MALVERN, Pa.--(BUSINESS WIRE)-- USA Technologies, Inc. reported results for its first quarter ended September 30, 2016.
First Quarter Financial Highlights:
- Total quarterly revenue of $21.6 million, a year-over-year increase of 30%
- 448,000 connections to ePort service, representing a year-over-year increase of 28%
- Added 350 customers to achieve record 11,400 total customers compared to 10,275 as of a year ago, a year-over-year increase of 11%
- Quarterly record license and transaction fee revenue of $16.4 million, a year-over-year increase of 27%
- Ended the quarter with $18.2 million in cash
- Quarterly GAAP net loss of $2.5 million, primarily attributable to the $1.5 million increase in the fair value of the warrant liabilities, as well the $1.7 million dollar increase in professional services included in SG&A related to SOX 404 compliance, internal audit, and audit of our financial statements driven primarily by our status as a first time accelerated filer which required an audit of our annual SOX 404 assessment
- Quarterly Non-GAAP net loss of $1.0 million
- Quarterly Adjusted EBITDA of $0.7 million
"USA Technologies continued its strong connection and revenue growth and is executing in the market to drive cashless and mobile payments to self-service retail locations," said Stephen P. Herbert, USA Technologies' chairman and chief executive officer. "As we move further into our fiscal year, we expect to see both continued top line growth and expanding profitability as we drive wider adoption of our ePort Connect service to vending, kiosks, and other unattended retail locations. Our customers continue to see compelling economics which underpins their decisions to upgrade 100% of their locations to our technology. Further, as the market advances we expect our ePort Interactive Service, which enables a more robust consumer experience and yields improved performance at the location, to expand market share." Full report.
