NCR Atleos Corp (NYSE: NATL)

NCR Atleos Corporation is an industry leading financial technology company providing self directed banking solutions to a global customer base that includes financial institutions, merchants, manufacturers, retailers and consumers. The company enables seamless transitions between channels through automated teller machines and interactive teller machines, offering hardware, software, services and its proprietary Allpoint network. It also delivers turnkey ATM as a Service platforms that manage the entire ATM channel for clients. Following its spin off from NCR Corporation in October 2023, NCR Atleos operates as an independent publicly traded firm listed on the NYSE under the ticker NATL.

The company generates revenue from the sale and servicing of self service hardware, including multi function ATMs, interactive teller machines, cash dispensers and cash recycling units. It also earns recurring income from software subscriptions on its ATM Management Platform, which is delivered via multi year contracts. Transaction based fees arise from surcharge charges paid by cardholders and interchange fees paid by financial institutions for transactions processed on its ATMs. Managed services and ATM as a Service arrangements provide monthly or per transaction fees for end to end operation of ATM networks. Additionally, NCR Atleos receives branding fees when client logos are placed on its machines and generates income from its Allpoint network through access fees and value added services such as ReadyCode and LibertyX. In 2025 the firm invested $70 million in research and development and reported that 55% of its total revenue was derived from operations outside the United States. It serves approximately 78,000 self service banking terminal locations worldwide, including the Allpoint network which it describes as the largest retail surcharge free independent ATM network in the United States.

The company operates through the following segments: Self Service Banking, Network, and Telecommunications & Technology (T&T).

• Self Service Banking: This segment offers solutions to enable financial services customers to reduce costs, generate new revenue streams and enhance customer loyalty. It provides a comprehensive line of ATM hardware and software, along with installation, maintenance, managed and professional services. The segment also delivers an ATM as a Service solution that manages the ATM channel end to end for financial institutions, including back office, cash management, software management and ATM deployment among other related services.

• Network: This segment provides a cost effective way for financial institutions, fintechs, neobanks and retailers to reach and serve customers through its ATM network and multi functioning financial services kiosks. It offers access to the Allpoint network for credit unions, banks, digital banks, fintechs, stored value debit card issuers and other consumer financial services providers, enabling convenient fee free cash withdrawal and deposit access and digital to cash conversion via ReadyCode. The segment also supplies ATM branding solutions, ATM management and services to retailers and other businesses, and the LibertyX solution allowing consumers to buy and sell Bitcoin.

• Telecommunications & Technology (T&T): This segment offers managed network and infrastructure services to enterprise clients across all industries via direct relationships with communications service providers and technology manufacturers. Customers rely on the company as a strategic partner to reduce complexity, improve cost efficiency and enable global geographical reach. It delivers expert professional, field and remote services for modern network technologies including Software Defined Wide Area Networking, Network Functions Virtualization, Wireless Local Area Networks, Optical Networking and Edge Networks.

NCR Atleos positions itself as a leading provider of self directed banking technology, competing with global ATM software, services and hardware firms such as Fiserv, Euronet, Brink’s Company, Hyosung and Diebold Nixdorf. Its competitive advantage lies in offering a comprehensive outsourced solution from a single vendor, which improves functionality, availability and cost predictability for customers. The proprietary Allpoint network, described as the largest retail surcharge free independent ATM network in the United States, provides differentiated reach and high margin transaction volumes. Additionally, the company's shift toward software led, recurring revenue models and its ATM as a Service offerings increase customer retention and expand its total addressable market.

NCR Atleos serves a diverse customer base that includes banks, credit unions, financial technology companies, neobanks, retailers and consumers across more than 140 countries. Specific retail partners where the company places its ATMs include Circle K, Costco, CVS, Kroger, Target and Walgreens. It also works with financial institutions of varying sizes, fintechs seeking surcharge free access through the Allpoint network, and manufacturers that deploy self service kiosks for internal use.