Business
USA Technologies Reports First Quarter Fiscal Year 2021 Results
Sequential Revenue Growth of 13% $5.2 Million in Operating Cash Flow for the Quarter MALVERN, Pa.--(BUSINESS WIRE)-- USA Technologies, Inc. (OTC:USAT)
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[{"type":"text","content":"\nSequential Revenue Growth of 13%\n\n$5.2 Million in Operating Cash Flow for the Quarter\n\n MALVERN, Pa.--(BUSINESS WIRE)--\nUSA Technologies, Inc. (OTC:USAT) (“USAT” or the “Company”), a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market, today reported results for the fiscal year 2021 first quarter.\n\n“We delivered a quarter with solid sequential revenue growth, and in line with our expectations,” said Sean Feeney, chief executive officer, USA Technologies. “We continue to execute on the initiatives I outlined last quarter and remain focused on growth, operational execution and delivering for our customers. As the demand for contactless payment solutions grows, we are seeing demand in the market for an end-to-end solution that can help vending operators get through these challenging economic times. We are well positioned to capitalize on these trends and during the first quarter, we won significant deals against our competition, selling across all product lines, as customers leverage our Platform as a Service.”\n\nFinancial Highlights:\n\n\nRevenue of $36.9 million, an increase of 13.0% versus fourth quarter 2020, and a decrease of 15.0% year over year\n\n\nLicense and transaction fee revenue of $33.1 million, a decrease of 4.3% year-over-year and an increase of 18.9% versus fourth quarter 2020\n\n\nEquipment revenue of $3.8 million, a decrease of 21.5% over fourth quarter 2020 and decrease of 56.9% year over year\n\n\n\n\nNet new connections of approximately 15,000 bring total connections to approximately 1,335,000\n\n\nGross margin of 38.6% compared with 26.3% in the prior year period\n\n\nOperating loss of $(3.6) million compared to operating loss of $(11.3) million in the prior year period\n\n\nNet loss applicable to common shares of $(6.9) million, or $(0.11) per basic share compared to net loss applicable to common shares of $(11.8) million, or $(0.20) per basic share in the prior year period\n\n\nAdjusted EBITDA of $(0.5) million compared to $(4.9) million in the prior year period\n\n\nEnded the quarter with $34.7 million in cash and cash equivalents\n\n\n“While our revenue decreased year over year, mostly due to the COVID-19 pandemic, we experienced solid sequential growth trends during the quarter. Our overall revenue was up over the four...