News

USA Technologies, Inc reports 27.7% Q2 revenue gain

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February 20, 2020

USA Technologies, Inc. reported revenue of $44.1 million, increased 27.7% year-over-year for the second quarter of fiscal year 2020 that ended Dec. 31, 2019.License and transaction fee revenue was $35.8 million, an increase of 20.3% year-over-year, according to a press release. In addition:

• Equipment revenue of $8.3 million increased 74.6% year-over-year.
• Net new connections of 40,000 brought total connections to 1,255,000.
• Gross margin of 29.0% increased from 27.4% in the prior year period.
• License and transaction gross margin of 36.8% increased from 34.5% in the prior year period.
• Equipment gross margin of 5%,increased from 17.6% in the prior year period
• Operating loss of $7.8 million compared to operating loss of $10.0 million in the prior year period.

"We are pleased to deliver another quarter of strong revenue growth, over 80% of which remains from recurring license and transaction fees," Glen Goold, USA Technologies’ interim chief financial officer, said in the release.