News

USA Technologies reports revenue, customer growth

May 14, 2014

USA Technologies, provider of cashless payment services for self-service retailing, has reported a growing customer base and increased number of connections to ePort Connect for the third quarter of fiscal 2014. EPort Connect is USAT’s cashless payment and M2M telemetry service.

Total USAT revenues for the third quarter to March 31, 2014, rose by 16 percent year-on-year to $10.4 million.

USAT said it gained around 22,000 new connections to ePort Connect in the third quarter of 2014, achieving a company record. Net new connections for the quarter totaled approximately 20,000, a 100-percent increase from 10,000 net new connections for the third quarter of fiscal 2013.

During the third quarter, USAT added 575 new customers to ePort Connect, reaching a total of 6,650 customers on March 31, 2014. Total connections to ePort Connect were 244,000 at that point, up 24 percent from a year earlier.

USAT said growth in the number of customers using its ePort Connect service came from various segments of the self-serve retail market including vending, commercial laundry, amusement/arcade, taxi and transportation, kiosk and mobile applications.

Commenting on the outlook for the company, USAT chairman and CEO Stephen P. Herbert said, "Our strategies are delivering important results in this emerging market — more customers, more connections to our service and continued market differentiation.”