Cantaloupe, Inc. Reports Third Quarter 2022 Financial Results

Cantaloupe

MALVERN, PA — Cantaloupe, Inc. (Nasdaq: CTLP) recently reported results for the fiscal year 2022 third quarter ended March 31, 2022.

“We are pleased to report another strong quarter, with 18% growth in revenue, primarily driven by a 31% increase in transaction fees, another record,” said Sean Feeney, chief executive officer, Cantaloupe, Inc. “We showcased many of our products at the recent National Automatic Merchandising Association (NAMA) show, and saw tremendous interest and engagement from customers and prospects. The industry is poised to continue to grow due to strong secular tailwinds and innovation at the forefront of operator’s minds. Cantaloupe is well positioned with our portfolio of innovative products and customer support services to help operators, engage their customers, optimize their businesses and increase same-store sales, now and in the future.”

Third Quarter Financial Highlights:

  • Total Dollar Volumes of Transactions in the third quarter were $562 million, an increase of 36% year over year
  • Revenue in the third quarter of $50.3 million, an increase of 18% year over year
    • Transaction fees of $27.5 million, an increase of 31% year over year
    • Subscription fees of $14.6 million, an increase of 7% year over year
    • Equipment sales of $8.2 million, an increase of 1% year over year
  • Gross margin improvement to 32.2% compared with 29.7% in the prior year period
    • Subscription and transaction fees margins of 40.0% compared to 41.0% in the prior year quarter
    • Equipment sales margins of (8.0)% compared to (18.8)% in the prior year quarter
  • Operating income improvement to $0.9 million for the quarter ended March 31, 2022, compared to operating loss of $2.0 million in the prior year period
  • U.S. GAAP Net income applicable to common shares improved to $1.8 million, or $0.03 per share, compared to Net loss applicable to common shares of $2.2 million, or a loss of $0.03 per share, in the prior year period
  • Adjusted EBITDA1 improved to $3.7 million compared to $2.2 million in the prior year period, an increase of 68%
  • Active Customers totaled 22,818 at the end of the third quarter of 2022 compared to 18,763 at the end of the third quarter of 2021, an increase of 22%
  • Active Devices totaled 1.12 million at the end of the third quarter of 2022 compared to 1.08 million at the end of the third quarter of 2021, an increase of 4%
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Third Quarter Business Highlights:

  • Launched an innovative bundled subscription model, the Cantaloupe ONE Platform, which provides operators the flexibility and predictability of a monthly, fixed subscription amount covering the hardware and service fees
  • Continued successful rollout of the ePort Engage Series, with the release of the ePort Engage Combo to the market in March 2022
  • Announced the general availability of the newly enhanced Yoke Micro Market Platform upgrade that includes new features and functionality for Yoke Pay, Yoke POS, and the Yoke Portal
  • Expanded and restructured the Company’s JPMorgan Credit facility
  • Successfully completed the HIVERY Enhance™ AI powered merchandising product integration and expanded machine type compatibility for Remote Price Change (RPC)

Fiscal Year 2022 Outlook:

For full fiscal year 2022, the Company expects the following:

  • Revenue to be between $200 million and $210 million, representing a 20% to 26% increase year over year
  • U.S. GAAP Net loss applicable to common shares to be between $(1) million and $(3) million
  • Adjusted EBITDA1 to be between $8.5 million and $10.5 million, a 12% to 38% increase year over year
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1 Adjusted earnings before income taxes, depreciation, and amortization, stock-based compensation expense, and certain other significant infrequent or unusual losses and gains that are not indicative of the Company’s core operations (“Adjusted EBITDA”) is a non-GAAP financial measure that is not required by or defined under GAAP. The Company uses this non-GAAP financial measure for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons.

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