Cantaloupe, Inc. Reports Q3 Fiscal 2024 Results

TL;DR

<b>Cantaloupe, Inc. reported strong Q3 fiscal 2024 results with increased revenue and net income.</b>

AI Summary

CANTALOUPE, INC. (CTLPP) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Revenue for the nine months ended March 31, 2024, was $174.3 million, an increase from $150.6 million for the same period in fiscal 2023. Net income for the nine months ended March 31, 2024, was $12.6 million, compared to $10.1 million for the nine months ended March 31, 2023. Earnings per share (EPS) for the nine months ended March 31, 2024, were $0.11, up from $0.09 for the same period in fiscal 2023. Total assets as of March 31, 2024, were $386.9 million. Total debt as of March 31, 2024, was $10.1 million.

Why It Matters

For investors and stakeholders tracking CANTALOUPE, INC., this filing contains several important signals. The company's revenue growth indicates successful market penetration and expansion of its service offerings. Improved profitability suggests effective cost management and operational efficiency.

Risk Assessment

Risk Level: low — CANTALOUPE, INC. shows low risk based on this filing. The company has a history of profitability and consistent revenue growth, indicating a stable financial position.

Analyst Insight

Consider increasing exposure to CTLP given its consistent financial performance and growth trajectory.

Revenue Breakdown

Key Numbers

• 174.3 — Revenue (9 months ended Mar 31, 2024) (in millions USD)
• 150.6 — Revenue (9 months ended Mar 31, 2023) (in millions USD)
• 12.6 — Net Income (9 months ended Mar 31, 2024) (in millions USD)
• 10.1 — Net Income (9 months ended Mar 31, 2023) (in millions USD)
• 0.11 — EPS (9 months ended Mar 31, 2024) (USD)
• 0.09 — EPS (9 months ended Mar 31, 2023) (USD)
• 386.9 — Total Assets (as of Mar 31, 2024) (in millions USD)
• 10.1 — Total Debt (as of Mar 31, 2024) (in millions USD)

Key Players & Entities

• CANTALOUPE, INC. (company) — Filer name
• CTLPP (company) — Ticker symbol
• 2024-03-31 (date) — Reporting period end date
• 2024-05-09 (date) — Filing date
• 100 DEERFIELD LANE (address) — Business address
• MALVERN (location) — Business address city
• PA (location) — Business address state
• 19355 (postal_code) — Business address zip

FAQ

Risk Factors

• Dependence on Key Customers [medium — financial]: The company's revenue is significantly dependent on a small number of large customers, which could impact financial results if these relationships deteriorate.
• Technological Disruptions [medium — operational]: The company relies on technology and could be adversely affected by system failures, cybersecurity breaches, or the need to adapt to new technologies.

Filing Documents

• ctlp-20240331.htm (10-Q) — 1272KB
• a20240331-exx311.htm (EX-31.1) — 10KB
• a20240331-exx312.htm (EX-31.2) — 10KB
• a20240331-exx321.htm (EX-32.1) — 4KB
• a20240331-exx322.htm (EX-32.2) — 4KB
• ctlp-20240331_g1.jpg (GRAPHIC) — 98KB
• ctlp-20240331_g2.jpg (GRAPHIC) — 71KB
• ctlp-20240331_g3.jpg (GRAPHIC) — 66KB
• ctlp-20240331_g4.jpg (GRAPHIC) — 68KB
• ctlp-20240331_g5.jpg (GRAPHIC) — 52KB
• ctlp-20240331_g6.jpg (GRAPHIC) — 43KB
• ctlp-20240331_g7.jpg (GRAPHIC) — 36KB
• 0001628280-24-022312.txt (&nbsp;) — 8297KB
• ctlp-20240331.xsd (EX-101.SCH) — 51KB
• ctlp-20240331_cal.xml (EX-101.CAL) — 104KB
• ctlp-20240331_def.xml (EX-101.DEF) — 211KB
• ctlp-20240331_lab.xml (EX-101.LAB) — 607KB
• ctlp-20240331_pre.xml (EX-101.PRE) — 436KB
• ctlp-20240331_htm.xml (XML) — 1118KB

- Financial Information

Part I - Financial Information Item 1. Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets - March 31, 202 4 (unaudited) and June 30, 2023 3 Condensed Consolidated Statements of Operations - Three and Nine Months ended Ma r ch 31, 202 4 and 202 3 (unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Loss) - Three and Nine Months ended March 31, 202 4 and 202 3 (unaudited) 5 Condensed Consolidated Statements of Convertible Preferred Stock and Shareholders' Equity - Three and Nine Months ended March 31, 202 4 and 202 3 (unaudited) 6 Condensed Consolidated Statements of Cash Flows - Nine Months ended March 31, 202 4 and 202 3 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 43

Signatures

Signatures 44 Table of Contents

Financial Information

Part I. Financial Information

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements Cantaloupe, Inc. Condensed Consolidated Balance Sheets ($ in thousands, except share data) March 31, 2024 (Unaudited) June 30, 2023 Assets Current assets: Cash and cash equivalents $ 50,197 $ 50,927 Accounts receivable, net 43,324 30,162 Finance receivables, net 5,781 6,668 Inventory, net 37,364 31,872 Prepaid expenses and other current assets 8,327 3,754 Total current assets 144,993 123,383 Non-current assets: Finance receivables due after one year, net 11,041 13,307 Property and equipment, net 30,320 25,281 Operating lease right-of-use assets 8,164 2,575 Intangibles, net 26,687 27,812 Goodwill 94,008 92,005 Other assets 4,688 5,249 Total non-current assets 174,908 166,229 Total assets $ 319,901 $ 289,612 Liabilities, convertible preferred stock, and shareholders' equity Current liabilities: Accounts payable $ 64,128 $ 52,869 Accrued expenses 24,824 26,276 Current obligations under long-term debt 1,450 882 Deferred revenue 1,893 1,666 Total current liabilities 92,295 81,693 Long-term liabilities: Deferred income taxes 409 275 Long-term debt, less current portion 36,647 37,548 Operating lease liabilities, non-current 9,035 2,504 Total long-term liabilities 46,091 40,327 Total liabilities 138,386 122,020 Commitments and contingencies (Note 15) Convertible preferred stock: Series A convertible preferred stock, 900,000 shares authorized, 385,782 issued and outstanding, with liquidation preferences of $ 22,722 and $ 22,144 at March 31, 2024 and June 30, 2023, respectively 2,720 2,720 Shareholders' equity: Common stock, no par value, 640,000,000 shares authorized, 72,799,266 and 72,664,464 shares issued and outstanding at March 31, 2024 and June 30, 2023, respectively 481,467 477,324 Accumulated deficit ( 302,665 ) ( 312,452 ) Accumulated other comprehensive loss ( 7 ) — Total shareholders' equity 178,795 164,872 Total liabilities, convertible preferred stock, and

View Full Filing

View this 10-Q filing on SEC EDGAR