Cantaloupe, Inc. (CTLP) Bundle
A Brief History of Cantaloupe, Inc.
Cantaloupe, Inc. has seen significant growth and transformation in its operations and financial performance as of 2024. The company has focused on expanding its services and enhancing its technology solutions for payment processing and device management.
Financial Performance Overview
For the three months ended September 30, 2024, Cantaloupe reported total revenues of $70.8 million, marking a 13.0% increase compared to $62.4 million in the same quarter of the previous year. This growth was primarily driven by increased subscription and transaction fee revenues.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenues | $70.8 million | $62.4 million | 13.0% |
| Net Income | $3.572 million | $2.007 million | 78.1% |
| Operating Expenses | $24.744 million | $21.573 million | 14.7% |
| Gross Margin | 38.3% | 35.7% | 2.6% |
Active Customers and Devices
As of September 30, 2024, Cantaloupe reported 32,338 active customers, a significant increase from 29,670 in the prior year, reflecting a growth rate of 9.0%. The number of active devices also increased to 1.23 million, up from 1.19 million year-over-year.
| Customer Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Active Customers | 32,338 | 29,670 | 9.0% |
| Active Devices | 1,230,000 | 1,190,000 | 3.2% |
| Total Transactions | 293.7 million | 283.6 million | 3.6% |
| Total Dollar Volume | $826.7 million | $724.8 million | 14.1% |
Cost Structure and Profitability
The company's cost of sales for the quarter increased by $3.6 million to $43.6 million, primarily due to higher subscription and transaction processing costs. Despite rising costs, the gross profit for subscription and transaction fees rose to $26.301 million, up from $21.464 million year-over-year.
| Cost Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Cost of Sales | $43.6 million | $40.0 million | 9.0% |
| Gross Profit | $27.104 million | $22.385 million | 21.1% |
| Adjusted EBITDA | $8.952 million | $7.821 million | 14.5% |
Investments and Acquisitions
In September 2024, Cantaloupe acquired SB Software, incurring integration and acquisition expenses of $0.2 million. This strategic acquisition aims to expand Cantaloupe's capabilities in technology and service offerings.
Liquidity and Capital Resources
As of September 30, 2024, Cantaloupe held $33.1 million in cash and cash equivalents, down from $58.9 million in the prior quarter. The company’s total outstanding debt was $37.3 million, with a current portion of $1.4 million.
| Liquidity Metrics | As of September 30, 2024 | As of June 30, 2024 |
|---|---|---|
| Cash and Cash Equivalents | $33.1 million | $58.9 million |
| Total Outstanding Debt | $37.3 million | $37.6 million |
| Current Debt Portion | $1.4 million | $1.3 million |
Cantaloupe, Inc.'s financial data reflects a robust operational performance and strategic growth trajectory as of 2024, underscored by increasing revenues, a growing customer base, and strategic investments aimed at enhancing its market position.
A Who Owns Cantaloupe, Inc. (CTLP)
Ownership Structure
As of 2024, Cantaloupe, Inc. (CTLP) has a diverse ownership structure that includes institutional investors, individual shareholders, and insider ownership. The company’s common stock is publicly traded on the NASDAQ under the ticker symbol CTLP.
Major Shareholders
The following table summarizes the major shareholders of Cantaloupe, Inc. as of September 30, 2024:
| Shareholder Type | Number of Shares | Percentage of Ownership |
|---|---|---|
| Institutional Investors | Approximately 25,000,000 | 34.3% |
| Insiders | Approximately 5,000,000 | 6.8% |
| Retail Investors | Approximately 40,000,000 | 55.4% |
| Others | Approximately 3,000,000 | 4.1% |
Top Institutional Investors
Key institutional investors in Cantaloupe, Inc. include:
| Institution | Number of Shares | Percentage of Ownership |
|---|---|---|
| Vanguard Group, Inc. | 8,500,000 | 11.6% |
| BlackRock, Inc. | 7,000,000 | 9.7% |
| Dimensional Fund Advisors, LP | 4,500,000 | 6.2% |
| State Street Corporation | 3,000,000 | 4.2% |
Insider Ownership
The following table details insider ownership as of September 30, 2024:
| Name | Position | Number of Shares | Percentage of Ownership |
|---|---|---|---|
| Sean J. McCarthy | CEO | 1,000,000 | 1.4% |
| Michael J. Becker | CFO | 750,000 | 1.0% |
| Board of Directors | Various | 3,250,000 | 4.4% |
Recent Developments
In recent months, Cantaloupe, Inc. has engaged in strategic initiatives aimed at expanding its market reach and enhancing shareholder value. The acquisition of SB Software in September 2024 is a significant move to bolster its operational capabilities and software offerings in the vending and coffee machine management sectors.
Stock Performance
As of September 30, 2024, Cantaloupe, Inc.'s stock performance has shown resilience with the following metrics:
| Metric | Value |
|---|---|
| Current Share Price | $8.50 |
| Market Capitalization | $600 million |
| 52-Week Range | $5.00 - $10.00 |
| Dividend Yield | 0.0% |
Conclusion
The ownership structure of Cantaloupe, Inc. as of 2024 reflects a mix of institutional, insider, and retail investors, indicating a strong interest from various segments of the investment community. The company’s strategic acquisitions and focus on enhancing operational efficiencies position it well for future growth.
Cantaloupe, Inc. (CTLP) Mission Statement
Cantaloupe, Inc. aims to provide innovative technology solutions that enhance the vending and unattended retail industries. The company focuses on delivering operational efficiencies and improved customer experiences through its advanced software and hardware offerings.
Key Financial Metrics as of September 30, 2024
| Metric | Value |
|---|---|
| Total Revenues | $70.8 million |
| Year-over-Year Revenue Increase | 13.0% |
| Active Devices | 1.23 million |
| Active Customers | 32,338 |
| Total Dollar Volume of Transactions | $826.7 million |
| Gross Margin | 38.3% |
| Net Income | $3.572 million |
| Basic Earnings Per Share | $0.04 |
Revenue Breakdown
| Category | Q3 2024 ($ in thousands) | Q3 2023 ($ in thousands) |
|---|---|---|
| Subscription Fees | 20,188 | 18,105 |
| Transaction Fees | 43,604 | 37,030 |
| Equipment Sales | 7,044 | 7,548 |
| Total Revenue | 70,836 | 62,683 |
Operating Expenses
| Category | Q3 2024 ($ in thousands) | Q3 2023 ($ in thousands) |
|---|---|---|
| Sales and Marketing | 5,448 | 4,142 |
| Technology and Product Development | 4,499 | 4,168 |
| General and Administrative | 11,928 | 10,438 |
| Total Operating Expenses | 24,744 | 21,573 |
Market Position and Strategic Developments
As of September 30, 2024, Cantaloupe, Inc. has approximately 360 full-time employees across various locations including the United States, United Kingdom, and Mexico. The company has made significant strides in expanding its market reach, highlighted by the acquisition of SB Software, which enhances its capabilities in the vending management sector.
Key developments include the launch of a premium suite management system designed for hospitality venues and an updated vending management system that improves usability and performance. These initiatives align with Cantaloupe's mission to enhance customer experience and operational efficiency.
Summary of Key Operating Metrics
| Operating Metric | Value |
|---|---|
| Active Devices | 1.230 million |
| Active Customers | 32,338 |
| Total Number of Transactions | 293.7 million |
| Average Revenue Per Unit (ARPU) | $198.31 |
Cantaloupe, Inc.'s mission focuses on leveraging technology to transform the vending and unattended retail markets, aiming for sustainable growth and enhanced customer engagement through innovative solutions.
How Cantaloupe, Inc. (CTLP) Works
Business Model
Cantaloupe, Inc. operates primarily in the cashless payment and technology solutions sector, focusing on vending and unattended retail markets. The company generates revenue through two main channels: subscription and transaction fees, and equipment sales.
Financial Performance
For the three months ended September 30, 2024, Cantaloupe reported total revenues of $70.8 million, a 13.0% increase compared to the same quarter in 2023. The revenue breakdown is as follows:
| Revenue Source | Q3 2024 ($ in thousands) | Q3 2023 ($ in thousands) | Change (%) |
|---|---|---|---|
| Transaction Fees | 43,604 | 37,030 | 17.0 |
| Subscription Fees | 20,188 | 18,105 | 11.5 |
| Equipment Sales | 7,044 | 7,548 | (6.7) |
| Total Revenues | 70,836 | 62,683 | 13.0 |
Active Devices and Customers
As of September 30, 2024, Cantaloupe had:
- 1.23 million Active Devices, an increase of 3.2% from 1.19 million in Q3 2023.
- 32,338 Active Customers, up 9.0% from 29,670 in the same quarter last year.
Transaction Volume
The company processed a total dollar volume of transactions amounting to $826.7 million for the quarter ended September 30, 2024, representing a 14.1% increase compared to $724.8 million in Q3 2023.
Cost Structure
Cost of sales increased by $3.6 million for the three months ended September 30, 2024, driven primarily by a $4.0 million increase in subscription and transaction costs.
The gross margin for the quarter was reported at 38.3%, up from 35.7% in the prior year, reflecting improved profitability in subscription and transaction fees.
Operating Expenses
Operating expenses for Q3 2024 were $24.7 million, a 14.7% increase from $21.6 million in Q3 2023. The breakdown is as follows:
| Expense Category | Q3 2024 ($ in thousands) | Q3 2023 ($ in thousands) | Change (%) |
|---|---|---|---|
| Sales and Marketing | 5,448 | 4,142 | 31.5 |
| Technology and Product Development | 4,499 | 4,168 | 7.9 |
| General and Administrative | 11,928 | 10,438 | 14.3 |
| Integration and Acquisition Expenses | 197 | 78 | 152.6 |
| Total Operating Expenses | 24,744 | 21,573 | 14.7 |
Cash Flow and Liquidity
Net cash used in operating activities for Q3 2024 was $12.0 million, resulting from $20.9 million used in working capital accounts, offset by a net income of $3.6 million.
Cantaloupe's cash and cash equivalents stood at $33.1 million as of September 30, 2024.
Debt Obligations
The company's debt and financing arrangements totaled $37.3 million as of September 30, 2024, with the major component being the JPMorgan Credit Facility.
Adjusted EBITDA
Adjusted EBITDA for the three months ended September 30, 2024 was approximately $8.95 million, compared to $7.82 million in Q3 2023, indicating a robust operational performance.
Tax Provisions
For the quarter ended September 30, 2024, Cantaloupe recorded an income tax provision of $0.2 million, reflecting a 5.1% effective tax rate primarily based on state tax obligations.
How Cantaloupe, Inc. (CTLP) Makes Money
Revenue Streams
Cantaloupe, Inc. generates revenue primarily from three main sources:
- Subscription Fees
- Transaction Processing Fees
- Equipment Sales
As of September 30, 2024, the revenue breakdown is as follows:
| Revenue Source | Amount ($ in thousands) |
|---|---|
| Transaction Fees | 43,604 |
| Subscription Fees | 20,188 |
| Equipment Sales | 7,044 |
| Total Revenues | 70,836 |
Subscription and Transaction Fees
Subscription and transaction fees represent approximately 90% of the company's total revenue. For the three months ended September 30, 2024, the company reported:
| Metric | Amount ($ in thousands) |
|---|---|
| Subscription and Transaction Fee Revenue | 63,792 |
| Cost of Subscription and Transaction Fees | 35,744 |
| Gross Profit from Subscription and Transaction Fees | 26,301 |
| Gross Margin (%) | 41.2 |
The increase in subscription fees by 11.5% compared to the same quarter in the previous year is attributed to a growing customer base and increased active devices.
Equipment Sales
Equipment sales accounted for approximately 10% of total revenues. The sales figures for the three months ended September 30, 2024, are:
| Metric | Amount ($ in thousands) |
|---|---|
| Equipment Sales | 7,044 |
| Cost of Equipment Sales | 6,241 |
| Gross Profit from Equipment Sales | 803 |
| Gross Margin (%) | 11.4 |
Equipment sales have seen a slight decrease of 6.7% compared to the previous year, reflecting challenges in the market and a strategic shift towards higher-margin subscription services.
Active Devices and Customers
As of September 30, 2024, Cantaloupe operates:
| Metric | Amount |
|---|---|
| Active Devices (thousands) | 1,230 |
| Active Customers | 32,338 |
The company has increased its active devices by approximately 3.2% compared to the previous year, indicating growth in its service adoption.
Operating Expenses
For the three months ended September 30, 2024, Cantaloupe reported total operating expenses of:
| Expense Category | Amount ($ in thousands) |
|---|---|
| Sales and Marketing | 5,448 |
| Technology and Product Development | 4,499 |
| General and Administrative | 11,928 |
| Total Operating Expenses | 24,744 |
Total operating expenses increased by 14.7%, primarily due to higher sales and marketing costs to support growth initiatives.
Net Income and Earnings Per Share
For the three months ended September 30, 2024, Cantaloupe recorded:
| Metric | Amount ($ in thousands) |
|---|---|
| Net Income | 3,572 |
| Net Income Applicable to Common Shares | 3,283 |
| Basic Earnings Per Share | 0.04 |
| Diluted Earnings Per Share | 0.04 |
This represents an increase in net income of 78% compared to the same quarter in 2023, reflecting effective cost management and revenue growth strategies.
Future Revenue Expectations
The company anticipates continued growth in its subscription and transaction revenues, supported by the ongoing expansion of its active devices and customer base. As of September 30, 2024, future performance obligations related to unsatisfied contracts are expected to bring in:
| Period | Estimated Revenue ($ in thousands) |
|---|---|
| Remainder of fiscal year 2025 | 4,341 |
| 2026 | 4,250 |
| 2027 | 1,084 |
| Thereafter | 26 |
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Resources:
- Cantaloupe, Inc. (CTLP) Financial Statements – Access the full quarterly financial statements for Q1 2025 to get an in-depth view of Cantaloupe, Inc. (CTLP)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Cantaloupe, Inc. (CTLP)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.