Here are a few analogies for NCR Atleos:

• They are like a specialized Fiserv or Fidelity National Information Services (FIS), entirely focused on building, managing, and networking ATMs and self-service banking solutions for financial institutions.

• Think of them as the 'Cisco for ATMs and bank self-service,' providing the essential hardware, software, and managed services that power a significant portion of the world's cash infrastructure.

• They operate a bit like Visa or Mastercard for physical cash access, running extensive ATM networks (like Allpoint) and providing comprehensive ATM services to banks and retailers.

• ATM & ITM Solutions: Provides hardware, software, installation, maintenance, and managed services for Automated Teller Machines (ATMs) and Interactive Teller Machines (ITMs).
• ATM Channel Management: Offers comprehensive solutions for financial institutions to manage and optimize their entire ATM channel operations, including back office and cash management.
• ATM Network Services: Operates a broad network of ATMs and multi-functioning financial services kiosks for various institutions and retailers, including ATM branding solutions.
• Allpoint Network: Manages a large surcharge-free ATM network for credit unions, banks, digital banks, and other consumer financial services providers.
• Digital-to-Cash / Cash-to-Digital Conversion (ReadyCode): Facilitates the conversion of digital value to cash or cash to digital value through its ReadyCode service.
• Cryptocurrency Transactions: Provides services for the buying and selling of Bitcoins.
• Managed Network & Infrastructure Services: Offers managed network and infrastructure services to enterprise clients across various industries.
• Professional & Field Services for Network Technologies: Delivers professional, field, and remote services for modern network technologies, including software-defined wide area networking and wireless local area networks.

NCR Atleos (NATL) primarily sells its solutions and services to other companies. Its major customer categories include:

• Financial Institutions: This broad category encompasses banks, credit unions, digital banks, neobanks, stored-value debit card issuers, and other consumer financial services providers. They are customers for ATM and ITM hardware, software, installation, maintenance, managed and professional services, and access to the Allpoint network.
• Fintechs: These companies utilize NCR Atleos's network of ATMs and multi-functioning financial services kiosks.
• Retailers and Other Businesses: For these customers, NCR Atleos provides ATM management and services, and serves as enterprise clients across various industries for managed network and infrastructure services.
• Communications Service Providers and Technology Manufacturers: These clients engage NCR Atleos for managed network and infrastructure services, as well as professional, field, and remote services for modern network technologies like SD-WAN, NFV, and wireless local area networks.

Timothy C. Oliver, President and Chief Executive Officer

Timothy C. Oliver was appointed President and Chief Executive Officer of NCR Atleos on October 16, 2023. Prior to this, he served as Chief Financial Officer for NCR (now NCR Voyix) from July 2020 to October 2023. Mr. Oliver has a three-decade career as a seasoned corporate finance executive. His previous roles include Chief Financial Officer of Springs Window Fashions, and President and CFO of The Goldstein Group, a private conglomerate. He also held senior-level finance positions with MEMC, Metavante Technologies, Rockwell Automation, and Raytheon. He began his career in operational finance at AlliedSignal and was a bond trader at Bear Stearns & Co.

Andy Wamser, Executive Vice President and Chief Financial Officer

Andy Wamser joined NCR Atleos as Executive Vice President and Chief Financial Officer in January 2025. Before joining NCR Atleos, Mr. Wamser was the Senior Vice President and CFO for BlueLinx Corporation from 2023 to 2025. He also served as Executive Vice President and CFO at Mativ from 2018 to 2023. His experience includes roles at AutoNation as Vice President, Finance, Treasurer, and Investor Relations, and nearly a decade in senior-level investment banking roles at Barclays Capital and UBS Investment Bank.

Stuart Mackinnon, Executive Vice President and Chief Operating Officer

Stuart Mackinnon is the Executive Vice President and Chief Operating Officer for NCR Atleos, responsible for the execution of the company's business operations and strategies. His oversight includes the development, management, and consulting of services, hardware, software solutions, and customer experience across Self-service Banking, Retail Network, As a Service, and Technology and Telecom businesses. Before this role, he was Executive Vice President, ATM Group, NCR Banking, and prior to joining NCR, he served as Executive Vice President of Technology and Chief Information Officer at Cardtronics. He is also a board member for Clip Money.

Ricardo Nuñez, Executive Vice President, General Counsel, Secretary and Chief Compliance Officer

Ricardo Nuñez serves as Executive Vice President, General Counsel, Secretary, and Chief Compliance Officer for NCR Atleos. Prior to joining NCR Atleos, Mr. Nuñez held the position of Chief Legal Officer, Chief Compliance Officer, and Corporate Secretary of Mativ Holdings, Inc. (formerly SWM International, Inc.). During his tenure at Mativ, he led the legal team for the spin-off of Mativ's Engineered Papers business, its acquisition of Scapa, and SWM's merger and rebranding with Neenah Paper.

Andrea Burson, Executive Vice President and Chief Human Resources Officer

Andrea Burson is the Executive Vice President and Chief Human Resources Officer for NCR Atleos.

The key risks to NCR Atleos's business are multifaceted, primarily stemming from evolving market dynamics in financial technology and intense competition.

1. Declining ATM Usage and Shift to Digital Payments: NCR Atleos's core Self-Service Banking and Network segments are heavily reliant on Automated Teller Machines (ATMs) and cash transactions. However, there is an ongoing global trend of declining ATM usage and cash withdrawals due to the increasing adoption of digital payment methods, mobile wallets, and contactless payments. This shift impacts the company's revenue from interchange fees and necessitates a costly adaptation of its physical infrastructure to support new digital functionalities or "ATM as a Service" models. The fixed and rising operational costs of maintaining ATM fleets, coupled with decreasing transaction volumes, create significant financial pressure on this core business area.
2. Intense Competition in Financial Technology (FinTech) and Telecommunications & Technology (T&T) Markets: NCR Atleos operates in highly competitive environments across all its segments. In financial technology, the company faces significant competition from a diverse range of players, including established financial institutions, nimble FinTech startups, and large technology companies, all vying for market share in services like deposits, lending, payments, and wealth management. This intense competition can lead to erosion of traditional revenue sources, challenges in customer acquisition and retention, and pressure to continuously innovate. Similarly, its Telecommunications & Technology segment faces a competitive landscape for managed network and infrastructure services, demanding constant technological advancement and differentiation to maintain relevance and market position.
3. Cybersecurity Risks: As a global financial technology and telecommunications company handling sensitive data and critical infrastructure, NCR Atleos is inherently exposed to significant and evolving cybersecurity threats. These risks include data breaches, hacking, ransomware attacks, and other malicious activities that could compromise its systems, services, or customer data. A successful cyberattack could lead to substantial financial losses, reputational damage, regulatory penalties, and a loss of customer trust, impacting all areas of its business operations.

The widespread and accelerating adoption of digital payment methods (e.g., mobile wallets, contactless payments, peer-to-peer apps) and the increasing prevalence of digital-first banking models, which reduce the public's reliance on cash and the need for traditional ATM infrastructure.

NCR Atleos (symbol: NATL) operates in several addressable markets related to financial technology and telecommunications. Here's an overview of the market sizes for their main products and services:

Self-Service Banking (ATM and ITM Solutions, Managed Services)

• The global ATM market size was estimated at approximately USD 25.29 billion in 2024 and is projected to reach USD 31.64 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 3.6% from 2025 to 2030. North America held the largest share of 31.34% in the global ATM market in 2024. Other estimates place the global ATM market size at USD 25.3 billion in 2025, projected to reach USD 36.4 billion by 2034 with a CAGR of 3.98% during 2026-2034, with North America dominating with over 35.3% in 2025.
• The broader global self-service technology market, which includes ATMs and ITMs, was valued at USD 41.0 billion in 2024 and is expected to reach USD 73.0 billion by 2033, growing at a CAGR of 6.3% during 2025-2033. North America leads this market with a 39.02% revenue share in 2025.
• For ATM managed services, sometimes known as ATM-as-a-service, the global market size was calculated at USD 9.13 billion in 2025 and is predicted to increase to approximately USD 21.26 billion by 2035, expanding at a CAGR of 8.82% from 2026 to 2035. The U.S. ATM managed services market size is estimated at USD 2.60 billion in 2025 and is expected to reach nearly USD 6.18 billion in 2035. The global ATM as a Service market size was estimated at USD 7.16 billion in 2024, with North America holding over 40% of the global revenue (approximately USD 2.86 billion) in 2024.

Network (ATM Networks, Bitcoin ATMs, Cash Management)

• While a specific market size for the "Allpoint network" was not explicitly found, it operates within the larger ATM services market, which was USD 23.23 billion in 2025 and is expected to grow to USD 31.23 billion in 2030, at a CAGR of 6%.
• The global crypto ATM market size, relevant to NCR Atleos's Bitcoin buying and selling services, was valued at US$ 181 million in 2023 and is forecasted to reach US$ 16.85 billion by 2033, exhibiting a significant CAGR of 57%. North America held a leading market share of 45% in the crypto ATM market in 2022. Another report indicates the global crypto ATM market size was valued at USD 356.72 million in 2025 and is projected to grow to USD 18,127.56 million by 2034, with North America dominating with an 88.70% share in 2025.
• The global cash management system market, which includes solutions for managing and running the ATM channel and other related services, was valued at USD 20.3 billion in 2024 and is poised to grow to USD 62.16 billion by 2033, at a CAGR of 13.24% during 2026–2033. Another source estimates the global cash management system market size at USD 3.61 billion in 2023, expected to reach USD 14.81 billion by 2033, at a CAGR of 15.16%.

Telecommunications & Technology (Managed Network and Infrastructure Services)

• The global managed network services market size was valued at USD 75.69 billion in 2024 and is expected to reach USD 150.28 billion by 2032, at a CAGR of 8.95%. North America is a significant market, expected to dominate with a 35.22% market share. Other projections estimate the global managed network services market at US$ 70.87 billion in 2023, forecasted to reach US$ 154.44 billion by the end of 2033, growing at a CAGR of 8.1%.

NCR Atleos (NATL) is expected to drive future revenue growth over the next two to three years through several key strategic initiatives:

1. Accelerated Growth in ATM-as-a-Service (ATMaaS): NCR Atleos is strategically transitioning into a software-led ATM service company with a strong focus on recurring revenue streams through its ATM-as-a-Service model. This segment is anticipated to continue its robust expansion, with management projecting approximately 40% growth in 2026. This model provides comprehensive solutions including ATM/ITM hardware, software, installation, maintenance, and managed services, aiming to generate more revenue per machine. The company has reported significant growth in ATMaaS revenue, with a 33% increase in 2025 and 37% year-over-year growth in Q3 2025.
2. Expansion of Network Services and Increased Transaction Volume: The company's Network segment is a significant driver, leveraging its extensive network of ATMs and multi-functioning financial services kiosks. Efforts to expand this network, such as increasing access for cardholders (e.g., UnionPay in the UK) and forging new partnerships, are expected to boost transaction volumes. NCR Atleos aims to progressively increase the types of transactions and the number of users across its ATM base, thereby driving higher revenue per unit. The company reported a 9% year-over-year increase in withdrawal volumes in the Network segment in Q3 2024.
3. Sustained Demand for Self-Service Banking Hardware Coupled with Recurring Services and Software: Despite the shift towards a service-led model, strong demand for NCR Atleos's ATM hardware continues to be a revenue contributor. This hardware demand is crucial as it generates multi-year recurring revenue from attached services and subscription software. The Self-Service Banking segment saw a 7% revenue growth in 2025, driven significantly by a 14% increase in hardware sales and a 33% rise in ATM-as-a-Service growth.