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Here are a couple of analogies for Priority Technology (PRTH):

• Like Square for businesses of all sizes, handling both customer payments and vendor bills.
• Stripe and Bill.com rolled into one, but tailored for a diverse range of business clients.

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• MX Product Line: A suite of flexible business applications, including MX Connect and MX Merchant, designed to manage critical business functions and revenue performance leveraging core payment processing.
• CPX Platform (Accounts Payable Automation): A comprehensive platform offering automated accounts payable solutions such as virtual cards, ACH+, and dynamic discounting.
• Embedded Payment and Banking Solutions: Technologies that enable enterprise customers and software partners to integrate modern payment and banking functionalities directly into their platforms.
• Managed Services: Curated programs and support solutions, including integrated accounts payable automation, provided to financial institutions, card networks, and other institutional partners.
• Payment-Adjacent Technologies: Specialized technologies developed to facilitate and streamline the acceptance of electronic payments from customers.
• Consulting and Development Solutions: Expert services offered to assist clients with implementing, optimizing, and developing custom payment and technology strategies.

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• Small and Medium-Sized Businesses (SMBs): These are often referred to as "merchant clients" who utilize PRTH's MX product line for payment processing and business management applications.
• Enterprises: Larger businesses that are customers for PRTH's embedded payment and banking solutions, aimed at modernizing legacy platforms.
• Financial Institutions and Card Networks: These partners use PRTH's CPX platform for accounts payable automation solutions and curated managed services.
• Distribution Partners: This broad category includes various intermediaries such as retail and wholesale Independent Sales Organizations (ISOs) and Independent Software Vendors (ISVs).

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• Visa Inc. (V)
• Mastercard Incorporated (MA)

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Thomas (Tom) Priore - Chairman and Chief Executive Officer

Thomas Priore co-founded Priority in 2005 and has served as the company's Chairman and Chief Executive Officer since 2018. Under his leadership, Priority has grown from a founder-financed technology startup to a significant non-bank merchant acquirer in the U.S. and has transitioned into a solutions provider across payments and banking, serving nearly one million active customers. Prior to Priority, Mr. Priore established ICP Capital, a boutique investment banking firm with over $20 billion in assets under management, and created the structured finance trading and origination arm of Guggenheim Securities. He holds an MBA from Columbia University and a bachelor's degree from Harvard University.

Tim O'Leary - Chief Financial Officer

Tim O'Leary joined Priority in 2022, bringing over 20 years of capital markets and banking experience, primarily focused on the technology sector. Before his role at Priority, he served as managing director and group head of the Technology, Media and Telecom leveraged finance team at Truist Securities, where he was responsible for leading capital raising efforts for numerous fintech and technology companies. Mr. O'Leary earned an MBA from the Kelley School of Business at Indiana University and a bachelor's degree in finance from Northern Arizona University.

Ranjana Ram - Chief Operating Officer

Ranjana Ram joined Priority as Executive Vice President in 2011 and was promoted to Chief Operating Officer in 2022. With more than 20 years of experience in banking and payments, she leads company-wide strategy implementation and operations. Her prior experience includes key roles at Institutional Credit Partners and Credit Suisse, where she focused on financial analysis, investment banking, and structured credit securitizations. Ms. Ram is a graduate of the University of Michigan and holds the Chartered Financial Analyst designation.

Sean Kiewiet - Chief Strategy Officer

Sean Kiewiet is a co-founder of Priority Technology Holdings, Inc.

Stephen Tackett - Executive Vice President and Head of the B2B Division

Stephen Tackett is the Executive Vice President and Head of the B2B division for Priority. He has been involved in payments since 1997 and is credited with pioneering virtual card payments in 2000. Mr. Tackett oversees Priority's CPX e-payables platform and services. His professional background includes 20 years of experience in Product Development, Product Management, and Project Management, including 17 years at WEX. He has also held leadership roles at CompUSA and AOC Solutions.

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The accelerating trend of major software platforms and fintech companies providing comprehensive, API-first payment and financial services directly to businesses and software developers.

This development threatens to disintermediate traditional payment processors and their distribution partners (including ISOs, financial institutions, and independent software vendors) by offering highly integrated, seamless, and potentially more cost-effective payment solutions that are embedded directly within existing business software and platforms. This could erode Priority Technology's "leverage point" of core payment processing by allowing businesses to bypass traditional intermediary models and integrate directly with these modern payment ecosystems.

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Priority Technology Holdings, Inc. (PRTH) operates in several significant addressable markets, including SMB Payments, Business-To-Business (B2B) Payments, and Enterprise Payments.

SMB Payments

• Globally, the total addressable market (TAM) for SMB cross-border payments was estimated at $13.8 trillion in 2024, with projections to increase to $21.2 trillion by 2032. Another estimate indicates the global SMB TAM was $14.4 trillion in 2025, expected to rise to $20.7 trillion in 2033.
• In the U.S., the total merchant acquiring net revenue, which serves SMBs, was approximately $35 billion in 2023. This market is expected to grow at a Compound Annual Growth Rate (CAGR) of approximately 6% from 2023 to 2028.

Business-To-Business (B2B) Payments

• The global B2B payments market was valued at $125.432 trillion in 2021 and is projected to reach $313.9478 trillion by 2031, with a CAGR of 9.9% from 2022 to 2031.
• For B2B cross-border payments, the global market size was $31.7 trillion in 2024 and is expected to grow by 51% to $47.8 trillion by 2032. Another report indicates a global B2B cross-border payments market size of $34.8 trillion in 2025, forecasted to grow by 47% to $51.2 trillion in 2033.
• In the U.S., the B2B payments transaction market size is estimated at $510 billion in 2025 and is predicted to reach approximately $1,246 billion by 2035, growing at a CAGR of 9.34% from 2026 to 2035. Other estimates for the U.S. B2B payments market include $451.0 billion in 2025, growing to $873.6 billion by 2034 with a CAGR of 7.39%, and reaching $1,160 billion by 2034, up from $462 billion in 2025, at a CAGR of 9.69%. The total addressable market for commercial payments in the U.S., excluding wire transfers, was identified as approximately $175 trillion.

Enterprise Payments (Embedded Finance/Payments)

• The global total addressable market (TAM) for embedded finance reached US$185 billion in 2024, marking a 25% increase from 2022. This market is expected to double by 2030, with an annual growth rate of 10-15%. Payments represent the largest and most mature segment within embedded finance.
• In the U.S., the market for embedded finance platforms and enablers was estimated at $22 billion in total revenue in 2021 and is projected to more than double to $51 billion by 2026. The U.S. embedded payments market size was valued at USD 24.7 billion in 2024 and is projected to grow at a CAGR of 30.3% from 2025 to 2034, reaching USD 333.7 billion by 2034.

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Priority Technology Holdings (PRTH) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Strong Growth in Payables Segment: The Payables segment has demonstrated robust organic growth, reporting a 13% increase in Q4 2025, with management projecting continued organic growth between 8% and 10% for 2026. This segment is a significant contributor to the company's overall performance.
2. Expansion of Treasury Solutions Segment: The Treasury Solutions segment is another key growth area, having achieved an impressive 18% revenue growth in Q4 2025 and an outlook for low double-digit growth in 2026. This includes contributions from Passport and Priority Tech Ventures.
3. Increasing Customer Accounts and Transaction Volume: Priority Technology is expanding its active customer base, which grew to 1.8 million from 1.2 million in 2025, and increasing its annual transaction volume, which rose by $20 billion to $150 billion in 2025. This demonstrates broader adoption of its "Connected Commerce" platform and services.
4. Strategic Acquisitions: The company's acquisition of Dealer Merchant Services in October 2025 is anticipated to enhance its offerings within the automotive dealership sector, thereby strengthening the Merchant Solutions segment and contributing to future revenue.
5. Investment in New Verticals and Early-Stage Growth Opportunities: Priority Technology is strategically investing in early-stage growth opportunities, particularly within Priority Tech Ventures, and targeting new verticals where money movement is critical, such as real estate, healthcare, and Name, Image, and Likeness (NIL) in sports entertainment.

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Capital Allocation Decisions for Priority Technology Holdings, Inc. (PRTH)

Share Repurchases

• On June 23, 2025, Priority Technology's Board of Directors authorized a new $40 million share repurchase program for the company's outstanding stock.
• Previously, on May 16, 2022, the Board approved a share repurchase program authorizing the company to repurchase up to $10 million worth of its common stock.
• Both repurchase programs do not have a time limit and can be suspended, amended, or discontinued at any time.

Share Issuance

• The company's public float increased due to share issuance for acquisitions, equity exchange, and a secondary offering around Q3/2025.
• Approximately 10 million shares were sold in a secondary offering, primarily by Ares Management, John Priore, and Stone Point Capital.
• By the end of Q3/2025, the number of shares outstanding reached approximately 82 million, with the public float growing from 5 million shares post-SPAC merger to around 29 million shares.

Outbound Investments

• In October 2025, Priority Technology acquired the assets of Dealer Merchant Services, a leading provider of vertically focused software and payments for automotive dealerships.
• In 2021, Priority acquired Finxera for $375 million in cash and $50 million in PRTH stock.
• The company is actively investing in early-stage growth opportunities through its Priority Tech Ventures platform.

Capital Expenditures

• The average capital expenditure over the past five years, as of September 30, 2025, was $30.85 million.
• Capital expenditures for the fiscal year ending December 31, 2024, were $41.25 million.
• Management's strategy aims for capital expenditures to consistently represent approximately 10% of EBITDA.