Cantaloupe Inc., a digital payments and software services company that provides end-to-end technology solutions for self-service commerce, reported results for the first quarter ending September 30, 2023.
“Our fiscal year started off with continued expansion of operating leverage and strong profitability,” Ravi Venkatesan, chief executive officer, Cantaloupe, said in the announcement. “We continue to prioritize margin expansion by driving subscription revenue, optimizing COGS and disciplined management of operating expenses. In addition, we’ve made meaningful progress on our international expansion efforts, especially in Europe and Mexico with multiple customer acquisitions. I’m excited about the future of Cantaloupe as we execute on our vision to be the global technology leader that powers self-service commerce.”
First-quarter 2024 key financial results
Revenue of $62.7 million, an increase of 8% year over year.
- Transaction fees of $37.0 million, an increase of 18% year over year.
- Subscription fees of $18.1 million, an increase of 15% year over year.
- Equipment sales of $7.5 million, a decrease of 30% year over year.
Total dollar volumes of transactions were $724.8 million, an increase of 13% year over year.
Transactions totaled 283.6 million at the end of the first quarter of 2024.
Gross margin of 38.8% compared with 24.5% in the prior year quarter.
- Subscription and transaction fees margins grew to 42.5% compared to 35.5% in the prior year quarter.
- Equipment sales margins grew to 12.2% compared to negative 23.8% in the prior year quarter.
U.S. GAAP net income applicable to common shares of $1.7 million, or $0.02 per share, compared to net loss applicable to common shares of $8.9 million, or $(0.13) per share, in the prior year quarter.
Adjusted EBITDA of $7.8 million compared to negative $5.4 million in the prior year quarter.
Recent business highlights
Active customers totaled 29,670 at the end of the first quarter of 2024 compared to 25,019 at the end of the first quarter of 2023, an increase of 19%.
Active devices totaled 1.19 million at the end of the first quarter of 2024 compared to 1.15 million at the end of the first quarter of 2023, an increase of 4%.
The company showcased its full suite of solutions for the European market at Cantaloupe LIVE in the U.K. With over 100 people in attendance, customers, partners and industry professionals were able to see the latest technology for self-service retail.
Fiscal year 2024 outlook
For the full fiscal year 2024, the company reiterates the following:
- Total revenue to be between $275 million and $285 million.
- The combination of transaction and subscription revenue to be between $234 million and $242 million.
- Total U.S. GAAP net income to be between $9 million and $15 million.
- Adjusted EBITDA to be between $28 million and $34 million.