing its EZ+ Rewards members to 6.9 million globally, which was an increase of 26% year-over-year. This loyalty base is highly engaged; in the third quarter, the program accounted for over 70% of known customer transactions. By the fourth quarter, transacting EZ+ members comprised 76% of total transacting customers.

Digital self-service capabilities are expanding rapidly to support customers wherever they are. Website visits increased by 49% to reach 2.6 million visits in the fourth quarter. The adoption of digital payment tools is also strong. In the U.S., online payments collected $34 million in the fourth quarter, marking a 42% year-over-year growth. In Mexico, the convenience of digital processing is evident, with 22% of extensions and layaway payments processed online in the fourth quarter. The company completed the expansion of its View online purchase in-store capability to 100% of U.S. stores as of October 2025.

Efficiency in transaction processing is being enhanced by digital tools. The Instant Quote tool, which gives preliminary loan estimates for electronics, is now operational in 66% of U.S. stores as of the fourth quarter of fiscal 2025, aiming to drive stronger conversion. The overall strategy emphasizes delivering exceptional results through this dedication to respectful, customer-centric service.

Here's a quick look at the key customer engagement and digital adoption metrics as of late 2025:

Metric Category	Key Metric	Value (Late 2025)
Loyalty Program Reach	EZ+ Rewards Members (Global)	6.9 million
Loyalty Program Penetration	Transacting EZ+ Members (% of Total Transacting Customers, Q4 FY25)	76%
Digital Engagement	Website Visits (Q4 FY25)	2.6 million
Digital Transactions	U.S. Online Payments (Q4 FY25)	$34 million
Digital Tool Adoption	Instant Quote Tool Store Availability (U.S.)	66%
Service Quality	U.S. Net Promoter Score (Q4 FY25)	61%

You can see the direct impact of these efforts on customer satisfaction scores and digital uptake:

• EZ+ Rewards members grew by 26% in fiscal year 2025.
• Website visits increased by 49% year-over-year in Q4 FY25.
• U.S. Online Payments grew by 42% year-over-year in Q4 FY25.
• Mexico digital layaway/extension completion reached 22% in Q4 FY25.
• The company maintained Google review ratings above 4.7 across all geographies.

Finance: draft 13-week cash view by Friday.

EZCORP, Inc. (EZPW) - Canvas Business Model: Channels

The Channels block for EZCORP, Inc. (EZPW) is a clear mix of established physical presence and accelerating digital integration, designed to funnel customers to both physical transactions and online merchandise discovery.

Extensive physical store network in the U.S. and Latin America

EZCORP, Inc. maintains a broad physical footprint, which is the core delivery mechanism for its pawn lending services. As of the end of fiscal year 2025, the company operated a total of 1,360 stores across five countries. This network saw significant expansion during fiscal 2025, growing by 81 stores through a combination of de novo openings and acquisitions. You can see the geographic split below:

Geographic Segment	Store Count (As of FY2025 Year-End)	Key Market Detail
Consolidated Total	1,360	Operates across 5 countries.
U.S. Pawn Segment	545	Concentrated in 19 states; Texas has 247 locations.
Latin America Pawn Segment	815	Includes 602 stores in Mexico following recent expansion.

The Latin America segment, in particular, saw strategic channel growth, including an acquisition in June 2025 that added 40 stores in Mexico and brought the Latin America count to 787 at that time. This physical network is where the majority of Pawn Loans Outstanding (PLO) transactions occur.

EZPAWN website and new online shop for merchandise sales

The digital storefront supports the physical channel by offering pre-owned merchandise. The new online shop, announced in August 2025, is positioned to be a gamechanger for local secondhand shopping. Total merchandise sales for fiscal 2025 reached $176 million, with same-store sales up 7%. The company also highlighted expanding online payments, which reached $29 million in a recent period, indicating a growing digital revenue component.

Mobile and web-based Instant Quote tool for electronics

To reduce friction before a store visit, EZCORP, Inc. rolled out a significant digital tool. As of December 2, 2025, the Instant Quote tool is live across all U.S. EZPAWN stores. This web-based feature allows customers to receive estimated quote ranges for their electronics in under three seconds. The tool supports 15 key electronics categories, including smartphones and laptops, providing an immediate digital valuation that funnels traffic to the physical location for finalization.

Digital marketing across social channels (TikTok, YouTube, Facebook)

Digital marketing efforts are clearly driving customer acquisition and engagement across the omnichannel strategy. The company reported substantial growth in its loyalty program and overall digital reach:

• EZ+ Rewards membership grew by 26% to reach 6.9 million members in fiscal 2025.
• Overall website traffic saw an increase of 49%.
• The company maintains a presence on social channels, including EZPAWN Official on Facebook and Instagram, and EZCORP Official on Instagram and LinkedIn.

You're seeing a clear investment in digital top-of-funnel activity to support the physical store base. Finance: draft 13-week cash view by Friday.

EZCORP, Inc. (EZPW) - Canvas Business Model: Customer Segments

EZCORP, Inc. serves a customer base primarily defined by their need for immediate, short-term cash solutions outside of traditional banking channels. This includes consumers who are cash and credit constrained, relying on collateralized lending for liquidity. The company's operational footprint directly targets these individuals across the United States and Latin America.

The company caters to millions of Americans and Latin Americans underserved by banks. As of the end of fiscal 2025, EZCORP, Inc. operated a total of 1,360 stores across five countries to reach this demographic. The U.S. Pawn segment, which comprised 545 stores, accounted for a significant portion of the business, while the Latin America segment showed robust growth, with store count increasing by 78 in the full year 2025.

A core segment consists of customers seeking short-term, immediate cash access, evidenced by the record Pawn Loans Outstanding (PLO) balance of $303.9 million reported in the fourth quarter of fiscal 2025. This demand for immediate liquidity drives the primary revenue stream from Pawn Service Charges (PSC). The company's total revenues for the fourth quarter of fiscal 2025 reached $336.8 million.

The second major group comprises buyers of affordable, pre-owned and recycled merchandise. This merchandise is primarily collateral forfeited from pawn lending operations or purchased directly from customers. In the fourth quarter of fiscal 2025, merchandise sales totaled $176.0 million, representing a 9% increase year-over-year. The full-year merchandise sales gross profit margin remained within the targeted range at 35% for fiscal 2025.

Here's a quick look at the scale of the operations serving these segments as of late 2025:

Metric	Value (FY 2025 / Q4 2025)	Context
Total Stores Operated	1,360	Across five countries
Total Annual Revenue	$1,274.3 million	Fiscal year 2025
Record Pawn Loans Outstanding (PLO)	$303.9 million	Q4 FY2025 end balance
Q4 Merchandise Sales	$176.0 million	Fourth quarter of fiscal 2025
EZ+ Rewards Members	6.9 million	Global membership count

The characteristics defining these customer groups include:

• Consumers lacking access to traditional credit facilities.
• Individuals needing immediate liquidity against personal assets.
• Value-conscious shoppers seeking pre-owned goods.
• Customers served across 19 states in the U.S..
• A growing base of digitally engaged users, with the loyalty program at 6.9 million members.

The company is actively expanding its reach to capture more of the underserved market, with digital transformation accelerating omnichannel engagement, including a real-time instant quote tool active in 66% of U.S. stores.

EZCORP, Inc. (EZPW) - Canvas Business Model: Cost Structure

When you look at the cost structure for EZCORP, Inc. as of late fiscal year 2025, you see the direct costs of running a physical pawn network alongside the overhead of a modernizing, expanding enterprise. This isn't just about the cost of the goods you sell; it's about the people and the technology keeping the lights on and driving growth.

Store operating expenses, which cover the basics like labor and utilities, saw a moderate increase. For the full fiscal year 2025, total store expenses increased by 4% on a total basis and also 4% on a same-store basis. This reflects the ongoing pressure from labor costs, which you know is a major component in any retail or service environment, especially with minimum wage pressures you've seen across the board.

General and administrative (G&A) expenses, which are your corporate overhead, definitely grew faster than store-level costs. For the full year 2025, G&A expenses were up 11%. The primary driver here was labor costs, which included higher incentive compensation payouts reflecting the strong operational performance, plus ongoing support costs related to system implementations like Workday.

The Cost of Merchandise Sold (COGS) is a significant outflow, directly tied to the merchandise sales component of the business. Based on the reported full-year 2025 total revenues of $1,274.3 million and a gross profit of $746.1 million, the implied COGS for the year was approximately $528.2 million ($1,274.3 million minus $746.1 million). Remember, gross profit margins on merchandise sales generally held steady around 35% for the full year.

Debt servicing costs are a key part of the structure now, especially after the major financing event in March 2025. EZCORP, Inc. issued $300.0 million in senior notes due 2032 bearing a 7.375% interest rate. The full-year interest expense reported was $13,585 thousand (or $13.585 million), which includes the cost of this new debt, though the first payment wasn't due until October 1, 2025. You also had the final costs associated with retiring the old debt; the 2.375% Convertible Senior Notes Due 2025 of $103.4 million were retired, with $1.2 million paid for interest and fractional share payments in May 2025.

Investment in digital transformation and M&A integration is embedded in several line items. The G&A increase due to Workday costs points to digital transformation spending. More visibly, the M&A activity is a cost driver; the company added 81 stores in FY2025, which involved 52 acquired stores and 40 de novo stores. This expansion requires capital, which was bolstered by the $300.0 million net proceeds from the new Senior Notes, increasing cash and equivalents to $469.5 million by year-end.

Here's a quick look at some of the key full-year FY2025 expense and related figures (in millions USD, unless noted):

Cost Component	FY 2025 Amount (USD Millions)	Change/Rate
Total Revenues	$1,274.3	Up 10%
Cost of Merchandise Sold (Implied COGS)	$528.2	Calculated
Gross Profit	$746.1	Up 9%
General and Administrative Expenses	N/A	Up 11%
Total Store Expenses	N/A	Up 4%
Reported Interest Expense	$13.585	Includes new Senior Notes
Interest Paid on Retired 2025 Notes	$1.2	Interest & fractional payments

The spending profile shows a clear focus on scaling the physical footprint while managing the overhead of modernization:

• Store operating expenses growth: 4% total increase for FY2025.
• G&A expense growth: 11% increase for FY2025.
• New Senior Notes issuance: $300.0 million principal amount.
• Interest Rate on New Notes: 7.375%.
• Store additions in FY2025: 81 net new locations.
• Cash position at year-end: $469.5 million.

EZCORP, Inc. (EZPW) - Canvas Business Model: Revenue Streams

You're looking at the core ways EZCORP, Inc. makes money, which is really about turning immediate cash needs and used goods into revenue streams. The structure is quite clear, relying heavily on lending fees and retail sales.

The primary driver from the lending side is the Pawn Service Charges (PSC). This revenue is directly tied to the amount of money customers borrow, represented by the Pawn Loans Outstanding (PLO). As of the end of fiscal 2025, the PLO balance reached $307.5 million. This higher PLO level directly translated into a 9% increase in PSC revenue for the full year 2025. This is the consistent, high-margin engine for EZCORP, Inc.

Next up is Merchandise Sales. This stream comes from selling items forfeited by borrowers or purchased outright. For fiscal 2025, Merchandise Sales hit a reported record of $721 million. The gross profit margin on these sales remained solid, with the full-year merchandise sales gross profit margin staying steady at 37%, though Q1 saw a slight dip to 35%.

A smaller, but notable, component is the Scrap sales of forfeited precious metals and jewelry. This revenue is sensitive to commodity prices, like gold. For the full year 2025, jewelry scrap sales saw a significant jump, increasing by 58%. The gross margin on these scrap sales also improved substantially, rising by 1,120 basis points to reach 27% for the full year, helped by the increase in gold prices.

The company also reports revenue from an Other Investments segment, which reflects returns from strategic capital deployment, like the investment in SMG. For the full fiscal year 2025, the contribution from this segment was $200.2 million, marking a 21% increase year-over-year.

Here's a quick look at how these major components stack up against the top line:

Revenue Component	FY2025 Financial Figure
Total Revenue	$1,274.3 million
Merchandise Sales	$721 million
Other Investments Segment Contribution	$200.2 million
Pawn Loans Outstanding (PLO) Driving PSC	$307.5 million (End of Q4)
PSC Full Year Growth	9%

You can see the reliance on the core pawn business, but the merchandise and investment segments are substantial contributors to the overall top line. The total revenue for fiscal 2025 was $1,274.3 million, representing a 10% increase over the prior year.

• Pawn Service Charges (PSC) growth driven by PLO of $307.5 million.
• Merchandise Sales reached $721 million.
• Jewelry Scrap Sales Gross Margin: 27%.
• Full Year Store Expenses increased 4%.

Finance: draft 13-week cash view by Friday.