MALVERN, PA — Cantaloupe, Inc. (Nasdaq: CTLP) has kicked off fiscal year 2025 with promising results, reporting a 13% increase in revenue for the first quarter, totaling $70.8 million. This growth reflects a strong market presence and successful strategic initiatives.
CEO Ravi Venkatesan expressed enthusiasm about the company’s trajectory, stating, “It’s been a strong start to the year marked by reacceleration in revenue growth, continued profitability and exciting new product launches.” The company saw a notable rise in transaction fees, up 17.8% to $43.6 million, and subscription fees increased by 11.5% to $20.2 million. Equipment sales, however, saw a slight decline of 6.7%.
Cantaloupe also marked a net income applicable to common shares of $3.3 million, doubling from the same quarter last year. Transaction volumes reached 293.7 million, reflecting a 3.6% increase, while total transaction dollar volumes surged by 14.1% to $826.7 million.
The company’s adjusted gross margin improved to 40.7%, with subscription and transaction fees contributing a 44.0% margin. Adjusted EBITDA rose by 14.5% to $9.0 million, showcasing the company’s operational efficiency.
Among the strategic highlights, Cantaloupe announced the acquisition of SB Software, enhancing its operational capabilities and expanding its reach in the European market. Additionally, the launch of Suites, a premium management system for hospitality suites, aims to streamline operations at stadiums and venues through its Cheq platform.
The company reported an increase in active customers, totaling 32,338, and active devices, reaching 1.23 million. Looking ahead, Cantaloupe projects total revenue for fiscal year 2025 to be between $308 million and $322 million, with subscription and transaction revenue growth expected to range from 15% to 20%.
Cantaloupe continues to demonstrate solid growth and strategic foresight, setting a robust foundation for upcoming quarters.
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