Increased use of its cashless vending machine technology drove up revenue and helped USA Technologies Inc. narrow its loss in its fiscal fourth quarter.
The Malvern, Pa., payments company on Tuesday reported revenue of $4.5 million for the quarter that ended June 30, up 25% year over year.
It posted a loss of $2.1 million compared with $2.9 million a year earlier. Full-year revenue increased 31.7%, to $15.8 million, and its net loss shrank to $11.6 million, from $13.7 million.
USA Technologies in August reported that the number of vending machines equipped with its wireless ePort Connect Service technology enabling credit and debit card acceptance had increased 58% within the past year and was on track to hit 100,000 by yearend.
USA Technologies said that 82,000 of its card acceptance devices were installed on vending machines in the U.S. at June 30, compared with 52,000 a year earlier.
In its earnings release, USA Technologies said that the number of cashless transaction processed during the quarter increased by 73%, to 11.7 million. The dollar value of those transactions totaled $20.8 million, up 54%.
For the fiscal year, total transactions processed reached 36.9 million, up 65%, and the value of those purchases rose 44%, to $67.6 million.
