Company: GDOT
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001386278-25-000076
Chunk: 241

Company: GREEN DOT CORP
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 241
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 volume declined for the nine months ended September 30, 2025 by 6% and 5%, respectively, from the prior year comparable period. While we are seeing some moderation in these declining trends, we believe these decreases in our Consumer Services segment remain attributable to several persistent factors, including macro-economic factors affecting consumer behavior and other competitive trends that have impacted account acquisition. These factors had a corresponding negative impact on the amount of accountholder fee revenue we earn from accounts, including monthly maintenance fees, ATM fees and interchange fees. 

In our Money Movement Services segment, revenues decreased during the three months ended September 30, 2025 by 6% and increased by 2% during the nine months ended September 30, 2025, from the prior year comparable periods. The decrease in our Money Movement Services revenue during the three months ended September 30, 2025 was primarily driven by a decrease in our cash transfer revenues, partially offset by an increase in tax processing revenues. The decrease in our cash transfer revenues was primarily due to a 10% decrease in the number of cash transfers processed from the comparable prior year period. The decline in the number of cash transfers processed was primarily due to a lower number of active accounts within our Consumer Services segment discussed above, and to a lesser extent, a lower number of cash transfers processed for third-party programs. The Green Dot Network is a service provider to accountholders in both our Consumer Services and B2B Services segments, as well as third-party programs. Although the number of cash transfers from third-party programs decreased slightly year over year, we continue to experience a strong concentration from our third-party programs, and represented the majority of our total cash transfers as of September 30, 2025. Our tax processing 

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revenues increased during the three months ended September 30, 2025 due to a 3% increase in the number of tax refunds processed and from higher ancillary tax program fees that are associated with tax refund transfers. 

The increase in our Money Movement Services segment during the nine months ended September 30, 2025 was driven primarily by an increase in our tax processing revenues, partially offset by a decrease in cash transfer revenues. Although the number of tax refunds processed decreased by 13% for the nine months ended September 30, 2025, as compared to the prior year period, our tax processing revenues increased due to the expansion of our taxpayer advance programs and a favorable mix-shift in the distribution channel in which the tax refund