Business
TransAct Technologies Reports Preliminary Fourth Quarter and Full Year 2023 Financial Results
2023 Fourth Quarter Net Sales of $13.3 Million, down 26% on a Year-Over-Year Basis Quarterly Food Service Technology (“FST”) Sales of $4.7 Million, up 54% on
About this update from Transact Technologies Incorporated
[{"type":"text","content":"\n2023 Fourth Quarter Net Sales of $13.3 Million, down 26% on a Year-Over-Year Basis\n\n\nQuarterly Food Service Technology (“FST”) Sales of $4.7 Million, up 54% on a Year-Over-Year Basis\n\n\nQuarterly Casino and Gaming Sales of $4.2 Million, down 62% on a Year-Over-Year Basis\n\n\n HAMDEN, Conn.--(BUSINESS WIRE)--\nTransAct Technologies Incorporated (Nasdaq: TACT) (“TransAct” or the “Company”), a global leader in software-driven technology and printing solutions for high-growth markets, today reported preliminary results for the fourth quarter and full year ended December 31, 2023.\n\n\n“This was a year of change here at TransAct, and I believe that the organization has emerged from this transition stronger, more efficient, and operationally more effective,” said John Dillon, Chief Executive Officer of TransAct. “On the FST side, we believe that we now have the right team in the right places selling to enterprise-level organizations with our new BOHA! Terminal 2, which has seen a solid reception from customers and prospects so far. We added twelve new logos to our BOHA! platform in the fourth quarter and sold 1,235 terminals, and believe that we have the opportunity to build momentum throughout the course of 2024.”\n\n\nFourth Quarter 2023 Financial Highlights\n\n\n\nNet Sales: Net sales for the fourth quarter of 2023 were $13.3 million, down 26% compared to $18.0 million for the fourth quarter of 2022.\n\n\n\nFST Recurring Revenue: FST recurring revenue for the fourth quarter of 2023 was $3.2 million, up 33% compared to $2.4 million for the fourth quarter of 2022.\n\n\n\nGross Profit: Gross profit for the fourth quarter of 2023 was $6.4 million, resulting in gross margin of 48.0%, compared to gross profit of $8.2 million for the fourth quarter of 2022, which delivered a 45.8% gross margin.\n\n\n\nOperating income (loss): Operating loss for the fourth quarter of 2023 was $(0.5) million, compared to operating income of $0.5 million for the fourth quarter of 2022.\n\n\n\nNet income (loss): Net loss for the fourth quarter of 2023 was $(62) thousand, or $(0.01) per diluted share, based on 10.0 million weighted average common shares outstanding. Net income for the comparable 2022 period was $260 thousand, or $0.03 per diluted share, based on 9.9 million weighted average common shares outstanding.\n\n\n\nEBITDA: EBITDA was $0.3 mill...