USA Technologies Third-Quarter Revenue Rises Above 15 Million

MALVERN, PA -- USA Technologies Inc.'s revenue increased 47% to $15.4 million in the third quarter from $10.4 million a year earlier. The cashless vending technology provider had a loss of $600,000 for the three months ended March 31, compared with net income of $26.9 million the 2014 third quarter.

License and transaction fees were $11.1 million, compared with $9 million, up 23% over the year-ago quarter. These fees, which are comprised of both recurring monthly service and transaction processing subscriptions, represented about 72% of total revenue, according to USAT.

"USA Technologies is in a position to take advantage of the cashless momentum in the self-service market, and the excitement surrounding mobile payments," said USAT chairman and chief executive Stephen P. Herbert. "We are accelerating revenue growth and improving our cash flow, while simultaneously forming strategic relationships with companies such as Chase and MasterCard."

Check out USAT's consolidated statements of operations by clicking here.