USA Technologies Inc. generated $4.4 million in total revenue during its fiscal first quarter ended Sept. 30, up 15.8% from $3.8 million during the same period last year, the provider of wireless payment acceptance announced Nov. 10. The company reported a net loss for the quarter of $1.9 million, an improvement from the $2.9 million loss a year earlier.
In a news release, USA Technologies cited as key highlights for the quarter an annualized run rate of more than $100 million in cashless payment volume. The company increased the number of connections to its network by 54%, to 88,000 vending machines and other devices accepting payment cards. The company expects the total connections to exceed 100,000 by Dec. 31.
USA Technologies says processed 13.9 million cashless transactions during the quarter, up 89% from a year earlier, while processing volume grew 68%, to $24.5 million.
The company’s 1,200 customers at the end of the quarter doubles the total from a year earlier, George Jensen, USA Technologies chairman and CEO, noted in the release.
