USA Technologies Reports 32% Rise In Annual Revenue

Citing expansion in the use of its cashless vending-machine technology, USA Technologies on Sept. 21 reported $15.8 million in revenue for the fiscal year ended June 30, up 31.7% from $12 million during the previous 12-month period. The company reported an $11.6 million net loss; it reported a $13.7 million loss the previous fiscal year.

Fourth-quarter revenue totaled $4.5 million, up 25% from $3.6 million during the same period last year. The net loss totaled $2.1 million, an improvement from the $2.9 million loss during the same period in 2009.

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 (see story). The Malvern, Pa.-based company said at the time 82,000 of its card-acceptance devices were installed on vending machines in the U.S. as of June 30, compared with 52,000 a year earlier.

In its earnings release, the company noted that the number of cashless transaction processed during the quarter increased by 73%, to 11.7 million from 6.7 million a year earlier. The dollar value of those transactions totaled $20.8 million, up 54% from $13.5 million.

For the fiscal year, total transactions processed reached 36.9 million, up 65% from 22.3 million, while the value of those purchases rose 44%, to $67.6 million from $47.1 million.