MALVERN, PA — Cantaloupe, Inc. (NASDAQ: CTLP), a leading provider of technology solutions for self-service commerce, recently reported its financial results for the first quarter of fiscal year 2024, ending on September 30, 2023. The results show solid growth across key metrics and reflect the company’s successful expansion strategies.
Revenue for the quarter stood at $62.7 million, marking an 8% increase year over year. Transaction fees, a significant contributor to this growth, increased by 18% to reach $37.0 million. Subscription fees also saw robust growth, rising 15% to $18.1 million.
However, equipment sales experienced a decrease of 30%, amounting to $7.5 million. Despite this, total dollar volumes of transactions increased by 13% to $724.8 million, and transactions totaled 283.6 million at the end of the first quarter of 2024.
The company’s gross margin improved significantly to 38.8%, compared with 24.5% in the same quarter of the previous year. Both subscription and transaction fee margins, as well as equipment sales margins, saw substantial growth compared to the prior year quarter.
Cantaloupe’s US GAAP net income applicable to common shares was $1.7 million, or $0.02 per share, a notable turnaround from a net loss of $8.9 million, or $(0.13) per share, in the prior year quarter. Adjusted EBITDA also improved to $7.8 million, compared to negative $5.4 million in the prior year quarter.
The company’s active customer base grew by 19% to 29,670, and active devices increased by 4% to 1.19 million. These figures demonstrate the company’s successful customer acquisition strategies.
The first quarter also saw Cantaloupe showcasing its full suite of solutions for the European market at Cantaloupe LIVE in the U.K. This event, attended by over 100 customers, partners, and industry professionals, highlighted the company’s latest technology for self-service retail.
CEO Ravi Venkatesan expressed optimism about the company’s future: “Our fiscal year started off with continued expansion of operating leverage and strong profitability. 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.”
For the full fiscal year 2024, the company reiterated its guidance of total revenue between $275 million and $285 million, transaction and subscription revenue between $234 million and $242 million, total US GAAP net income between $9 million and $15 million, adjusted EBITDA between $28 million and $34 million, and total operating cash flow between $28 million and $38 million.
The positive Q1 results underscore Cantaloupe’s commitment to strategic growth and global expansion, setting the stage for a promising year ahead.
For more information and addtional details, visit www.cantaloupe.com.
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