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The information contained in this preliminary prospectus supplement and the accompanying prospectus is not complete and may be changed. A registration statement relating to the securities has been declared effective by the Securities and Exchange Commission. This preliminary prospectus supplement and accompanying prospectus are not an offer to sell these securities and are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Filed Pursuant to Rule 424(b)(7)

Registration Statement No. 333-259511

SUBJECT TO COMPLETION, DATED SEPTEMBER 10, 2026

PRELIMINARY PROSPECTUS SUPPLEMENT
(to Prospectus dated September 22, 2021)

2,337,323 Shares

CPI Card Group Inc.

COMMON STOCK

The selling stockholders identified in this prospectus supplement are offering 2,337,323 shares of our common stock. We will not receive any proceeds from the sale of shares held by the selling stockholders.

Our common stock is traded on the Nasdaq Global Market under the symbol “PMTS.” On September 9, 2026, the closing sale price of our common stock, as reported on the Nasdaq Global Market, was $28.25 per share.

Investing in shares of our common stock involves certain risks. See “Risk Factors” beginning on page S-8 of this prospectus supplement and the “Risk Factors” section contained in the accompanying prospectus and in the documents incorporated by reference herein and therein to read about factors you should consider before investing in our shares.

Per Share

Total

Public offering price

Underwriting discount(1)

Proceeds, before expenses, to selling stockholders

(1)

No underwriting discount will be paid on any shares purchased by our directors, affiliates of Parallel49 Equity, ULC, the general partner to the selling stockholders (“Parallel49”), or any direct or indirect equity holder, affiliate or service provider to any of these parties (collectively, the “Specified Purchasers”). See “Underwriting” for additional information regarding underwriting compensation.

Tricor Pacific Capital Inc. (the “Tricor Family Office”), which is an affiliate of an indirect equity holder of Parallel49 and is therefore a Specified Purchaser, has indicated an interest in purchasing approximately 550,000 shares of our common stock in the offering at the public offering price. Additionally, certain of our directors, who are also Specified Purchasers, have indicated an interest in purchasing shares of our common stock in this offering at the public offering price, including Nicholas Peters, who is an indirect equity holder of Parallel49. However, because indications of interest are not binding agreements or commitments to purchase, the underwriters could determine to sell more, fewer or no shares to the Specified Purchasers, or the Specified Purchasers may determine to purchase more, fewer or no shares in this offering.

Neither the Securities and Exchange Commission nor any state or other domestic or foreign securities commission or regulatory authority has approved or disapproved of these securities or determined if this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.

The underwriters may also purchase up to an additional 350,598 shares of common stock from the selling stockholders, at the public offering price, less the underwriting discount, within 30 days from the date of this prospectus supplement.

Delivery of the shares is expected to be made on or about , 2026.

Book-Running Managers

B. Riley Securities

D.A. Davidson & Co.

The date of this prospectus supplement is , 2026.

	Page
ABOUT THIS PROSPECTUS SUPPLEMENT		S-ii
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION		S-ii
TRADEMARKS		S-v
PROSPECTUS SUPPLEMENT SUMMARY		S-1
THE OFFERING		S-7
RISK FACTORS		S-8
USE OF PROCEEDS		S-13
DESCRIPTION OF CAPITAL STOCK		S-14
SELLING STOCKHOLDERS		S-16
MATERIAL U.S. FEDERAL TAX CONSIDERATIONS FOR NON-U.S. HOLDERS		S-17
UNDERWRITING		S-21
LEGAL MATTERS		S-28
EXPERTS		S-28
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE		S-28
WHERE YOU CAN FIND MORE INFORMATION		S-29

Name of Selling Stockholder	Shares Owned Prior to the Offering				Number of Shares Offered Hereby (including option shares)		Shares Owned After the Offering (assuming exercise in full of underwriters’ option)
Name of Selling Stockholder	Number		%(1)		Number of Shares Offered Hereby (including option shares)		Number		%
Tricor Pacific Capital Partners (Fund IV), Limited Partnership(2)		1,690,238		14.6%		1,690,238		—		0.0%
Tricor Pacific Capital Partners (Fund IV) US, Limited Partnership(2)		997,683		8.6%		997,683		—		0.0%

Name	Number of Shares
B. Riley Securities, Inc.
D.A. Davidson & Co.
Total		2,337,323

Name of Selling Stockholder	Shares Owned Prior to the Offering				Maximum Number of Shares that May be Offered Pursuant to this Prospectus		Shares Owned After the Offering
Name of Selling Stockholder	Number		%(1)				Number		%
Tricor Pacific Capital Partners (Fund IV), Limited Partnership(2)		4,124,368		36.7%		4,124,368		—		—
Tricor Pacific Capital Partners (Fund IV) US, Limited Partnership(2)		2,434,457		21.7%		2,434,457		—		—