Cantaloupe, Inc. Reports Double-Digit Revenue Growth in Q3

Financial Highlights

Cantaloupe, Inc., a leading provider of software solutions to the foodservice industry, announced its financial results for the third quarter of fiscal 2023, reporting a strong performance with double-digit growth in revenue and profitability. The company's success was driven by continued adoption of its cloud-based platform and increased demand for its data analytics and payment processing services.

Total revenue for the quarter reached $25.6 million, a 12% increase compared to the same period last year. This growth was primarily driven by the company's recurring revenue streams, which accounted for over 80% of total revenue.

Key Factors Driving Growth

• Increased adoption of the company's cloud-based platform by restaurants and foodservice operators seeking to improve operational efficiency and customer engagement.
• Growing demand for data analytics services, as businesses seek to leverage data insights to make informed decisions and improve performance.
• Expansion of the company's payment processing business, offering integrated payment solutions tailored to the specific needs of the foodservice industry.

Financial Outlook

Cantaloupe, Inc. remains optimistic about its future growth prospects and expects to continue to invest in its product development and sales initiatives. The company anticipates continued growth in its recurring revenue streams, driven by the increasing adoption of its cloud-based platform and data analytics services.

The company also plans to expand its geographic reach and enter new markets to capitalize on the growing demand for its software solutions. With its strong financial performance and positive outlook, Cantaloupe, Inc. is well-positioned to continue delivering value to its customers and shareholders in the years to come.