MALVERN, PA — Cantaloupe, Inc. (Nasdaq: CTLP) has reported robust financial results for the fourth quarter and fiscal year ending June 30, 2024, underscoring a year of strategic growth and operational efficiency. CEO Ravi Venkatesan expressed confidence in the company’s trajectory, stating, “It’s been a strong year for Cantaloupe capped off by a solid fourth quarter.”
For the fourth quarter, Cantaloupe reported a revenue increase of 13.2% to $72.7 million compared to the same period last year. Transaction fees showed a notable rise of 16.0%, totaling $41.2 million, while subscription fees increased by 14.1% to $19.9 million. Equipment sales saw a modest increase of 2.9%, reaching $11.5 million. The total dollar volume of transactions grew by 15.9% to $815.7 million, and transaction volume increased by 4.2% to 290.4 million.
The company’s Adjusted Gross Margin was 37.3%, with subscription and transaction fees maintaining a margin of 43.0%. Despite a decline in equipment sales gross margins, which fell to 7.2%, the overall financial health is stable. Cantaloupe reported a net income of $2.2 million, translating to $0.03 per diluted share.
On an annual basis, Cantaloupe’s revenue reached $268.6 million, marking a 10.2% increase year over year. Transaction fees surged by 17.8% to $156.2 million, and subscription fees rose by 11.4% to $75.3 million. While equipment sales declined by 14.6% to $37.1 million, total transaction volumes hit $3.0 billion, a 14.8% increase from the previous year. The company achieved a net income of $11.4 million, or $0.15 per diluted share, a significant improvement from the previous fiscal year.
The fiscal year also highlighted Cantaloupe’s strategic acquisition of SB Software Limited, enhancing its international expansion efforts in Europe. This aligns with the broader industry trend towards cashless payments and self-service solutions, which continue to bolster the company’s prospects.
Looking ahead, Cantaloupe projects fiscal year 2025 revenue between $308 million and $322 million. The company anticipates subscription and transaction revenue growth to range between 15% and 20%. Net income applicable to common shares is expected to be between $22 million and $32 million, with Adjusted EBITDA projected to be between $44 million and $52 million.
In terms of operational growth, active customers increased by 10.1% to 31,466, and active devices rose by 4.7% to 1.22 million by the end of the fiscal year.
“We continue to benefit from the secular trend toward cashless payments and the demand for self-service solutions, which will fuel our growth in FY25 and beyond,” Venkatesan added.
With a strong finish to fiscal year 2024 and a promising outlook for 2025, Cantaloupe is well-positioned to leverage its increased operating leverage and strategic acquisitions to drive continued growth and shareholder value.
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