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Cantaloupe lifts Q4, FY 2023 results, surpasses expectations

Logo provided by Cantaloupe Inc.

September 7, 2023

Cantaloupe Inc. lifted its sales and earnings for Q4 and FY 2023, posting positive earnings, according to a press release, and surpassing analysts' revenue expectations. Highlights include:

• Revenue rose 11% from $58.03 million in Q4 2022 to $64.2 million in the quarter ending June 30, 2023.
• Net income improved from a $2.08 million loss to a $2.83 million gain in the comparative quarters.
• Net EPS rose from a 3-cent loss to a 4-cent gain on both a basic and diluted basis.
• Transaction fees rose 18% to $35.5 million.
• Subscription fees rose 17% to $17.5 million.
• Equipment sales fell 15% to $11.2 million.
• Total dollar volumes of transactions rose 14% to $703.5 million.
• Transactions rose from 274.6 million to 278.6 million.
• Full-year revenue rose 19% from $205.2 million to $243.6 million.
• Full-year net income rose from a $1.7 million loss to a $633,000 gain.
• Full-year EPS rose from a 3-cent loss to zero.
• Full-year transaction fees rose 20% to $132.6 million.
• Full-year subscription fees rose 16% to $67.6 million.
• Full-year equipment sales rose 19% to $43.4 million.
• Full-year total dollar volumes of transactions rose 16% to $2.6 billion,
• Full-year transactions rose 4% to 1.1 billion.

Shares traded today at $7.11 against a 52-week range of $2.77 to $8.28.

The $64.2 million in quarterly revenue beat analyst expectations by $400,000 while the GAAP EPS of 4 cents missed expectations by one cent, according to Seeking Alpha.

"Our fourth quarter results, including a fourfold increase in adjusted EBITDA, capped off a strong year for Cantaloupe," CEO Ravi Venkatesan said in the press release. "Continued growth in all customer segments, the acquisition and integration of Three Square Market, expansion of our presence in micro markets and the continued adoption of Seed software and subscription products drove exceptional fiscal year results."

The company expects fiscal 2024 revenue to be between $275 million and $285 million.