Cantaloupe Inc Reports Fourth Quarter and Fiscal Year 2024 Financial Results
Intellectia.AI2024-09-11
Cantaloupe, Inc. Reports Fourth Quarter and Fiscal Year 2024 Financial Results
Cantaloupe, Inc. (NASDAQ: CTLP), a global leader in self-service commerce technology solutions, has announced its financial results for the fourth quarter and fiscal year ended June 30, 2024.
Key Financial Metrics
The financial performance highlights are as follows:
| Metric | Q4 2024 | Q4 2023 | YoY Change | Consensus Estimate | FY 2024 | FY 2023 | YoY Change |
|---|---|---|---|---|---|---|---|
| Revenue | $72.7 million | $64.2 million | +13.2% | $75.93 million | $268.6 million | $243.7 million | +10.2% |
| Earnings Per Share (EPS) | $0.03 | $0.04 | -25.0% | $0.05 | $0.15 | $0.00 | N/A |
| Net Income | $2.2 million | $2.8 million | -21.4% | N/A | $11.4 million | $0.01 million | N/A |
| Adjusted EBITDA | $7.5 million | $9.2 million | -19.0% | N/A | $34.0 million | $17.8 million | +90.9% |
Cantaloupe's fourth-quarter revenue of $72.7 million fell short of the consensus estimate, marking a 13.2% year-over-year increase, driven primarily by growth in subscription and transaction fees. The fiscal year 2024 revenue reached $268.6 million, reflecting a 10.2% increase over the previous year, with notable performance in transaction fees.
Segment Revenue Performance
| Segment | Q4 2024 | Q4 2023 | YoY Change |
|---|---|---|---|
| Transaction Fees | $41.2 million | $35.5 million | +16.0% |
| Subscription Fees | $19.9 million | $17.4 million | +14.1% |
| Equipment Sales | $11.5 million | $11.2 million | +2.9% |
While transaction and subscription fees have shown double-digit growth, equipment sales have seen modest improvements. This aligns with the company's strategy to leverage recurring revenue streams, which is central to their operational focus.
Operational Highlights
- Active customers increased by 10.1%, reaching 31,466 by the end of Q4 2024.
- Active devices grew by 4.7%, totaling 1.22 million devices.
- The company completed the acquisition of SB Software Limited to expand its European operations.
Executive Commentary
Ravi Venkatesan, CEO of Cantaloupe, remarked on the company's strategy execution, highlighting the optimization of operational costs and expanded gross margins as drivers of growth. Venkatesan emphasized the acquisition of SB Software Limited as a strategic move to bolster international presence.
Forward Guidance
For fiscal year 2025, Cantaloupe projects total revenue between $308 million and $322 million, with expected growth in subscription and transaction revenues ranging from 15% to 20%. The company anticipates a net income between $22 million and $32 million.
Cantaloupe’s solid fiscal performance underscores its strategic emphasis on recurring revenues and operational leverage. The projected revenue growth for 2025 signals positive momentum as the company capitalizes on the shift towards cashless and self-service solutions.
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