Cantaloupe Inc. reports 24% revenue increase, record $26.4 million in transaction fees in first 2022 quarter

In its 2022 first quarter, ended Sep. 30, 2021, Cantaloupe Inc. (Nasdaq: CTLP) delivered revenues of $45.8 million, an increase of 24.1% year over year. Strong revenue performance was driven by record transaction fees of $26.4 million, an increase of 34.3%, compared with the previous first quarter. Cantaloupe, a digital payments and software services company in the unattended retail space and vending industry, released its first-quarter earnings data on Nov. 4

“As evidenced by our results, we see continued demand for Cantaloupe’s products and services,” said Cantaloupe chief executive Sean Feeney. "We are executing on our product roadmap which we announced at the Innovation Summit in August, as well as deepening relationships with both existing and new customers.”

Cantaloupe Q1 financial highlights

• The company delivered revenues1 in the first quarter of $45.8 million, an increase of 24.1% year over year.
• Transaction fees of $26.4 million, an increase of 34.3% year-over-year.
• Subscription fees of $14.2 million, an increase of 5.8% year-over-year.
• Equipment sales of $5.2 million, an increase of 36.8% year over year.
• Gross margin of 32.5% ,compared with 38.6% in the prior year period (the prior year period benefited from a one-time out of period adjustment).
• Subscription and transaction fee margins totaled 35.9% versus 41.6% in the prior year quarter.
• Equipment sales margins were 5.3%, compared with 12.4% in the prior year quarter.
• Operating loss of $1.1 million for the quarter ended Sep. 30, compared wit operating loss of $3.6 million in the prior year period.
• U.S. GAAP net loss applicable to common shares of $1.6 million, or $0.02 per share compared with net loss applicable to common shares of $6.9 million, or $0.11 per share, in the prior year period.
• Adjusted EBITDA of $1.9 million, compared with $(0.5) million in the prior year period.
• Active devices totaled 1.11 million at the end of the first quarter of 2022, compared with 1.08 million at the end of the first quarter of 2020, an increase of 3%.
• Active customers totaled 20,738 at the end of the first quarter of 2021, compared with 17,760 at the end of the first quarter of 2020, an increase of 17%

Cantaloupe Q1 business highlights

• In August 2021, the company completed the acquisition of certain assets and liabilities of Delicious Nutritious LLC, doing business as Yoke Payments ("Yoke"), a micro market payments company.
• In August 2021, the company hosted its inaugural Cantaloupe Innovation Summit at the NAMA Show 2021, showcasing new products and services.
• Completed testing and certification of ePort Engage devices, which began shipping at the end of September.
• Continued promotional upgrade program to 4G LTE.
• Acquired new customers while expanding among existing customers. The company recently onboarded Refreshments Inc, which purchased a full suite of Seed software services. The Florida Department of Education’s Division of Blind Services was another notable win for Cantaloupe. During the quarter, the company also saw Seed expansion at Legends Commerce in its Maryland locations, and conversions to Seed from competitors’ products at Jelcap and Vending Plus.

See Cantaloupe Inc.'s full announcement with consolidated balance sheets on Business Wire.