TransAct Technologies Incorporated reports developments in software-driven technology and integrated printing solutions for foodservice, casino and gaming, and POS automation markets. Its news commonly centers on the BOHA! platform for foodservice operations, including SaaS-based applications, purpose-built terminals, food safety automation, recurring revenue, and related labels, supplies, and service offerings.
Company updates also cover EPIC and EPICENTRAL casino and gaming solutions used for ticket-in/ticket-out functionality and promotional capabilities, along with quarterly results, conference presentations, balance sheet commentary, product and platform strategy, and executive leadership changes.
TransAct Technologies Incorporated (NASDAQ: TACT) will release its second quarter 2022 results on August 10, 2022, after market close. A conference call and webcast will follow at 4:30 p.m. ET, open to the public. Interested parties can join the call by dialing 856-344-9290 with conference ID 7379455, or tune in via the company's website. A replay of the call will be available for two weeks post-event. TransAct is a leader in software-driven technology and printing solutions across various high-growth markets.
TransAct Technologies (TACT) has secured its first BOHA! software enterprise license agreement covering 300 locations for a major foodservice operator. The five-year deal features an average revenue per unit of $950 annually and includes the purchase of 300 BOHA! WorkStation devices. The initial setup for 50 locations will start within three months, while the full rollout is expected within a year. This order marks a record for BOHA! WorkStations, doubling previous sales achievements.
CEO Bart C. Shuldman highlighted this agreement as a pivotal moment in transitioning to a SaaS-based model, showcasing strong demand for BOHA! solutions.
TransAct Technologies (Nasdaq: TACT) announced a significant order for 305 BOHA! Terminal devices from a national travel stop chain. This deployment is part of the customer's transformation plan and will generate approximately $1,100 in Annual Recurring Revenue Per Unit. The deployment includes the BOHA! Labeling software and proprietary labels across 194 locations, enhancing efficiency in food service management. CEO Bart C. Shuldman emphasized the company's commitment to capitalizing on new growth opportunities in the food service technology market.
TransAct Technologies (NASDAQ: TACT) has announced its largest BOHA! WorkStation order to date, securing 140 units for a new grocery market customer. This deployment, expected in Q3 2022, will generate an estimated annual recurring revenue of $1,000 per unit. The BOHA! platform integrates cloud-based applications for various food service operations, providing a comprehensive solution for back-of-house activities. TransAct aims to enhance customer operational efficiencies while tapping into the growing food service technology market.
TransAct Technologies reported a 17% increase in first-quarter net sales to $9.7 million compared to last year. The company's FST recurring revenue also rose by 30% to $1.6 million. Despite these growth metrics, the company faced challenges, with a gross profit decline leading to a gross margin of 30.9%, down from 38.4% the previous year. Operating loss widened to $(5.2) million, and the net loss was $(4.0) million or $(0.41 per diluted share. Paid terminals increased by 44% year-over-year, reaching 10,127.
TransAct Technologies (NASDAQ: TACT) will announce its Q1 2022 financial results after market close on May 10, 2022. A conference call and webcast will take place at 4:30 p.m. ET, accessible to the public. Participants can join the call by dialing 888-224-1005 (conference ID 3010012). The event can also be streamed live via the company's website. A replay of the call will be available starting two hours post-event until May 24, 2022. TransAct Technologies specializes in software-driven printing solutions for various high-growth sectors.
TransAct Technologies Incorporated (NASDAQ: TACT) has announced the appointment of Daniel Friedberg and Audrey Dunning to its Board of Directors as part of a Cooperation Agreement with 325 Capital and Harbert Discovery Fund. These investors own approximately 16.8% of TransAct's shares. The agreement also includes commitments to declassify the Board and separate the roles of Chairman and CEO. Bart C. Shuldman, CEO, emphasized the importance of stockholder communication and value creation, while Friedberg noted a focus on maximizing value for all stockholders.
TransAct Technologies Incorporated (NASDAQ: TACT) announced the appointment of Gaurav Bahri as Chief Revenue Officer for the Food Service Technology market, effective March 21, 2022. Mr. Bahri brings significant experience from Workday and Oracle America, focusing on sales leadership and revenue growth. Bart Shuldman, Chairman and CEO, expressed enthusiasm for Bahri's expertise in enterprise software, believing it will enhance the company’s marketing and sales strategies, particularly for the BOHA! brand.
TransAct Technologies (TACT) reported Q4 2021 net sales of $11.1 million, a 43% increase from Q4 2020. Full year 2021 net sales were $39.4 million, up 29% year-over-year. FST recurring revenue surged 95% to $7.4 million for the year. Despite a gross profit increase, operating loss widened to $(9.5 million) for 2021. The total number of paid terminals reached 9,818, reflecting a 73% growth from the previous year. The company cited strong demand for its products amidst challenging market conditions.
TransAct Technologies (TACT) announced notable success in its SMB initiatives, with 26 new accounts adopting the BOHA! system, encompassing 44 terminals. This growth represents a potential for up to 900 additional terminals in the future. TransAct's BOHA! platform integrates various applications to enhance food service operations. CEO Bart C. Shuldman emphasized the SMB team's focus on delivering personalized solutions to small businesses, highlighting the ongoing demand for the BOHA! technology.