Ezcorp, Inc. (EZPW): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos serviços financeiros alternativos, a EzCorp, Inc. (EZPW) se destaca como um jogador inovador que oferece linhas de vida em populações financeiramente carentes. Ao misturar perfeitamente modelos de lojas de penhores tradicionais com plataformas digitais de ponta, a empresa fornece rápido e soluções financeiras acessíveis que ignoram as barreiras bancárias convencionais. Seu modelo de negócios exclusivo transforma restrições financeiras em oportunidades, criando um ecossistema flexível que serve consumidores de baixa a moderada renda por meio de empréstimos baseados em garantias, mercadorias de varejo diversas e serviços orientados a tecnologia que redefinem a acessibilidade financeira.

Ezcorp, Inc. (EZPW) - Modelo de negócios: Parcerias -chave

Pawn Shop Networks e franqueados

A partir de 2024, a Ezcorp opera aproximadamente 273 lojas de peão nos Estados Unidos. A empresa mantém parcerias estratégicas com franqueados locais em vários estados.

Região	Número de lojas	Porcentagem de franquia
Texas	127	46.5%
Califórnia	58	21.2%
Outros estados	88	32.3%

Instituições financeiras para serviços de empréstimos e crédito

A Ezcorp mantém linhas de crédito e parcerias de empréstimos com várias instituições financeiras.

• Linha de crédito total: US $ 250 milhões
• Parceiros de empréstimos primários: Wells Fargo, Bank of America
• Faixa de taxa de juros: 4,5% - 6,2%

Fornecedores de inventário de varejo locais e regionais

A EzCorp faz parceria com aproximadamente 47 fornecedores de inventário regional para revenda de mercadorias.

Categoria de fornecedores	Número de fornecedores	Valor anual de inventário
Eletrônica	18	US $ 12,3 milhões
Joia	15	US $ 8,7 milhões
Instrumentos musicais	14	US $ 5,2 milhões

Fornecedores de tecnologia para integração de plataforma digital

A EzCorp colabora com 6 fornecedores de tecnologia primária para plataforma digital e soluções de tecnologia operacional.

• Parceiros de integração de pagamento digital: Stripe, PayPal
• Infraestrutura em nuvem: Amazon Web Services
• Parceiros de segurança cibernética: Palo Alto Networks

Agências de coleta e recuperação de terceiros

A Ezcorp trabalha com 12 agências de coleta e recuperação especializadas em diferentes regiões.

Tipo de agência	Número de agências	Taxa de recuperação
Agências nacionais	5	62.3%
Agências regionais	7	55.7%

Ezcorp, Inc. (EZPW) - Modelo de negócios: Atividades -chave

Empréstimos de peão e serviços de empréstimos baseados em garantias

A partir do terceiro trimestre de 2023, a Ezcorp opera 273 lojas de penhor nos Estados Unidos. A carteira de empréstimos de peão da empresa foi avaliada em US $ 107,4 milhões. Valor médio do empréstimo por transação: US $ 152.

Métrica	Valor
Total de lojas de peão	273
Portfólio de empréstimos de peão	US $ 107,4 milhões
Valor médio do empréstimo	$152

Vendas de mercadorias de varejo e gerenciamento de inventário

Receita de vendas de mercadorias em 2023: US $ 218,6 milhões. Taxa de rotatividade de estoque: 2.3x.

• Os eletrônicos representam 35% do inventário de varejo
• As joias são responsáveis ​​por 27% das vendas no varejo
• Instrumentos e ferramentas musicais compreendem 18% da mercadoria

Ofertas de crédito ao consumidor e produtos financeiros

Volume total de empréstimos ao consumidor em 2023: US $ 345,2 milhões. Receita de crédito líquido: US $ 42,7 milhões.

Produto financeiro	Volume total
Empréstimos de parcelamento do consumidor	US $ 187,5 milhões
Empréstimos de título	US $ 157,7 milhões

Desenvolvimento e manutenção da plataforma digital

Investimento de tecnologia anual: US $ 6,3 milhões. Transações da plataforma digital: 42% do total de transações.

• Usuários ativos do aplicativo móvel: 127.000
• Taxa de conclusão do pedido de empréstimo on -line: 68%
• Volume de transação da plataforma digital: US $ 146,8 milhões

Processos de avaliação de risco e avaliação de crédito

Taxa padrão: 8,7%. Orçamento de mitigação de risco: US $ 5,2 milhões anualmente.

Métrica de risco	Percentagem
Taxa de inadimplência de empréstimo	8.7%
Taxa de recuperação de empréstimos	63.4%
Limite de pontuação de crédito	580

Ezcorp, Inc. (EZPW) - Modelo de negócios: Recursos -chave

Rede extensa de locais de loja de penhores físicos

A partir do quarto trimestre de 2023, a Ezcorp opera 273 lojas de penhor nos Estados Unidos, México e outros mercados internacionais. A empresa mantém um total de:

Região	Número de lojas
Estados Unidos	197 lojas
México	76 lojas

Sistemas avançados de pontuação de crédito e gerenciamento de riscos

A EzCorp utiliza tecnologias proprietárias de gerenciamento de riscos com as seguintes características:

• Algoritmos de avaliação de empréstimos automatizados
• Sistemas de avaliação colateral em tempo real
• Avaliação de risco de crédito multidimensional

Inventário diversificado de mercadorias de penhor e varejo

Valor total de inventário em 31 de dezembro de 2023: US $ 132,4 milhões, compreendendo:

Categoria de mercadorias	Porcentagem de inventário
Eletrônica	35%
Joia	28%
Instrumentos musicais	15%
Ferramentas	12%
Outro	10%

Forte reconhecimento de marca em serviços financeiros alternativos

Métricas de marca para 2023:

• Taxa de retenção de clientes: 68%
• Valor médio do empréstimo ao cliente: US $ 347
• Clientes exclusivos anuais atendidos: aproximadamente 1,2 milhão

Equipe de gestão e operação experiente

Composição da equipe de gerenciamento:

• PRODIÇÃO EXECUTIVO Média: 7,4 anos
• Total de funcionários: 1.850
• Gerenciamento com diplomas avançados: 62%

Ezcorp, Inc. (EZPW) - Modelo de Negócios: Proposições de Valor

Soluções financeiras de curto prazo rápidas e acessíveis

A EzCorp fornece empréstimos de curto prazo com os seguintes parâmetros financeiros:

Tipo de empréstimo	Valor médio do empréstimo	Taxa de juros média
Empréstimos do dia de pagamento	$392	391% APR
Empréstimos parcelados	$1,178	210% APR
Empréstimos de título	$1,010	259% APR

Opções de empréstimos flexíveis sem verificações de crédito tradicionais

A abordagem de empréstimos da Ezcorp inclui:

• Nenhum requisito tradicional de pontuação FICO
• Modelo de empréstimo baseado em garantias
• Métodos de avaliação de crédito alternativos

Acesso em dinheiro imediato através de empréstimos baseados em garantias

Métricas de desempenho do empréstimo para 2023:

Categoria de empréstimo	Tempo médio de processamento	Taxa de aprovação
Empréstimos de peão	15 minutos	92%
Empréstimos de título	30 minutos	85%
Empréstimos pessoais	45 minutos	78%

Ampla gama de mercadorias de varejo acessíveis

Dados financeiros do segmento de varejo:

Categoria de produto	Receita anual	Margem bruta
Eletrônica	US $ 48,3 milhões	35%
Joia	US $ 37,6 milhões	42%
Instrumentos musicais	US $ 22,1 milhões	28%

Serviços financeiros alternativos para populações com disposição

Estatísticas do segmento de mercado:

• Serve aproximadamente 1,7 milhão de clientes anualmente
• Opera em 4 países
• Portfólio de empréstimos totais: US $ 573 milhões

Ezcorp, Inc. (EZPW) - Modelo de Negócios: Relacionamentos do Cliente

Atendimento ao cliente pessoal na loja

A EzCorp opera 507 lojas de penhor nos Estados Unidos a partir do quarto trimestre 2023. O tempo médio de interação do cliente por transação é de aproximadamente 12 a 15 minutos.

Tipo de loja	Locais totais	Tempo médio de transação
Lojas de peão	507	12-15 minutos

Plataforma digital para transações online

A plataforma on -line lida com aproximadamente 22% do total de transações de clientes. O volume de transações digitais aumentou 15,3% em 2023.

Programas de fidelidade e incentivos recorrentes ao cliente

• Taxa repetida do cliente: 36,7% da base total de clientes
• Período médio de retenção de clientes: 18-24 meses
• Programa de fidelidade oferece 5% de reembolso em empréstimos repetidos

Canais de comunicação de suporte ao cliente

Canal de suporte	Disponibilidade	Tempo de resposta
Suporte telefônico	24/7	Média de 3-5 minutos
Chat online	8h às 22h CST	Média 2-4 minutos
Suporte por e -mail	24/7	24-48 horas

Processos de empréstimos transparentes

Tempo médio de processamento de empréstimo: 15-20 minutos por transação. Taxa de aprovação do empréstimo: 68,4% do total de pedidos.

• Requisitos de documentação padronizados
• Estrutura de taxa clara divulgou -se antecipadamente
• Nenhuma política de cobranças ocultas

Ezcorp, Inc. (EZPW) - Modelo de Negócios: Canais

Locais de loja de penhores físicos

A partir de 2023, a Ezcorp opera 274 lojas de penhor nos Estados Unidos. A empresa mantém uma presença física significativa no varejo em 15 estados, com a maior concentração do Texas.

Estado	Número de lojas
Texas	127
Califórnia	38
Flórida	29

Plataforma de empréstimos e vendas online

A plataforma digital da Ezcorp processa aproximadamente US $ 45 milhões Nas transações online anualmente. O canal on -line representa 22% da receita total em 2023.

Aplicativo móvel

O aplicativo EzCorp Mobile suporta:

• Pedidos de empréstimo
• Gerenciamento de ingressos de peão
• Navegação de inventário em tempo real

Parcerias de varejo de terceiros

A Ezcorp mantém parcerias com 47 redes de varejo, gerando US $ 12,3 milhões em receita de parceria em 2023.

Marketing direto e divulgação de clientes

Canal de marketing	Gasto anual	Taxa de aquisição de clientes
Marketing digital	US $ 3,2 milhões	14.500 novos clientes
Mala direta	US $ 1,7 milhão	8.200 novos clientes

Ezcorp, Inc. (EZPW) - Modelo de negócios: segmentos de clientes

Indivíduos financeiramente carentes

A Ezcorp tem como alvo aproximadamente 53 milhões de americanos não bancários e insuficientes em 2023. Renda anual mediana para este segmento: US $ 35.000.

Característica do segmento de clientes	Dados estatísticos
População não bancária	7,1 milhões de famílias
População com disposição	46 milhões de famílias
Intervalo de pontuação de crédito médio	300-579

Consumidores de renda baixa a moderada

Decongridade -alvo com renda familiar anual entre US $ 20.000 e US $ 50.000.

• Renda familiar média: US $ 41.535
• Porcentagem que requer serviços financeiros alternativos: 24,3%
• Despesas médias de serviços financeiros mensais: US $ 287

Solicitantes de empréstimos de curto prazo

A Ezcorp atende aos consumidores que exigem soluções financeiras imediatas.

Característica do empréstimo	Dados quantitativos
Valor médio do empréstimo	$375
Duração típica do empréstimo	2-4 semanas
Porcentagem anual de usuários de empréstimos de curto prazo	12 milhões de americanos

Compradores de varejo conscientes do orçamento

Consumidores que buscam alternativas de compra orientadas por valor.

• Valor médio da transação de peão: $ 150
• Porcentagem de clientes recorrentes: 37%
• Volume anual de vendas de mercadorias: US $ 462 milhões

Indivíduos com acesso bancário tradicional limitado

A Ezcorp serve populações com oportunidades bancárias restritas.

Métrica de acesso bancário	Medida quantitativa
Consumidores sem contas bancárias	14,1% dos adultos dos EUA
Uso alternativo do serviço financeiro	Mercado anual de US $ 141 bilhões
Concentração geográfica	Maior em áreas de baixa renda urbana/rural

Ezcorp, Inc. (EZPW) - Modelo de negócios: estrutura de custos

Armazenar despesas operacionais

Para o ano fiscal de 2023, a EZCorp registrou despesas operacionais totais de lojas de US $ 242,3 milhões. Isso inclui:

Categoria de despesa	Valor ($)
Aluguel e ocupação	67,5 milhões
Utilitários	18,2 milhões
Manutenção da loja	22,7 milhões
Segurança	12,9 milhões

Salários e treinamento de funcionários

As despesas totais de pessoal da EZCorp em 2023 foram de US $ 156,7 milhões, divididas da seguinte forma:

• Salários base: US $ 112,4 milhões
• Treinamento e desenvolvimento: US $ 8,3 milhões
• Benefícios e compensação: US $ 36 milhões

Manutenção de tecnologia e plataforma digital

Os custos de infraestrutura de tecnologia para 2023 totalizaram US $ 37,6 milhões, incluindo:

Despesa de tecnologia	Valor ($)
Infraestrutura de TI	22,1 milhões
Licenciamento de software	8,5 milhões
Segurança cibernética	7 milhões

Aquisição e gerenciamento de inventário

As despesas relacionadas ao estoque de 2023 foram de US $ 189,2 milhões, compreendendo:

• Aquisição de mercadorias: US $ 142,6 milhões
• Armazenamento de inventário: US $ 26,8 milhões
• Sistemas de gerenciamento de inventário: US $ 19,8 milhões

Custos de marketing e aquisição de clientes

As despesas de marketing para 2023 totalizaram US $ 28,4 milhões:

Canal de marketing	Valor ($)
Marketing digital	12,6 milhões
Publicidade tradicional	9,2 milhões
Programas de aquisição de clientes	6,6 milhões

Ezcorp, Inc. (EZPW) - Modelo de negócios: fluxos de receita

Receita de juros de peão e empréstimos ao consumidor

Para o ano fiscal de 2023, a Ezcorp registrou US $ 298,4 milhões em receita total dos juros de peão e empréstimos ao consumidor. A taxa de juros média nos empréstimos de peão foi de aproximadamente 12 a 15% ao mês.

Categoria de empréstimo	Receita total	Taxa de juros média
Empréstimos de peão	US $ 187,6 milhões	14.2%
Empréstimos ao consumidor	US $ 110,8 milhões	12.7%

Vendas de mercadorias de varejo

A EzCorp gerou US $ 76,3 milhões em vendas de mercadorias de varejo em 2023, com as principais categorias de produtos, incluindo:

• Eletrônica
• Joia
• Instrumentos musicais
• Ferramentas e equipamentos

Originação de empréstimos e taxas de serviço

As taxas de originação e serviço do empréstimo totalizaram US $ 42,5 milhões para o ano fiscal de 2023, representando 10,5% do total de fluxos de receita.

Tipo de taxa	Receita gerada
Taxas de originação de empréstimos	US $ 24,7 milhões
Taxas de serviço de empréstimo	US $ 17,8 milhões

Liquidação e revenda de inventário

A Ezcorp percebeu US $ 53,2 milhões em atividades de liquidação e revenda de estoque em 2023.

Receitas de transação da plataforma digital

As receitas de transações da plataforma digital atingiram US $ 18,6 milhões em 2023, representando um fluxo de receita emergente para a empresa.

Plataforma digital	Volume de transação	Receita
Transações de peão online	US $ 12,4 milhões	US $ 11,2 milhões
Transações de aplicativos móveis	US $ 7,4 milhões	US $ 7,4 milhões

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.