Cantaloupe, Inc. Reports Second Quarter Fiscal Year 2024 Financial Results

About this update from Cantaloupe, Inc.

[{"type":"text","content":"\nSecond Quarter 2024 Revenue of $65.4 Million, Driven by 15% Year Over Year Growth in Subscription and Transaction Fees\n\n\nSecond Quarter 2024 Net Income Applicable to Common Shares of $3.1 Million and Adjusted EBITDA of $8.5 Million\n\n\nSecond Quarter 2024 Gross Margin of 37.2%\n\n\n MALVERN, Pa.--(BUSINESS WIRE)--\nCantaloupe, Inc. (Nasdaq: CTLP) (“Cantaloupe” or the “Company”), a digital payments and software services company that provides end-to-end technology solutions for self-service commerce, today reported results for the second quarter ended December 31, 2023.\n\n\n“In the second quarter, we continued to execute on our strategy of expanding operating leverage and driving strong profitability,” said Ravi Venkatesan, chief executive officer, Cantaloupe. “Our domestic and international pipeline is robust, driven by our go-to-market strategy and extensive product offering. We increased gross margins during the quarter, driving expansion across all revenue lines. I remain excited about long-term opportunity given the favorable secular tailwinds including the acceleration of micro-markets and consumer payment preferences.”\n\n\nSecond Quarter 2024 Key Financial Results:\n\n\n\nRevenue of $65.4 million, an increase of 7% year over year\n\n\nTransaction fees of $37.9 million, an increase of 17% year over year\n\n\n\nSubscription fees of $18.1 million, an increase of 10% year over year\n\n\n\nEquipment sales of $9.3 million, a decrease of 25% year over year\n\n\n\n\n\n\nTotal Dollar Volumes of Transactions were $730.1 million, an increase of 12% year over year\n\n\n\nTransactions totaled 286.7 million at the end of the second quarter of 2024\n\n\n\nGross margin of 37.2% compared with 30.1% in the prior year quarter\n\n\nSubscription and transaction fees margins grew to 43.1% compared to 38.3% in the prior year quarter\n\n\n\nEquipment sales margins grew to 1.8% compared to negative 2.3% in the prior year quarter\n\n\n\n\n\n\nAverage revenue per device[1] totaled $181.91 for the second quarter of 2024, compared to $160.46 in the prior year quarter\n\n\n\nNet income applicable to common shares of $3.1 million, or $0.04 per share, compared to Net loss applicable to common shares of $0.6 million, or $(0.01) per share, in the prior year quarter\n\n\n\nAdjusted EBITDA[2] of $8.5 million compared to $3.9 million in the prior year ...

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