Company: CTLPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023882
Chunk: 43

Company: CANTALOUPE, INC.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 43
---
 items sold, increased average ticket price, increased processing volumes, and the acquisition Cheq, resulting in a 11.1% increase in total dollar volumes of transactions for the current fiscal year quarter relative to the same quarter in the prior year. There was also an increase in the total number of active devices relative to the same quarter in the prior year.

Our subscription fees have increased 10.3% for the three months ended March 31, 2025 compared to the same period in 2024 which is attributed to a continued focus of management to grow our recurring subscription services to our customer base, an increase in our active devices compared to last year, and the acquisition of SB Software.

Equipment revenue increased to $10.2 million for the three months ended March 31, 2025, compared to $8.7 million for the same period in 2024, primarily due to increased sales of our Smart Stores product (which we launched in December 2024) in the current fiscal year quarter.

Costs of sales. Costs of sales increased $3.1 million for the three months ended March 31, 2025 compared to the prior year period. The increase in costs of sales was primarily due to a $2.2 million increase in transaction costs as a result of increased processing volumes. Equipment cost of sales increased by $0.9 million as a result of increased equipment sales. 

Amortization. Amortization of internal-use software assets and developed technology assets increased $3.8 million for the three months ended March 31, 2025 compared to the prior year period primarily as a result of certain capitalized internal use software is no longer expected to provide future economic benefits as a result of changes in business strategy and evolving technology initiatives and our acquisitions of Cheq and SB Software.

Gross margin. Total U.S. GAAP gross margin decreased to 34.5% for the three months ended March 31, 2025 from 37.4% for the three months ended March 31, 2024. The decrease was primarily a result of the additional amortization expense described above.

Operating Expenses

Three months ended March 31,ChangeCategory ($ in thousands)20252024AmountPercentageSales and marketing$5,830 $5,747 $83 1.4 %Technology and product development4,328 4,916 (588)(12.0)%General and administrative expenses8,471 8,552