MALVERN, Pa.--(BUSINESS WIRE)-- USA Technologies, Inc., a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market, announced that it added 20,000 net new connections and achieved revenue of approximately $18 million in the second quarter of fiscal 2016. The resulting increases represent net new connection growth of 66 percent from net new connections added during the same quarter of last fiscal year and revenue growth of 40 percent from revenues during the same quarter of last fiscal year.
"USA Technologies continues to achieve company records for revenue and is steadily increasing connections as the self-service retail market moves toward the widespread acceptance of cashless and mobile payments," said Stephen P. Herbert, chairman and chief executive officer of USA Technologies. "Total connections as of December 31, 2015 of 369,000 grew 28 percent from total connections as of December 31, 2014, indicating that we are on the way to our Q4 FY 17 goal of 500,000 total connections. We believe that these growth rates indicate that our strategy to capture this large market is working, and provide confidence that we are on track to reach our revenue and connection targets for Q4 of the 2017 fiscal year."
USAT has driven growth in total connections of 24 percent or more every quarter for the past eight quarters, and has achieved progressively increased revenue. $18 million in revenue for the quarter surpasses the company's previous record of $17.6 million in the fourth quarter 2015.
Herbert continued, "In order to aggressively capture the market, we look for ways to expand our product offering, including our recent acquisition of VendScreen. Further, we continue to pursue our goals of increasing profitability and enhancing shareholder value."
Webcast and Conference Call
USA Technologies also announced today that it will report its second quarter fiscal 2016 financial results on February 12, 2016 before the opening of the financial markets. Management will host a conference call and webcast the event beginning at 8:30 a.m. Eastern Time the same day.
