Here are 1-2 brief analogies to describe CompoSecure:

• Corning for premium payment cards: CompoSecure manufactures specialized, high-security metal payment cards for banks, similar to how Corning provides advanced glass for smartphones.
• SentrySafe for cryptocurrency: Through its Arculus platform, CompoSecure offers a physical hardware wallet to securely store digital assets, akin to SentrySafe providing physical safes for valuables.

• Metal Payment Cards: CompoSecure designs and manufactures high-security, premium metal credit and debit cards for financial institutions.
• Arculus Digital Security Platform: This platform provides advanced digital security and authentication solutions, including cold storage for cryptocurrency and secure login for various online accounts.

CompoSecure (CMPO) primarily sells its products and services to other companies, specifically financial institutions.

While CompoSecure's SEC filings indicate a concentration of revenue from a few major customers (e.g., their largest customer accounted for 16% of net revenue in 2023), the company does not publicly disclose the specific names of these major customer companies due to confidentiality agreements.

However, CompoSecure identifies the following categories of organizations as its customers for its dominant Payment Cards segment, for which it designs, manufactures, and personalizes premium financial payment cards (predominantly metal cards):

• Leading global banks
• Regional banks
• Credit unions
• Fintech companies

CompoSecure's secondary business segment, Digital Asset Solutions (Arculus), sells directly to individuals (consumers) who are looking for secure hardware wallets for their cryptocurrency and other digital assets. This segment represents a small portion of the company's total revenue.

Jon Wilk, Chief Executive Officer & President

Jon Wilk has more than 20 years of experience in the banking and payments industry, successfully leading growth and innovation at major financial institutions like Bank of America and JPMorgan Chase. He transitioned to the private equity world to lead and grow portfolio businesses, and served as President of PayChoice, a SaaS-based payroll provider that was acquired by Sage Software. Wilk joined CompoSecure in 2016 and became CEO in May 2017, playing a key role in the company's transition from a family-owned business to a publicly traded entity.

Mary Holt, Chief Financial Officer

Mary Holt brings over three decades of financial leadership experience to CompoSecure, appointed as CFO effective after the Q3 2025 Quarterly Report filing, succeeding Tim Fitzsimmons. Most recently, she was the Senior Vice President of Finance Operations, Utilities and Power SBG at Warren Equity Partners, a private equity firm, indicating a pattern of managing companies backed by private equity. Her career also includes more than 17 years at Honeywell, where she held various senior finance roles, including CFO for Productivity Solutions and Services and CFO for Corporate Entities and Functions. Earlier, she held leadership positions at Pfizer and Arthur Andersen.

Amanda Gourbault, Chief Revenue Officer

Amanda Gourbault joined CompoSecure as Chief Revenue Officer in December 2021, bringing 25 years of experience in the payments and security industry. Prior to CompoSecure, she served as Executive Vice President of the Financial Institutions Business Unit at IDEMIA, where she was responsible for a global division with over 2,600 employees. She also established and managed the UK subsidiary for Giesecke & Devrient and held sales management roles at Oberthur Card Systems.

Greg Maes, Chief Operating Officer

Greg Maes was appointed Chief Operating Officer of CompoSecure in January 2020, drawing on more than 25 years of experience in the payment card industry. Before joining CompoSecure, he was the Global Chief Operating Officer for ABCorp, where he led EMV and Dual interface readiness efforts and operational efficiency initiatives. His extensive international experience includes operational management and leadership roles for IDEMIA in Asia Pacific and Gemplus (now part of Thales) in Singapore and China, where he was involved in smart card deployment and establishing new manufacturing facilities.

Adam Lowe, Chief Product & Innovation Officer

Adam Lowe leads CompoSecure's new product innovation and development, process innovation, and prototype design as Chief Product & Innovation Officer, a role he assumed in February 2020 after joining the company in 2014 as a Principal Research Engineer. He is the creator of Arculus®, a next-generation digital security platform, and serves as the technical lead for CompoSecure's extensive patent portfolio, holding over a dozen (or more than 400 according to one source) patents and patents pending. Before CompoSecure, Lowe held an innovation development role at SRC Inc., a not-for-profit R&D company supporting the US defense and intelligence communities, where he guided a team developing classified technology.

The key risks to CompoSecure's business operations are primarily centered around the evolving landscape of payment technologies and maintaining its market position.

1. Threat from Digital Payments and Tokenization: A significant long-term risk for CompoSecure is the accelerating trend towards digital payments and tokenization. These advancements threaten the sustained demand for CompoSecure's core offerings of physical metal and composite cards, potentially eroding traditional card revenues globally and impacting the company's revenue growth.

2. Failure to Retain and Attract Customers Amidst Competition: CompoSecure faces the ongoing challenge of retaining its existing customer base and attracting new customers. A failure to do so could adversely affect its business, financial condition, and operational results. The industry is characterized by intense competition and evolving sustainability regulations, which could increase costs, compress margins, and heighten vulnerability to shifts in client preferences or the broader market.

3. Data and Security Breaches: As a provider of security solutions and payment cards, CompoSecure is exposed to the critical risk of data and security breaches. Such incidents could compromise its systems and confidential information, leading to significant reputational and financial damage, and increasing the potential for litigation.

The cryptocurrency hardware wallet market, where CompoSecure's Arculus product competes, is characterized by intense competition and rapid technological evolution. New and established players are constantly introducing products with advanced security features (e.g., multi-signature support, secure element integration, verifiable open-source firmware), broader cryptocurrency compatibility, and enhanced user experiences or ecosystem integrations. Furthermore, alternative security paradigms such as Multi-Party Computation (MPC) solutions are gaining traction, offering different approaches to key management that could reduce the perceived necessity of traditional single-device hardware wallets for some users. This dynamic environment poses a clear emerging threat as it requires continuous innovation and significant investment for Arculus to maintain its competitive edge and market share against rivals that may offer superior features, wider adoption, or more disruptive security models.

CompoSecure (CMPO) operates in two primary markets: premium metal payment cards and digital security solutions, specifically secure cryptocurrency storage via its Arculus platform.

Premium Metal Payment Cards

The global metal payment card market was valued at approximately USD 1.82 billion in 2024. This market is projected to expand significantly, reaching an estimated USD 8.93 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 19.6% from 2025 to 2033.

• North America: This region is the largest market for metal payment cards, generating approximately USD 691 million in revenue in 2024.
• Asia Pacific: The Asia Pacific region is experiencing the fastest growth in this market, with revenues of USD 437 million in 2024 and a projected CAGR of 22.1% through 2033.

Digital Security Solutions (Arculus - Secure Cryptocurrency Storage/Hardware Wallets and Authentication)

The global cryptocurrency hardware wallet market, which includes secure cold storage solutions like Arculus, was estimated at USD 511.46 million in 2024. It is forecast to grow substantially to USD 7.13 billion by 2033, at a robust CAGR of 33.7% from 2025 to 2033.

• North America and Europe: These regions collectively dominate the market, accounting for over 62% of all cryptocurrency hardware wallet shipments in 2024.

Separately, the broader global tokenization market, which encompasses secure authentication solutions, was valued at USD 4.37 billion in 2025. This market is projected to reach USD 10.90 billion by 2030, growing at a CAGR of 20.07%.

• North America: This region held 39% of the global tokenization solution market revenue in 2024.

• Continued Demand for Metal Payment Cards: CompoSecure is a leader in the metal payment card market, which continues to experience robust demand from both traditional banks and fintech companies. The market for metal cards still has a low penetration rate, suggesting significant opportunities for CompoSecure to expand its market share and capture increasing demand for premium payment products.
• Expansion and Monetization of the Arculus Platform: The company's Arculus digital security and authentication platform is gaining traction, attracting banks and fintechs looking to launch innovative card programs with integrated security solutions. Arculus achieved a net positive contribution for the first time in Q1 2025 and is seen as a crucial driver for recurring revenue.
• International Market Expansion: CompoSecure has demonstrated strong international growth, with international sales surging 28% in Q1 2025. This expansion into global markets represents a significant opportunity to grow its customer base and revenue streams outside of its domestic operations.
• New Customer Acquisition and Program Expansion: The company's revenue growth is fueled by robust customer demand, the expansion of existing programs, and the acquisition of new clients. CompoSecure has secured new partnerships and contract extensions with various financial institutions and fintechs, including Capital One, Citibank/American Airlines, Robinhood Gold, and others.
• Strategic Acquisition of Husky Technologies: CompoSecure's planned business combination with Husky Technologies, anticipated to close in Q1 2026, is a transformative move. This acquisition will create a larger, diversified company with global market leadership in complementary industries, and is projected to be accretive to earnings in its first full year post-closing, significantly boosting the combined entity's revenue potential.

Share Repurchases

• CompoSecure repurchased 647,782 shares for $12.2 million during the nine months ended September 30, 2025.
• CompoSecure, Inc. announced an equity buyback in March (year not specified, but within the last 3-5 years).

Share Issuance

• The company went public in December 2021 through a SPAC merger, raising net proceeds of $188.2 million at $10 per share.
• Warrant exercises generated $154.4 million in cash during the nine months ended September 30, 2025.
• The number of shares outstanding is projected to increase by 7.0% annually over the next three years.

Inbound Investments

• An investment group acquired Class B shareholders in September (likely 2024) as part of a restructuring to terminate the dual-class capital structure.

Outbound Investments

• CompoSecure announced a business combination with Husky Technologies on November 3, 2025.
• The company plans to spin off Resolute Holdings, which will then advise CompoSecure on capital allocation and mergers and acquisitions for a fee.
• Management indicated an intention to pursue bolt-on acquisitions to foster business growth.

Capital Expenditures

• Capital expenditures were -$2.63 million in the most recent 12-month period.
• Projected capital expenditures are $10 million for 2025, increasing to $13 million by 2028 and 2029, consistently representing 2% of revenue.
• Recent and ongoing capital is focused on operational efficiency through the "CompoSecure Operating System," which aims to improve gross margins and EBITDA.