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Cantaloupe, Inc. Reports First Quarter Fiscal Year 2025 Financial Results

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Cantaloupe (Nasdaq: CTLP) reported first-quarter fiscal year 2025 financial results with a 13.0% YoY revenue increase to $70.8 million, driven by 15.7% growth in subscription and transaction revenue.

Key highlights include:

  • Net income of $3.3 million, up from $1.7 million YoY.
  • Adjusted EBITDA of $9.0 million, a 14.5% increase.
  • Transaction fees grew by 17.8% to $43.6 million.
  • Subscription fees increased by 11.5% to $20.2 million.
  • Equipment sales decreased by 6.7% to $7.0 million.
  • Adjusted gross margin improved to 40.7%.
  • Total transaction volume rose by 14.1% to $826.7 million.

The company also reiterated its fiscal year 2025 guidance, projecting revenue between $308 million and $322 million, net income between $22 million and $32 million, and adjusted EBITDA between $44 million and $52 million.

Cantaloupe (Nasdaq: CTLP) ha riportato i risultati finanziari del primo trimestre dell'anno fiscale 2025, con un incremento del fatturato del 13,0% rispetto all'anno precedente a 70,8 milioni di dollari, sostenuto da una crescita del 15,7% nei ricavi da abbonamenti e transazioni.

I punti salienti includono:

  • Utile netto di 3,3 milioni di dollari, in aumento rispetto a 1,7 milioni di dollari nell'anno precedente.
  • EBITDA rettificato di 9,0 milioni di dollari, con un incremento del 14,5%.
  • Commissioni sulle transazioni cresciute del 17,8% a 43,6 milioni di dollari.
  • Commissioni di abbonamento aumentate dell'11,5% a 20,2 milioni di dollari.
  • Vendite di attrezzature diminuite del 6,7% a 7,0 milioni di dollari.
  • Margine lordo rettificato migliorato al 40,7%.
  • Il volume totale delle transazioni è aumentato del 14,1% a 826,7 milioni di dollari.

La società ha inoltre ribadito le previsioni per l'anno fiscale 2025, prevedendo ricavi compresi tra 308 milioni e 322 milioni di dollari, un utile netto tra 22 milioni e 32 milioni di dollari, e un EBITDA rettificato tra 44 milioni e 52 milioni di dollari.

Cantaloupe (Nasdaq: CTLP) reportó los resultados financieros del primer trimestre del año fiscal 2025, con un aumento del 13,0% en ingresos respecto al año anterior hasta 70,8 millones de dólares, impulsado por un crecimiento del 15,7% en los ingresos por suscripciones y transacciones.

Los puntos destacados incluyen:

  • Ingreso neto de 3,3 millones de dólares, en comparación con 1,7 millones de dólares del año anterior.
  • EBITDA ajustado de 9,0 millones de dólares, un aumento del 14,5%.
  • Comisiones de transacción crecieron un 17,8% a 43,6 millones de dólares.
  • Comisiones de suscripción aumentaron un 11,5% a 20,2 millones de dólares.
  • Ventas de equipos disminuyeron un 6,7% a 7,0 millones de dólares.
  • Margen bruto ajustado mejoró al 40,7%.
  • El volumen total de transacciones aumentó un 14,1% a 826,7 millones de dólares.

La empresa también reiteró su orientación para el año fiscal 2025, proyectando ingresos entre 308 millones y 322 millones de dólares, ingresos netos entre 22 millones y 32 millones de dólares, y EBITDA ajustado entre 44 millones y 52 millones de dólares.

칸탈루프 (Nasdaq: CTLP)가 2025 회계연도 1분기 재무 실적을 보고하였습니다. 전년 대비 13.0%의 수익 증가로 7,080만 달러에 이르며, 이는 15.7% 성장한 구독 및 거래 수익에 의해 주도되었습니다.

주요 하이라이트는 다음과 같습니다:

  • 순이익은 330만 달러로, 전년의 170만 달러에서 증가했습니다.
  • 조정 EBITDA는 900만 달러로, 14.5% 증가했습니다.
  • 거래 수수료는 17.8% 증가하여 4360만 달러에 달했습니다.
  • 구독 수수료는 11.5% 증가하여 2020만 달러에 이르렀습니다.
  • 장비 판매는 6.7% 감소하여 700만 달러에 그쳤습니다.
  • 조정 총 마진은 40.7%로 개선되었습니다.
  • 총 거래량은 14.1% 증가하여 8억2670만 달러에 달했습니다.

회사는 2025 회계연도에 대한 가이던스를 재확인하며, 수익 3억 8백만에서 3억 2천 2백만 달러, 순이익 2천 2백만에서 3천 2백만 달러, 조정 EBITDA는 4천 4백만에서 5천 2백만 달러의 범위를 예상하고 있습니다.

Cantaloupe (Nasdaq: CTLP) a annoncé ses résultats financiers pour le premier trimestre de l’année fiscale 2025, avec une augmentation des revenus de 13,0 % par rapport à l'année précédente, atteignant 70,8 millions de dollars, soutenue par une croissance de 15,7 % des revenus d'abonnement et de transaction.

Les points clés comprennent :

  • bénéfice net de 3,3 millions de dollars, en hausse par rapport à 1,7 million de dollars l’année précédente.
  • EBITDA ajusté de 9,0 millions de dollars, soit une augmentation de 14,5 %.
  • Frais de transaction en hausse de 17,8 % à 43,6 millions de dollars.
  • Frais d'abonnement augmentés de 11,5 % à 20,2 millions de dollars.
  • Ventes d'équipements en baisse de 6,7 % à 7,0 millions de dollars.
  • Marge brute ajustée améliorée à 40,7 %.
  • Le volume total des transactions a augmenté de 14,1 % pour atteindre 826,7 millions de dollars.

L'entreprise a également réaffirmé ses prévisions pour l'année fiscale 2025, prévoyant un chiffre d'affaires compris entre 308 millions et 322 millions de dollars, un bénéfice net compris entre 22 millions et 32 millions de dollars et un EBITDA ajusté compris entre 44 millions et 52 millions de dollars.

Cantaloupe (Nasdaq: CTLP) hat die finanziellen Ergebnisse für das erste Quartal des Geschäftsjahres 2025 veröffentlicht, mit einem Umsatzanstieg von 13,0% im Jahresvergleich auf 70,8 Millionen Dollar, was durch ein Wachstum von 15,7% bei Abonnements und Transaktionsumsätzen vorangetrieben wurde.

Wichtige Highlights sind:

  • Nettoeinkommen von 3,3 Millionen Dollar, gegenüber 1,7 Millionen Dollar im Vorjahr.
  • Bereinigtes EBITDA von 9,0 Millionen Dollar, ein Anstieg um 14,5%.
  • Transaktionsgebühren sind um 17,8% auf 43,6 Millionen Dollar gestiegen.
  • Abonnementgebühren erhöhten sich um 11,5% auf 20,2 Millionen Dollar.
  • Ausrüstungsverkäufe sanken um 6,7% auf 7,0 Millionen Dollar.
  • Bereinigte Bruttomarge verbesserte sich auf 40,7%.
  • Das gesamte Transaktionsvolumen stieg um 14,1% auf 826,7 Millionen Dollar.

Das Unternehmen hat auch seine Prognose für das Geschäftsjahr 2025 bekräftigt und erwartet Umsätze zwischen 308 Millionen und 322 Millionen Dollar, ein Nettoergebnis zwischen 22 Millionen und 32 Millionen Dollar und ein bereinigtes EBITDA zwischen 44 Millionen und 52 Millionen Dollar.

Positive
  • 13.0% revenue increase YoY to $70.8 million.
  • Net income rose to $3.3 million from $1.7 million YoY.
  • Adjusted EBITDA increased by 14.5% to $9.0 million.
  • Transaction fees grew by 17.8% to $43.6 million.
  • Subscription fees increased by 11.5% to $20.2 million.
  • Total transaction volume rose by 14.1% to $826.7 million.
  • Reiterated fiscal year 2025 guidance with revenue between $308 million and $322 million.
Negative
  • Equipment sales decreased by 6.7% to $7.0 million.
  • Equipment sales gross margins declined to 11.4% from 12.2%.

First Quarter 2025 Revenue increased 13.0% Year-Over-Year, to $70.8 Million, driven by 15.7% YoY growth in Subscription and Transaction revenue growth

First Quarter 2025 U.S. GAAP Net Income Applicable to Common Shares of $3.3 million and Adjusted EBITDA[1] of $9.0 million

Reiterates Fiscal Year 2025 Guidance

MALVERN, Pa.--(BUSINESS WIRE)-- Cantaloupe, Inc. (Nasdaq: CTLP) (“Cantaloupe” or the “Company”), a global leading provider of end-to-end technology solutions for self-service commerce, today reported results for the first quarter ended September 30, 2024.

“It’s been a strong start to the year marked by reacceleration in revenue growth, continued profitability and exciting new product launches,” said Ravi Venkatesan, chief executive officer, Cantaloupe.

First Quarter 2025 Key Financial Results:

  • Revenue of $70.8 million, an increase of 13.0% compared to first quarter of fiscal year 2024.
    • Transaction fees of $43.6 million, an increase of 17.8%.
    • Subscription fees of $20.2 million, an increase of 11.5%.
    • Equipment sales of $7.0 million, a decrease of 6.7%.
  • Net income applicable to common shares of $3.3 million, or 0.04 diluted earnings per share, compared to net income applicable to common shares of $1.7 million, or 0.02 diluted earnings per share, in the prior year quarter.
  • Total dollar volumes of transactions were $826.7 million, an increase of 14.1% compared to first quarter of fiscal year 2024.
  • Transaction volume totaled 293.7 million, an increase of 3.6%, compared to 283.6 million for first quarter fiscal year 2024.
  • Adjusted Gross Margin[1] of 40.7% compared with 38.8% in first quarter fiscal 2024.
    • Subscription and transaction fees Adjusted Gross Margin[1] increased to 44.0% compared to 42.5%.
    • Equipment sales gross margins declined to 11.4% compared to 12.2%.
  • Adjusted EBITDA[1] of $9.0 million compared to $7.8 million in first quarter of fiscal year 2024, an increase of 14.5%.
  • Average revenue per unit[2] increased 10.9% to $198.31, compared to $178.78 for first quarter 2024.

First Quarter 2025 Business Highlights:

  • We announced the acquisition of SB Software, a leading provider of vending and coffee management software located in the United Kingdom. The acquisition enhances Cantaloupe’s operational capabilities and market reach in Europe.
  • We launched Suites, a premium suite management system designed to streamline and enhance the hospitality suite experience at stadiums and venues. This new offering within Cantaloupe's Cheq platform, improves how venues manage premium suite pre-orders by providing a seamless, user-friendly solution for both suite owners and venue operators
  • Active Customers totaled 32,338 at the end of the first quarter of 2025 compared to 29,670 at the end of the first quarter of 2024, an increase of 9.0%.
  • Active Devices totaled 1.23 million at the end of the first quarter of 2025 compared to 1.19 million at the end of the fourth quarter of 2023, an increase of 3.2%.

Fiscal Year 2025 Outlook:

For the full fiscal year 2025, the Company reiterates the following:

  • Total Revenue to be between $308 million and $322 million.
  • The combination of Subscription and Transaction revenue growth to be in the range of 15% - 20%.
  • Total US GAAP net income applicable to common shares to be between $22 million and $32 million.
  • Adjusted EBITDA[1] to be between $44 million and $52 million.
  • Total Operating Cash Flow to be between $24 million and $32 million.

Webcast and Conference Call:

Cantaloupe will host a live webcast at 5:00 p.m. Eastern Time today which may be accessed in the Investor Relations section of the Company’s website at https://cantaloupeinc.gcs-web.com/events-and-presentations.

To join the live call in order to ask questions, please register here. A dial in and unique PIN will be provided to join the conference call.

A replay of the conference call will also be available in the Investor Relations section of the Company’s website.

About Cantaloupe, Inc.

Cantaloupe, Inc. (Nasdaq: CTLP), is a global technology leader powering self-service commerce. Cantaloupe offers a comprehensive suite of solutions including micro-payment processing, self-checkout kiosks, mobile ordering, connected point of sale systems, and enterprise cloud software. Handling more than a billion transactions annually, Cantaloupe’s solutions enhance operational efficiency and consumer engagement across sectors like food & beverage markets, smart automated retail, hospitality, entertainment venues and more. Committed to innovation, Cantaloupe drives advancements in digital payments and business optimization, serving over 30,000 customers in the U.S., U.K., EU countries, Australia, and Mexico. For more information, visit cantaloupe.com or follow on LinkedIn, Twitter (X), Facebook, Instagram or YouTube.

______________

1 Adjusted Gross Margin and Adjusted EBITDA represent non-GAAP financial measures. See Discussion of Non-GAAP Financial Measures and the Reconciliations of Adjusted Gross Profit, Adjusted Gross Margin and Adjusted EBITDA to the most comparable GAAP measures.

2 We define average revenue per unit ("ARPU") as our total subscription and transaction fees for the trailing 12 months divided by average total active devices for the trailing 12 months.

Forward-looking Statements:

All statements other than statements of historical fact included in this release, including without limitation Cantaloupe’s future prospects and performance, the business strategy and the plans and objectives of Cantaloupe's management for future operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, words such as “estimate,” “could,” “should,” “would,” “likely,” “may,” “will,” “plan,” “intend,” “believes,” “expects,” “anticipates,” “projected,” and variations of these terms and similar expressions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Actual results or business conditions may differ materially from those projected or suggested in forward-looking statements as a result of various factors including, but not limited to, those described below and in Part I, Item 1A, “Risk Factors” of our most recent Annual Report.

Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to general economic, market or business conditions unrelated to our operating performance, including inflation, elevated interests rates, supply chain disruptions, financial institution disruptions, geopolitical conflicts, public health emergencies and declines in consumer confidence and discretionary spending; our ability to compete with our competitors and increase market share; failure to comply with the financial covenants in our debt facilities; our ability to maintain compliance with rules and regulations applicable to our business operations and industry; disruptions in other card payment processors, software and manufacturing partners upon whom we rely; whether our customers continue to utilize our transaction processing and related services, as our customer agreements are generally cancellable by the customer with thirty days’ notice; our ability to acquire and develop relevant technology offerings for current, new and potential customers and partners; risks and uncertainties associated with our expansion into and our operations in Europe, Mexico and other foreign markets, including general economic conditions, policy changes affecting international trade, political instability, inflation rates, recessions, sanctions, foreign currency exchange rates and controls, foreign investment and repatriation restrictions, legal and regulatory constraints, civil unrest, armed conflict, war and other economic and political factors; our ability to satisfy our trade obligations included in accounts payable and accrued expenses; our ability to attract, develop and retain key personnel, or our loss of the services of our key executives; the incurrence by us of any unanticipated or unusual non-operating expenses, which may require us to divert our cash resources from achieving our business plan; our ability to predict or estimate our future quarterly or annual revenue and expenses given the developing and unpredictable market for our products; our ability to successfully integrate acquired companies into our current products and services structure; our ability to add new customers and retain key existing customers from whom a significant portion of our revenue is derived; the ability of a key customer to reduce or delay purchasing products from us; our ability to obtain widespread commercial acceptance of our products and service offerings; whether any patents issued to us will provide any competitive advantages or adequate protection for our products, or would be challenged, invalidated or circumvented by others; the ability of our products and services to avoid disruptions to our systems or unauthorized hacking or credit card fraud; risks associated with cyber-attacks and data breaches; and our ability to maintain effective internal controls and to timely file periodic and current reports with the Securities and Exchange Commission ("SEC").

Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, Cantaloupe does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events. If Cantaloupe updates one or more forward-looking statements, no inference should be drawn that Cantaloupe will make additional updates with respect to those or other forward-looking statements.

Discussion of Non-GAAP Financial Measures:

This press release contains discussion of Adjusted Gross Profit, Adjusted Gross Margin and Adjusted EBITDA, which are non-GAAP financial measures that are not required or defined under U.S. GAAP (Generally Accepted Accounting Principles). Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Reconciliations between non-GAAP financial measures and the most comparable GAAP financial measures are set forth below. However, we do not provide forward-looking guidance for certain financial measures on a GAAP basis because we are unable to predict certain items contained in the U.S. measures without unreasonable efforts. These items may include acquisition and integration related costs, severance expenses, litigation charges or settlements, and certain other unusual adjustments.

We use Adjusted Gross Profit, Adjusted Gross Margin and Adjusted EBITDA for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measure provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allows for greater transparency with respect to metrics used by our management in its financial and operational decision making. The presentation of these financial measure is not intended to be considered in isolation or as a substitute for the financial measures prepared and presented in accordance with GAAP, including our net income or net cash provided in operating activities. Management recognizes that non-GAAP financial measures have limitations in that they do not reflect all of the items associated with our net income as determined in accordance with GAAP, and are not a substitute for or a measure of our profitability or net earnings. Adjusted Gross Profit, Adjusted Gross Margin and Adjusted EBITDA are presented because we believe they are useful to investors as measures of comparative operating performance. Additionally, we utilize Adjusted EBITDA as a metric in our executive officer and management incentive compensation plans.

We define Adjusted Gross Profit as revenue less cost of sales, exclusive of depreciation of internally-developed software and amortization of intangible assets related to technologies obtained through acquisitions. We believe this non-GAAP measure is useful to view the resulting figures excluding the aforementioned non-cash charges because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and such amounts vary substantially from company to company depending on their financing and capital structures and the method by which their assets were acquired. We define Adjusted Gross Margin as Adjusted Gross Profit divided by revenue.

We define Adjusted EBITDA as U.S. GAAP net income (loss) before (i) interest income from cash and leases, (ii) interest (income) expense from debt and tax liabilities, (iii) income tax provision, (iv) depreciation, (v) amortization, (vi) stock-based compensation expense, and (vii) certain other significant infrequent or unusual losses and gains that are not indicative of our core operations such as integration and acquisition expenses and costs as a result of auditor transitions.

 

Cantaloupe, Inc.

Consolidated Balance Sheets (unaudited)

 

 

September 30,
2024
(Unaudited)

 

June 30, 2024

($ in thousands, except share data)

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

33,124

 

$

58,920

Accounts receivable, net

 

32,490

 

 

43,848

Finance receivables, net

 

6,104

 

 

6,391

Inventory

 

44,571

 

 

40,791

Prepaid expenses and other current assets

 

7,456

 

 

7,844

Total current assets

 

123,745

 

 

157,794

 

 

 

 

Non-current assets:

 

 

 

Finance receivables, net

 

8,873

 

 

10,036

Property and equipment, net

 

35,888

 

 

34,029

Operating lease right-of-use assets

 

8,276

 

 

7,986

Intangibles, net

 

26,762

 

 

24,626

Goodwill

 

102,708

 

 

94,903

Other assets

 

5,883

 

 

6,194

Total non-current assets

 

188,390

 

 

177,774

 

 

 

 

Total assets

$

312,135

 

$

335,568

 

 

 

 

Liabilities, convertible preferred stock, and shareholders’ equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

52,612

 

$

78,895

Accrued expenses

 

21,743

 

 

24,008

Current obligations under long-term debt

 

1,362

 

 

1,266

Deferred revenue

 

1,471

 

 

1,726

Total current liabilities

 

77,188

 

 

105,895

 

 

 

 

Long-term liabilities:

 

 

 

Deferred income taxes

 

505

 

 

466

Long-term debt, less current portion

 

35,919

 

 

36,284

Other noncurrent liabilities

 

9,573

 

 

8,457

Total long-term liabilities

 

45,997

 

 

45,207

 

 

 

 

Total liabilities

 

123,185

 

 

151,102

Commitments and contingencies

 

 

 

Convertible preferred stock:

 

 

 

Series A convertible preferred stock, 900,000 shares authorized, 385,782 and 385,782 issued
and outstanding, with liquidation preferences of $23,011 and $22,722 at September 30, 2024
and June 30, 2024, respectively

 

2,720

 

 

2,720

Shareholders’ equity:

 

 

 

Common stock, no par value, 640,000,000 shares authorized, 72,986,172 and 72,935,497
shares issued and outstanding at September 30, 2024 and June 30, 2024, respectively

 

 

 

Additional paid-in capital

 

483,052

 

 

482,329

Accumulated deficit

 

(296,887)

 

 

(300,459)

Accumulated other comprehensive income (loss)

 

65

 

 

(124)

Total shareholders’ equity

 

186,230

 

 

181,746

 

 

 

 

Total liabilities, convertible preferred stock, and shareholders’ equity

$

312,135

 

$

335,568

 

Cantaloupe, Inc.

Consolidated Statements of Operations (unaudited)

 

 

Three months ended

 

September 30,

($ in thousands, except per share data)

 

2024

 

 

2023

Revenues:

 

 

 

Subscription and transaction fees

$

63,792

 

$

55,135

Equipment sales

 

7,044

 

 

7,548

Total revenues

 

70,836

 

 

62,683

 

 

 

 

Costs of sales (exclusive of certain depreciation and amortization):

 

 

 

Cost of subscription and transaction fees

 

35,744

 

 

31,728

Cost of equipment sales

 

6,241

 

 

6,627

Total costs of sales

 

41,985

 

 

38,355

 

 

 

 

Operating expenses:

 

 

 

Sales and marketing

 

5,448

 

 

4,142

Technology and product development

 

4,499

 

 

4,168

General and administrative

 

11,928

 

 

10,438

Integration and acquisition expenses

 

197

 

 

78

Depreciation and amortization

 

2,672

 

 

2,747

Total operating expenses

 

24,744

 

 

21,573

 

 

 

 

Operating income

 

4,107

 

 

2,755

 

 

 

 

Other income (expense):

 

 

 

Interest income

 

447

 

 

517

Interest expense

 

(991)

 

 

(1,107)

Other income (expense), net

 

186

 

 

(77)

Total other expense, net

 

(358)

 

 

(667)

 

 

 

 

Income before income taxes

 

3,749

 

 

2,088

Provision for income taxes

 

(177)

 

 

(81)

 

 

 

 

Net income

 

3,572

 

 

2,007

Preferred dividends

 

(289)

 

 

(289)

Net income applicable to common shares

$

3,283

 

$

1,718

 

 

 

 

Net earnings per common share

 

 

 

Basic

 

0.04

 

 

0.02

Diluted

 

0.04

 

 

0.02

 

 

 

 

Weighted average number of common shares outstanding used to compute net earnings per
share applicable to common shares

 

 

 

Basic

 

73,068,856

 

 

72,717,965

Diluted

 

73,921,186

 

 

74,305,512

 

Cantaloupe, Inc.

Consolidated Statements of Cash Flows (unaudited)

 

 

Three months ended

 

September 30,

($ in thousands)

 

2024

 

 

2023

Cash flows from operating activities:

 

 

 

Net income

$

3,572

 

$

2,007

Adjustments to reconcile net income to net cash (used in) provided from operating activities:

 

 

 

Stock-based compensation

 

887

 

 

1,932

Amortization of debt issuance costs and discounts

 

30

 

 

32

Provision for expected losses

 

949

 

 

1,000

Provision for inventory reserve

 

83

 

 

Depreciation and amortization

 

3,192

 

 

3,089

Gain on foreign currency exchange rates

 

(211)

 

 

Non-cash lease expense

 

321

 

 

400

Deferred income taxes

 

24

 

 

43

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

11,047

 

 

(7,784)

Finance receivables

 

1,081

 

 

1,122

Inventory

 

(3,863)

 

 

(344)

Prepaid expenses and other assets

 

219

 

 

171

Accounts payable and accrued expenses

 

(28,897)

 

 

5,152

Operating lease liabilities

 

(197)

 

 

(391)

Deferred revenue

 

(255)

 

 

274

Net cash (used in) provided by operating activities

 

(12,018)

 

 

6,703

 

 

 

 

Cash flows from investing activities:

 

 

 

Capital expenditures

 

(3,791)

 

 

(2,916)

Acquisition of business, net of cash acquired

 

(9,761)

 

 

Net cash used in investing activities

 

(13,552)

 

 

(2,916)

 

 

 

 

Cash flows from financing activities:

 

 

 

Repayment of long-term debt

 

(286)

 

 

(193)

Proceeds from exercise of common stock options

 

 

 

76

Payment of employee taxes related to stock-based compensation

 

(164)

 

 

Net cash used in financing activities

 

(450)

 

 

(117)

 

 

 

 

Effect of currency exchange rate changes on cash and cash equivalents

 

224

 

 

 

 

 

 

Net (decrease) increase in cash and cash equivalents

 

(25,796)

 

 

3,670

Cash and cash equivalents at beginning of year

 

58,920

 

 

50,927

Cash and cash equivalents at end of period

$

33,124

 

$

54,597

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

Interest paid in cash

$

883

 

$

889

Income taxes paid in cash

$

251

 

$

13

 

 

 

 

Cantaloupe, Inc.

U.S. GAAP Gross Profit (unaudited)

 

 

3 Months Ended September 30,

Change

 

Percent Change

($ in thousands)

 

2024

 

 

2023

 

2024 v. 2023

Subscription and transaction fee revenue

$

63,792

 

$

55,135

 

$

8,657

 

15.7 %

 

 

 

 

 

 

 

 

Cost of subscription and transaction fees(1)

 

35,744

 

 

31,728

 

 

4,016

 

12.7 %

Amortization(2)

 

1,747

 

 

1,943

 

 

(196)

 

(10.1) %

 

 

 

 

 

 

 

 

Gross profit, subscription and transaction fees

$

26,301

 

$

21,464

 

$

4,837

 

22.5 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment sales

 

7,044

 

 

7,548

 

 

(504)

 

(6.7) %

 

 

 

 

 

 

 

 

Cost of equipment sales

 

6,241

 

 

6,627

 

 

(386)

 

(5.8) %

 

 

 

 

 

 

 

 

Gross profit, equipment(3)

$

803

 

$

921

 

$

(118)

 

(12.8) %

 

 

 

 

 

 

 

 

Total gross profit

$

27,104

 

$

22,385

 

$

4,719

 

21.1 %

 

 

 

 

 

 

 

 

Gross margin

 

 

 

 

 

 

 

Subscription and transaction fees

 

41.2 %

 

 

38.9 %

 

 

2.3 %

 

 

Equipment sales

 

11.4 %

 

 

12.2 %

 

 

(0.8) %

 

 

Total gross margin

 

38.3 %

 

 

35.7 %

 

 

2.6 %

 

 

(1)

Cost of subscription and transaction fees excludes amortization of certain technology assets, see (2) below.

(2)

Amortization of internal-use software assets and developed technology assets.

(3)

The Company's internal-use software assets and developed technology assets are not associated with equipment sales.

 

Cantaloupe, Inc.

Reconciliation of U.S. GAAP Gross Profit to Adjusted Gross Profit (non-GAAP) (unaudited)

 

 

3 Months Ended September 30,

Change

 

Percent Change

($ in thousands)

 

2024

 

 

2023

 

2024 v. 2023

Gross profit, subscription and transaction fees (GAAP)

$

26,301

 

$

21,464

 

$

4,837

 

22.5 %

 

 

 

 

 

 

 

 

Amortization(1)

 

1,747

 

 

1,943

 

 

(196)

 

(10.1) %

 

 

 

 

 

 

 

 

Adjusted Gross Profit, subscription and transaction fees (non-GAAP)

$

28,048

 

$

23,407

 

$

4,641

 

19.8 %

 

 

 

 

 

 

 

 

Gross profit, equipment (GAAP)

$

803

 

$

921

 

$

(118)

 

(12.8) %

 

 

 

 

 

 

 

 

Total Adjusted Gross Profit (non-GAAP)

$

28,851

 

$

24,328

 

$

4,523

 

18.6 %

 

 

 

 

 

 

 

 

Adjusted Gross Margin (non-GAAP):

 

 

 

 

 

 

 

Subscription and transaction fees (non-GAAP)

 

44.0 %

 

 

42.5 %

 

 

1.5 %

 

 

Equipment sales (GAAP)

 

11.4 %

 

 

12.2 %

 

 

(0.8) %

 

 

Total Adjusted Gross Margin (non-GAAP)

 

40.7 %

 

 

38.8 %

 

 

1.9 %

 

 

(1)

Amortization of internal-use software assets and developed technology assets.

 

Cantaloupe, Inc.

Reconciliation of U.S. GAAP Net Income to Adjusted EBITDA (unaudited)

 

 

Three months ended September 30,

($ in thousands)

 

2024

 

 

2023

U.S. GAAP net income

$

3,572

 

$

2,007

Less: interest income

 

(447)

 

 

(517)

Plus: interest expense

 

991

 

 

1,107

Plus: income tax provision

 

177

 

 

81

Plus: depreciation expense included in costs of sales for rentals

 

534

 

 

342

Plus: depreciation and amortization expense in operating expenses

 

2,672

 

 

2,747

EBITDA

 

7,499

 

 

5,767

Plus: stock-based compensation (a)

 

887

 

 

1,932

Plus: integration and acquisition expenses (b)

 

197

 

 

78

Plus: auditor transition costs (c)

 

369

 

 

Plus: remediation expense (d)

 

 

 

44

Adjustments to EBITDA

 

1,453

 

 

2,054

Adjusted EBITDA

$

8,952

 

$

7,821

(a)

We have excluded stock-based compensation, as it does not reflect our cash-based operations.

(b)

We have excluded expenses incurred in connection with business acquisitions as it does not represent recurring costs or charges related to our core operations.

(c)

Costs incurred as a result of former auditor consent procedures. See Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure of the Company's Annual Report.

(d)

Consists of expenses incurred in connection with remediation of previously identified material weaknesses in our internal control over financial reporting which were remediated during fiscal year ended June 30, 2024. See Item 9A Section e - Remediation of Prior Material Weaknesses of the Company's Annual Report.

 

Investor Relations:

ICR, Inc.

CantaloupeIR@icrinc.com

Media:

Jenifer Howard | 202-273-4246

jhoward@jhowardpr.com

media@cantaloupe.com

Source: Cantaloupe, Inc.

FAQ

What was Cantaloupe's first-quarter revenue for fiscal year 2025?

Cantaloupe reported first-quarter revenue of $70.8 million for fiscal year 2025, a 13.0% increase year-over-year.

How much did Cantaloupe's transaction fees grow in the first quarter of fiscal year 2025?

Cantaloupe's transaction fees grew by 17.8% to $43.6 million in the first quarter of fiscal year 2025.

What is Cantaloupe's net income for the first quarter of fiscal year 2025?

Cantaloupe reported a net income of $3.3 million for the first quarter of fiscal year 2025.

What is the adjusted EBITDA reported by Cantaloupe for the first quarter of fiscal year 2025?

Cantaloupe reported an adjusted EBITDA of $9.0 million for the first quarter of fiscal year 2025.

What is Cantaloupe's fiscal year 2025 revenue guidance?

Cantaloupe's fiscal year 2025 revenue guidance is between $308 million and $322 million.

Cantaloupe, Inc.

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Information Technology Services
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