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Cantaloupe boosts Q1 2024 results on global expansion

Logo: Cantaloupe Inc.

November 13, 2023

Cantaloupe Inc., a digital payments and software services company that provides end-to-end technology solutions for the unattended retail market, lifted its Q1 2024 sales and earnings over the prior year period, citing growth in its international expansion, according to an earnings report. Highlights include:

• Revenue rose 8% from $57.8 million in Q1 2023 to $62.7 million in the quarter ending Sept. 30, 2023.
• Net income improved from a $8.6 million loss to $2 million in the comparative quarters.
• Earnings per common share rose from a 13-cent loss to 2 cents on both a basic and diluted basis.
• Transaction fees rose 18% to $37 million.
• Subscription fees rose 15% to $18.1 million.
• Equipment sales fell 30% to $7.5 million.
• Total dollar volumes of transactions rose 13% to $724.8 million.
• Transactions totaled 283.6 million.
• Active customers rose 19% from 25,019 to 29,670.
• Active devices rose 4% from 1.15 million to 1.19 million.

Shares traded Friday at $6.29 against a 52-week range of $2.95 to $8.29.

The $62.7 million in quarterly revenue missed analysts expectations by $1.54 million while the GAAP EPS of 2 cents beat expectations by 1 cent, according to Seeking Alpha.

"We continue to prioritize margin expansion by driving subscription revenue, optimizing COGS and disciplined management of operating expenses," Ravi Venkatesan, CEO, said in the press release. "In addition, we've made meaningful progress on our international expansion efforts, especially in Europe and Mexico with multiple customer acquisitions."

The company expects full year revenue to be between $275 million and $285 million.