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Cantaloupe Inc. (CTLP-3.34%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports total revenues of $73.7 million for the quarter, an increase of 12.8% compared to the same period in the previous year. This increase was primarily driven by higher transaction and subscription fees.
Cantaloupe's total gross profit for the quarter was $28.5 million, with a gross margin of 38.6%, up from 34.6% in the prior year. The improvement in gross margin was mainly due to increased transaction fees.
Operating expenses for the quarter were $24.6 million, an increase of 18.5% from the previous year. This increase was largely due to higher costs in sales and marketing, technology and product development, and general and administrative expenses.
Cantaloupe reported a net income of $5.0 million for the quarter, compared to $3.1 million in the prior year. The company attributed this increase to higher revenues and improved gross margins.
The company ended the quarter with $27.7 million in cash and cash equivalents, a decrease from $58.9 million at the beginning of the fiscal year. The decrease was primarily due to cash used in operating and investing activities.
Cantaloupe's active devices increased to 1.27 million, and active customers rose to 32,909, reflecting growth in the company's customer base and device usage.
The filing also details the company's acquisition of SB Software Limited and Cheq Lifestyle Technology, which are expected to enhance Cantaloupe's market reach and operational capabilities.
Cantaloupe entered into a new credit facility agreement in January 2025, providing a total of $100 million in secured credit facilities to support working capital and general corporate purposes.
The company continues to focus on expanding its digital payment and software services, with a commitment to innovation in self-service commerce solutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cantaloupe Inc. quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.