TransAct Technologies Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>TransAct Technologies Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

TRANSACT TECHNOLOGIES INC (TACT) filed a Annual Report (10-K) with the SEC on March 13, 2024. TransAct Technologies Inc. filed its 10-K report for the fiscal year ended December 31, 2023. The company is incorporated in Delaware and headquartered in Hamden, CT. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial statement dates include December 31, 2023, and December 31, 2022. The SIC code for the company is 3577 (Computer Peripheral Equipment, NEC).

Why It Matters

For investors and stakeholders tracking TRANSACT TECHNOLOGIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of TransAct Technologies' financial performance, business operations, and risk factors for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: medium — TRANSACT TECHNOLOGIES INC shows moderate risk based on this filing. The company operates in the computer peripheral equipment sector, which can be subject to rapid technological changes and market competition, as indicated by its SIC code 3577.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand TransAct Technologies' performance and outlook for 2024.

Key Numbers

• 20231231 — Fiscal Year End (FISCAL YEAR END)
• 20240313 — Filing Date (FILED AS OF DATE)
• 000-21121 — SEC File Number (SEC FILE NUMBER)
• 24746900 — Film Number (FILM NUMBER)

Key Players & Entities

• TRANSACT TECHNOLOGIES INC (company) — COMPANY CONFORMED NAME
• 0001017303 (company) — CENTRAL INDEX KEY
• 3577 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (company) — STATE OF INCORPORATION
• CT (company) — STATE
• 203-859-6800 (company) — BUSINESS PHONE
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240313 (date) — FILED AS OF DATE

FAQ

Industry Context

TransAct Technologies Inc. operates within the computer peripheral equipment industry, specifically focusing on transaction and payment technologies.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

What Investors Should Do

1. Analyze the full 10-K document for detailed financial statements and management discussion.
2. Identify any new risk factors or changes in existing risks disclosed in the filing.
3. Compare the 2023 results with previous years to identify trends and performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-13: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending December 31, 2023. Previous filings would need to be consulted for comparison.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share TACT NASDAQ Global Market
• $0.4 million — ing non-operating gain of approximately $0.4 million in the fourth quarter of 2023. Prior to
• $3 million — se actions will result in approximately $3 million of annualized savings beginning in 2024

Filing Documents

• ef20015290_10k.htm (10-K) — 1760KB
• ef20015290_4-2.htm (EX-4.2) — 25KB
• ef20015290_ex10-16.htm (EX-10.16) — 193KB
• ef20015290_23-1.htm (EX-23.1) — 3KB
• ef20015290_31-1.htm (EX-31.1) — 13KB
• ef20015290_31-2.htm (EX-31.2) — 13KB
• ef20015290_32.htm (EX-32) — 8KB
• ef20015290_ex97.htm (EX-97) — 42KB
• image01.jpg (GRAPHIC) — 110KB
• image02.jpg (GRAPHIC) — 233KB
• image03.jpg (GRAPHIC) — 66KB
• 0001140361-24-013040.txt (&nbsp;) — 9481KB
• tact-20231231.xsd (EX-101.SCH) — 49KB
• tact-20231231_cal.xml (EX-101.CAL) — 81KB
• tact-20231231_def.xml (EX-101.DEF) — 257KB
• tact-20231231_lab.xml (EX-101.LAB) — 775KB
• tact-20231231_pre.xml (EX-101.PRE) — 469KB
• ef20015290_10k_htm.xml (XML) — 1319KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 19 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. [Reserved] 21 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 29 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 29 Item 9A.

Controls and Procedures

Controls and Procedures 30 Item 9B. Other Information 30 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 30 PART III. Item 10. Directors, Executive Officers and Corporate Governance 31 Item 11.

Executive Compensation

Executive Compensation 31 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 31 Item 13. Certain Relationships and Related Transactions, and Director Independence 31 Item 14. Principal Accountant Fees and Services 31 PART IV. Item 15. Exhibits and Financial Statement Schedules 32 Item 16. Form 10-K Summary 34

SIGNATURES

SIGNATURES 35 CONSOLIDATED FINANCIAL STATEMENTS Index to Consolidated Financial Statements F-1 Index Smaller Reporting Company—Scaled Disclosure Pursuant to Item 10(f) of Regulation S-K promulgated under the Securities Act of 1933, as amended (the "Securities Act"), as indicated herein, we have elected to comply with certain scaled disclosure requirements applicable to "smaller reporting companies" in this Annual Report on Form 10-K for the year ended December 31, 2023 (this "Form 10-K"). PART I

Forward-Looking Statements

Forward-Looking Statements Certain statements included in this Form 10-K may include "forward-looking statements" within the meaning of the U.S. federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent current views about possible future events and are often identified by the use of forward-looking terminology, such as "may," "will," "could," "expect," "intend," "estimate," "anticipate," "believe," "project," "plan," "predict," "design" or "continue" or the negative thereof or other similar words. Forward-looking statements are subject to certain risks, uncertainties and assumptions. In the event that one or more of such risks or uncertainties materialize, or one or more underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied by the forward-looking statements. Important factors and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to, the following: the adverse effects of current economic conditions on our business, operations, financial condition, results of operations and capital resources, difficulties or delays in manufacturing or delivery of inventory or other supply chain disruptions, inflation and the Russia/Ukraine and Middle East conflicts, an inability of our customers to make payments on time or at all, diversion of management attention, a possible future reduction in the value of goodwill or other intangible assets, inadequate manufacturing capacity or a shortfall or excess of inventory as a result of difficulty in predicting manufacturing requirements due to volatile economic conditions, price increases or decreased availability of component parts or raw materials, exchange rate fluctuations, volatility of, and decreases in, trading pr

Business

Item 1. Business. The Company TransAct Technologies Incorporated (together with its consolidated subsidiaries, "TransAct," the "Company," "we," "us," or "our") was incorporated in June 1996 and began operating as a stand-alone business in August 1996 as a spin-off of the printer business that was formerly conducted by certain subsidiaries of Tridex Corporation. We completed an initial public offering on August 22, 1996. TransAct is a global leader in developing and selling software-driven technology and printing solutions for high-growth markets including food service technology, point of sale ("POS") automation and casino and gaming. Our world-class products are designed from the ground up based on market and customer requirements and are sold under the BOHA!, AccuDate, Epic, EPICENTRAL, and Ithaca brand names. During 2019, we launched a new line of products for the food service technology market, the BOHA! hardware solutions and companion branded suite of cloud-based applications. The BOHA! software and hardware products help restaurants, convenience stores and food service operators of all sizes automate the food production in the back-of-house operations. Known and respected worldwide for innovative designs and real-world service reliability, our thermal printers and terminals generate top-quality labels, coupons and transaction records such as receipts, tickets and other documents. We sell our technology to original equipment manufacturers ("OEMs"), value-added resellers, and select distributors, as well as directly to end users. Our product distribution spans across the Americas, Europe, the Middle East, Africa, Asia, Australia, New Zealand, the Caribbean Islands and the South Pacific. We also offer world-class service, support, labels, spare parts, accessories and printing supplies to our growing worldwide base of products currently in use by our customers. Through our TransAct Services Group ("TSG"), we provide a complete range of supplies and consumables

View Full Filing

View this 10-K filing on SEC EDGAR