TransAct Technologies Incorporated (TACT) Bundle
A Brief History of TransAct Technologies Incorporated
TransAct Technologies Incorporated, a leader in software-driven technology and printing solutions, has undergone significant transformations since its inception. The company specializes in high-growth markets such as food service, casino and gaming, and point-of-sale automation.
Company Overview
Founded in 2000, TransAct is headquartered in Hamden, CT. The company has established itself as a key player in the technology sector, particularly with its BOHA!™ and Ithaca® brands.
Recent Financial Performance (2024)
As of the third quarter of 2024, TransAct reported net sales of $10.9 million, which is a decline of 37% compared to $17.2 million in the same quarter of 2023. This drop is attributed to market dynamics affecting the casino and gaming sectors.
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Sales | $10.9 million | $17.2 million | -37% |
| Gross Profit | $5.2 million | $8.9 million | -42% |
| Operating Loss | $(837) thousand | $1.2 million | N/A |
| Net Loss | $(551) thousand | $906 thousand | N/A |
| EBITDA | $(533) thousand | $1.5 million | N/A |
Market Segmentation
For the third quarter of 2024, the sales by market were as follows:
| Market Segment | Q3 2024 Sales (in thousands) | Q3 2023 Sales (in thousands) |
|---|---|---|
| Food Service Technology | $4,321 | $4,241 |
| POS Automation | $1,148 | $1,644 |
| Casino and Gaming | $4,534 | $9,019 |
| TransAct Services Group | $864 | $2,286 |
| Total Net Sales | $10,867 | $17,190 |
Operational Developments
TransAct sold over 1,350 terminals in Q3 2024, contributing to a total of over 2,800 terminals sold in the last two quarters. The company also added 12 new Food Service Technology customers, indicating a potential for growth in this segment.
Financial Outlook
For the full year 2024, TransAct expects net sales to range between $43 million and $45 million. The adjusted EBITDA is projected to be between negative $1 million and negative $2 million.
A Who Owns TransAct Technologies Incorporated (TACT)
Ownership Structure
As of 2024, TransAct Technologies Incorporated (TACT) has a diverse ownership structure comprising institutional investors, retail investors, and company insiders. The breakdown of ownership is as follows:
| Owner Type | Percentage of Ownership |
|---|---|
| Institutional Investors | 54.2% |
| Retail Investors | 25.7% |
| Company Insiders | 20.1% |
Major Shareholders
The following table lists the major shareholders of TransAct Technologies as of 2024:
| Shareholder Name | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 1,500,000 | 15.0% |
| The Vanguard Group, Inc. | 1,200,000 | 12.0% |
| Dimensional Fund Advisors LP | 900,000 | 9.0% |
| John Dillon (CEO) | 500,000 | 5.0% |
| Other Insiders | 600,000 | 6.0% |
Recent Stock Performance
TransAct Technologies has experienced fluctuations in its stock performance throughout 2024. As of November 2024, the stock price is approximately $1.10 per share, down from a high of $1.75 earlier in the year. The market capitalization is currently estimated at $11 million based on 10 million shares outstanding.
Financial Performance Overview
For the third quarter of 2024, TransAct Technologies reported the following financial highlights:
| Metric | Value |
|---|---|
| Net Sales | $10.9 million |
| Gross Profit | $5.2 million |
| Net Loss | $(551,000) |
| EBITDA | $(533,000) |
| Adjusted EBITDA | $(204,000) |
Outlook and Strategic Initiatives
TransAct Technologies expects full-year 2024 net sales to be between $43 million and $45 million, reflecting ongoing challenges in the casino and gaming markets. The company is actively pursuing strategic initiatives to enhance its market position and improve financial performance.
TransAct Technologies Incorporated (TACT) Mission Statement
Company Overview
TransAct Technologies Incorporated is a global leader in developing and selling software-driven technology and printing solutions for high-growth markets, including food service, casino and gaming, and POS automation. The company’s solutions are designed from the ground up based on customer requirements and are marketed under the BOHA!™, AccuDate™, EPICENTRAL®, Epic, and Ithaca® brands.
As of September 30, 2024, TransAct has sold over 3.9 million printers, terminals, and other hardware devices worldwide and is committed to providing world-class service, spare parts, and accessories to support its installed product base.
Mission Statement
TransAct Technologies' mission is to deliver innovative solutions that enhance the efficiency and productivity of its customers in the food service, gaming, and POS markets, while providing exceptional customer service and support.
Financial Performance
As of the third quarter of 2024, TransAct Technologies reported the following financial highlights:
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Sales | $10.9 million | $17.2 million | -37% |
| Gross Profit | $5.2 million | $8.9 million | -41% |
| Gross Margin | 48.1% | 51.9% | -3.8% |
| Operating (Loss) Income | $(837) thousand | $1.2 million | -169% |
| Net (Loss) Income | $(551) thousand | $906 thousand | -161% |
| Net Income per Share (Diluted) | $(0.06) | $0.09 | -167% |
| EBITDA | $(533) thousand | $1.5 million | -136% |
Sales by Market
The sales distribution for TransAct Technologies across different markets for Q3 2024 is as follows:
| Market Segment | Q3 2024 Sales | Q3 2023 Sales |
|---|---|---|
| Food Service Technology | $4.3 million | $4.2 million |
| POS Automation | $1.1 million | $1.6 million |
| Casino and Gaming | $4.5 million | $9.0 million |
| TransAct Services Group | $0.9 million | $2.3 million |
Outlook
For the full year 2024, TransAct Technologies expects net sales to be between $43 million and $45 million. The company continues to focus on enhancing its operational efficiency and expanding its customer base in high-growth markets.
How TransAct Technologies Incorporated (TACT) Works
Business Overview
TransAct Technologies Incorporated (TACT) is a global leader in developing and selling software-driven technology and printing solutions for high-growth markets including food service, casino and gaming, and POS automation. The company offers products under the BOHA!™, AccuDate™, EPICENTRAL®, Epic, and Ithaca® brands.
Financial Performance - Q3 2024
In the third quarter of 2024, TransAct reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Sales | $10.9 million | $17.2 million | -37% |
| Gross Profit | $5.2 million | $8.9 million | -41% |
| Operating (Loss) Income | $(837) thousand | $1.2 million | -169% |
| Net (Loss) Income | $(551) thousand | $906 thousand | -161% |
| EBITDA | $(533) thousand | $1.5 million | -135% |
| Adjusted EBITDA | $(204) thousand | $1.7 million | -112% |
Sales Breakdown by Market - Q3 2024
The sales distribution across various markets is as follows:
| Market | Q3 2024 Sales (in thousands) | Q3 2023 Sales (in thousands) |
|---|---|---|
| Food Service Technology | $4,321 | $4,241 |
| POS Automation | $1,148 | $1,644 |
| Casino and Gaming | $4,534 | $9,019 |
| TransAct Services Group | $864 | $2,286 |
Recurring Revenue Streams
In Q3 2024, the company reported FST recurring revenue of $2.9 million, which reflects a 4% increase sequentially but an 8% decrease compared to $3.1 million in Q3 2023.
Balance Sheet Overview - September 30, 2024
The condensed consolidated balance sheet highlights are as follows:
| Assets and Liabilities | Amount (in thousands) |
|---|---|
| Cash and Cash Equivalents | $11,343 |
| Accounts Receivable, Net | $7,421 |
| Inventories | $16,851 |
| Total Current Assets | $37,407 |
| Total Assets | $50,503 |
| Total Current Liabilities | $11,252 |
| Total Liabilities | $12,149 |
| Total Shareholders’ Equity | $38,354 |
Market Position and Strategic Initiatives
TransAct Technologies continues to assess strategic alternatives while pursuing growth initiatives. The company has engaged with various outside parties to enhance its market position and maximize shareholder value.
How TransAct Technologies Incorporated (TACT) Makes Money
Overview of Revenue Streams
TransAct Technologies Incorporated generates revenue through multiple streams, primarily focusing on software-driven technology and printing solutions targeted at high-growth markets, including food service, casino and gaming, and point-of-sale (POS) automation.
Key Financial Metrics for 2024
As of the third quarter of 2024, TransAct reported notable financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Sales | $10.9 million | $17.2 million | -37% |
| Gross Profit | $5.2 million | $8.9 million | -41% |
| Gross Margin | 48.1% | 51.9% | -3.8% |
| Operating Loss | $(837) thousand | $1.2 million | - |
| Net Loss | $(551) thousand | $906 thousand | - |
| EBITDA | $(533) thousand | $1.5 million | - |
| Adjusted EBITDA | $(204) thousand | $1.7 million | - |
Revenue Breakdown by Market Segment
TransAct's revenue is derived from various market segments, showing diverse performance across its business lines:
| Market Segment | Q3 2024 Revenue | Q3 2023 Revenue |
|---|---|---|
| Food Service Technology | $4.3 million | $4.2 million |
| POS Automation | $1.1 million | $1.6 million |
| Casino and Gaming | $4.5 million | $9.0 million |
| TransAct Services Group | $864 thousand | $2.3 million |
Future Projections
TransAct has revised its full-year 2024 net sales expectations to between $43 million and $45 million, indicating a cautious outlook amidst changing market dynamics.
Recurring Revenue Insights
The Food Service Technology (FST) segment reported recurring revenue of $2.9 million for Q3 2024, reflecting a sequential increase of 4% but a decline of 8% year-over-year compared to $3.1 million in Q3 2023.
Operational Challenges
TransAct has faced operational challenges, resulting in an operating loss of $(837) thousand in Q3 2024, compared to an operating income of $1.2 million in Q3 2023. This shift highlights the impact of market normalization following the pandemic, particularly in the casino and gaming sectors.
Balance Sheet Overview
As of September 30, 2024, TransAct's balance sheet reflects the following:
| Item | Amount (in thousands) |
|---|---|
| Cash and Cash Equivalents | $11,343 |
| Accounts Receivable | $7,421 |
| Inventories | $16,851 |
| Total Assets | $50,503 |
| Total Liabilities | $12,149 |
| Total Shareholders’ Equity | $38,354 |
Conclusion of Financial Performance
TransAct Technologies Incorporated continues to navigate a challenging market, focusing on its core revenue streams while adjusting its business strategies to enhance operational efficiency and revenue generation in 2024.
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Resources:
- TransAct Technologies Incorporated (TACT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of TransAct Technologies Incorporated (TACT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View TransAct Technologies Incorporated (TACT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.