Company: CTLPP
Filing Date: 2025-09-08
Form Type: 10-K
Source: 0001628280-25-041775
Chunk: 96

Company: CANTALOUPE, INC.
Filing Date: 2025-09-08
Form: 10-K
Item: Item 7
Chunk 96
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 resulting figures excluding the aforementioned non-cash charges because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and such amounts vary substantially from company to company depending on their financing and capital structures and the method by which their assets were acquired. We define Adjusted Gross Margin as Adjusted Gross Profit divided by revenue.

We have provided below a reconciliation of U.S. GAAP gross profit to Adjusted Gross Profit and Adjusted Gross Margin for the fiscal years ended June 30, 2025 and 2024:

Year Ended June 30,ChangePercent Change($ in thousands)202520242025 v. 2024Gross profit, transaction (GAAP)$44,919 $32,871 $12,048 36.7 %Gross margin, transaction (GAAP)25.0 %21.0 %4.0 %Gross profit, subscription (GAAP)63,445 60,459 2,986 4.9 %Amortization(1)11,683 6,767 4,916 72.6 %Adjusted Gross Profit, subscription fees (non-GAAP)$75,128 $67,226 $7,902 11.8 %Adjusted Gross Margin, subscription fees (non-GAAP)89.9 %89.2 %Gross profit, equipment (GAAP)$3,777 $2,554 $1,223 47.9 %Gross margin, equipment (GAAP)9.6 %6.9 %2.7 %Total Adjusted Gross Profit (non-GAAP)$123,824 $102,651 $21,173 20.6 %Total Adjusted Gross Margin (non-GAAP)40.9 %38.2 %(1) Amortization of internal-use software assets and developed technology assets. For the year ended June 30, 2025, the Company recognized additional charges of $3.0 million, due to 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.

Total Adjusted Gross Margin (non-GAAP) was 40.9% for the year ended June 30, 2025, from 38.2% for the year ended June 30, 2024. The increase in Adjusted Gross Margin was