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TransAct Technologies Incorporated (TACT-2.42%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The company reported a net loss of $9.9 million for the year, compared to a net income of $4.7 million in the previous year. This loss was primarily due to a $7.3 million write-down of the U.S. net deferred income tax asset.
Net sales for 2024 were $43.4 million, a decrease from $72.6 million in 2023. The decline in sales was attributed to reduced demand in the casino and gaming market, as well as a slowdown in orders from customers who had built up excess inventory.
Gross profit decreased to $21.5 million from $38.4 million in 2023, with a gross margin of 49.5%, down from 52.9% in the prior year. The reduction in gross margin was due to lower sales volumes and competitive pricing pressures.
Operating expenses decreased by 23% to $25.1 million, driven by cost reduction initiatives and lower severance expenses compared to the previous year.
TransAct Technologies continues to focus on its strategic review process, seeking options to enhance shareholder value. The company has engaged Roth Capital Partners, LLC to assist in this process.
Cash and cash equivalents increased to $14.4 million as of December 31, 2024, from $12.3 million at the end of 2023. The company reported cash provided by operating activities of $1.8 million for the year.
The company's revolving credit facility with Siena Lending Group LLC was amended to extend the maturity date to March 31, 2027, and increase the minimum borrowing requirement to $3.0 million.
TransAct Technologies operates in one segment, focusing on software-driven technology and printing solutions for high-growth markets, including food service technology, casino and gaming, and point of sale automation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TransAct Technologies Incorporated annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.