USA Technologies Reports Q1 Loss, 19% Revenue Growth
by Emily Jed
Posted On: 11/14/2017
MALVERN, PA -- USA Technologies Inc. reported a net loss of $.2 million for its fiscal 2018 first quarter, compared with a net loss of $2.5 million in the comparable prior-year period.
For the first quarter, ended Sept. 30, the company reported revenue of $25.6 million, up 19% from $21.59 million a year ago, marking its 32nd consecutive quarter of growth.
"The first quarter was a strong start to our fiscal year, marked by continued momentum of cashless acceptance in our target market," said USA Technologies chairman and chief executive Stephen P. Herbert. "During the quarter, we increased our penetration with our existing customers and reached the highest quarterly new customer additions in two years. We believe that our value proposition and addressable market will be further enhanced by our planned acquisition of Cantaloupe Systems, which we announced yesterday, Nov. 7, 2017. Cantaloupe will bring complementary value-added services that will enable USA Technologies to offer a comprehensive end-to-end enterprise platform to new customers and further penetrate our existing customer base."
First Quarter Highlights:
Net connections of 26,000, a year-over-year increase of 37%
Achieved record license and transaction fee revenue of $19.9 million, a year-over-year increase of 22%
Operating loss of $(0.6) million, compared to an operating loss of $(1.0) million in the prior year period
Adjusted operating income (operating income as adjusted for integration and acquisition costs) of $0.2 million, compared to a loss of $(0.8) million for the prior year period
Ended the quarter with $51.9 million in cash
Adjusted EBITDA of $2.3 million, a year-over-year increase of 244%
