Payments

Cantaloupe lifts Q2 2023 sales, widens loss

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February 8, 2023

Cantaloupe Inc., a digital payments and software services company that provides end-to-end technology solutions for self-service commerce, lifted its revenue in Q2 2023 over the prior year period, while net loss increased, according to a press release.

Highlights include:

• Net revenue rose 20%, from $51.09 million in Q2 2022 to $61.33 million in the quarter ending Dec. 31, 2022.
• Net loss rose from $486 million to $573 million in the comparative quarters.
• Basic and diluted net loss per common share remained at 0.01 cent.
• Q2 2023 transaction fees rose 21% to $32.4 million over the prior year.
• Subscription fees rose 15% to $16.5 million.
• Equipment sales rose 25% to $12.4 million.
• Total dollar volume transactions rose 17% to $649.4 million.
• Active customers rose 24%, from 21,315 to 26,335.
• Active devices rose 3%, from 1.12 million to 1.15 million.

Shares traded Tuesday at $5.15 against a 52-week range of $2.77-$8.24.

The $61.33 million in quarterly revenue beat analyst expectations by $2.53 million while the GAAP EPS of 0.01 cent was in line with expectations, according to Seeking Alpha.

"We saw strong financial results in Q2, with all-time high record revenue in transaction fees, subscription fees and total revenue, which demonstrates we are making progress on our strategic initiatives and working towards our vision to become the global market leader in providing technology that powers self-service commerce," CEO Ravi Venkatesan said in the press release. "The acquisition of Three Square Market was also completed in the quarter. Integration is well underway and early customer interaction is validating our revenue synergy expectations."

For the full fiscal year 2023, the company reiterated it expects revenue to be between $240 million and $250 million.