USA Technologies Inc Posts Record Revenue Continued Growth In Second Quarter

MALVERN, PA -- USA Technologies Inc. said it added 20,000 net new connections and achieved revenue of approximately $18 million in the second quarter of fiscal 2016. The resulting increases reportedly represent net new connection growth of 66% and revenue growth of 40% over the same quarter of its previous fiscal year.

"USA Technologies continues to achieve company records for revenue and is steadily increasing connections as the self-service retail market moves toward the widespread acceptance of cashless and mobile payments," said USAT chairman and chief executive Stephen P. Herbert.

Total connections as of Dec. 31, 2015, grew 28% to 369,000 compared with the same quarter a year earlier. USAT's connection goal, which it hopes to reach by the end of the fourth quarter of fiscal 2017, is 500,000.

USAT says it has driven growth in total connections of 24% or more every quarter for the past eight quarters, and has achieved progressively increased revenue. Revenue of $18 million for the quarter surpasses the company's previous record of $17.6 million in the fiscal 2015 fourth quarter.

"In order to aggressively capture the market, we look for ways to expand our product offering, including our recent acquisition of VendScreen," Herbert said. USAT announced on Jan. 25 that it had acquired VendScreen for $5.6 million. | READ MORE