MALVERN, Pa.--(BUSINESS WIRE)-- USA Technologies, Inc., a leader of wireless, cashless payment and M2M/IoT solutions for small-ticket, self-serve retailing industries, today reported results for the third quarter of fiscal 2015 ended March 31, 2015.
Third Quarter Financial Highlights:
- Total revenue of $15.4 million, a year-over-year increase of 47%
- License and transaction fee revenue of $11.1 million, a year-over-year increase of 23%
- Adjusted EBITDA of $2.4 million
- GAAP net loss of $0.6 million, including the impact of $1.1 million non-cash expense for the fair value warrant liability adjustment
- Non-GAAP net income of $0.5 million, or $0.01 per share
Total revenue for the third quarter of fiscal 2015 was $15.4 million, a 47% increase from $10.4 million in the third quarter of fiscal 2014. License and transaction fees were $11.1 million compared with $9.0 million in the year ago quarter, a 23% increase. These fees, which are comprised of recurring monthly service fees as well as transaction processing fees, accounted for approximately 72% of total revenue. Equipment sales were $4.3 million compared to $1.4 million in last year's third quarter, a 200% increase.
"USA Technologies is in a position to take advantage of the cashless momentum in the self-service market, and the excitement surrounding mobile payments," said Stephen P. Herbert, USA Technologies' chairman and chief executive officer. "We are accelerating revenue growth and improving our cash flow, while simultaneously forming strategic relationships with companies such as Chase and MasterCard. Our QuickStart program drove the dramatic increase in equipment revenue, and helped bolster our cash position. We believe that the results for the quarter are a validation of the broad opportunity in self-service market and that we are poised for growth as we continue to capitalize through partnerships and drive customer connections."
GAAP operating income for the third quarter of fiscal 2015 was approximately $0.7 million compared with GAAP operating income of $0.4 million in the prior corresponding quarter. For the third quarter of fiscal 2015, adjusted EBITDA was $2.4 million compared with $1.8 million for the third quarter of fiscal 2014.
GAAP net loss for the third quarter of fiscal 2015 was approximately $0.6 million, compared with GAAP net income of $26.9 million, or $0.75 per share, for the third quarter of fiscal 2014. After Preferred dividends, GAAP net loss per common share was $(0.03).
On a non-GAAP basis, net income was $0.5 million, or $0.01 per share, for the third quarter of fiscal 2015, compared to net income of $0.3 million, or $0.0 per share, for the third quarter of fiscal 2014.
Cash was $8.5 million as of March 31, 2015, and increase of $1.8 million from December 31, 2014. View the full report here.
