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Sep 30, 2022
Cantaloupe Q1 2023 Earnings Report
Reported first quarter revenue growth of 26% year-over-year, driven by double-digit growth in both transaction and subscription fees, but gross margin and adjusted EBITDA were negatively impacted by one-time migration costs.
Key Takeaways
Cantaloupe, Inc. reported a 26% year-over-year increase in revenue for the first quarter of fiscal year 2023, reaching $57.8 million. This growth was fueled by record transaction revenue for the sixth consecutive quarter. However, the company experienced a net loss of $8.9 million, or $(0.13) per share, and an adjusted EBITDA of $(5.4) million, primarily due to migration costs and procurement of higher-priced components.
Revenue increased by 26% year-over-year to $57.8 million.
Transaction fees grew by 18% year-over-year to $31.3 million.
Active Customers increased by 21% to 25,019.
U.S. GAAP Net loss applicable to common shares was $8.9 million, or $(0.13) per share.
Cantaloupe
Cantaloupe
Cantaloupe Revenue by Segment
Revenue by Segment
Equipment Sales Revenue
CapyFin.com Forward Guidance
Cantaloupe reiterates its fiscal year 2023 guidance, expecting revenue between $225 million and $235 million, U.S. GAAP Net income between $1 million and $5 million, Adjusted EBITDA between $12 million and $17 million, and Total Operating Cash Flow between $10 million and $15 million.
Positive Outlook
- Revenue growth expected to be between 10% and 15%.
- Transaction fees revenue growth is expected to be in the high teens.
- Subscription fees revenue growth is expected to be in the low teens.
- Equipment sales revenue growth is expected to be relatively flat.
- U.S. GAAP Net income to be between $1 million and $5 million.
Challenges Ahead
- Unspecified risks related to economic, market, or business conditions.
- Potential impacts of the ongoing COVID-19 pandemic.
- Possible disruptions in the company's supply chain and operations.
- Risks associated with customer purchasing and utilization of products and services.
- The company's ability to remediate material weaknesses in internal controls.