Company: CTLPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023882
Chunk: 108

Company: CANTALOUPE, INC.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 108
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4 %81.5 %(16.1)%Equipment sales$10,248 $8,690 1,558 17.9 %Cost of equipment sales8,984 8,064 920 11.4 %Gross profit, equipment(1)$1,264 $626 638 101.9 %Gross margin, equipment12.3 %7.2 %5.1 %Total gross profit$26,004 $25,366 638 2.5 %Total gross margin34.5 %37.4 %(2.9)%(1) The Company's internal-use software assets and developed technology assets are not associated with transaction fees and equipment revenue.(2) Amortization of internal-use software assets and developed technology assets. In March 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.

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Highlights for the quarter ended March 31, 2025 include: 

•Revenues of $75.4 million, an increase of 11.1% quarter over same quarter prior year. Transaction fees, subscription fees and equipment sales all increased this quarter;

•1.26 million Active Devices compared to the same quarter last year of 1.22 million, an increase of approximately 44 thousand Active Devices, or 3.6%;

•34,115 Active Customers compared to the same quarter last year of 30,670, an increase of 3,445 Active Customers, or 11.2%; and

•$852.4 million in Total Dollar Volume of Transactions for the quarter ended March 31, 2025 compared to $767.4 million for the quarter ended March 31, 2024, an increase of $85.0 million, or 11.1%. See "Revenues and Gross Margin" in Management’s Discussion and Analysis of Financial Condition and Results of Operations below for additional information.

Revenues. Total revenues increased by $7.5 million for the three months ended March 31, 2025 compared to the same period in 2024. The increase in revenues is attributed to a $4.0 million increase in transaction fees, a $2.0 million increase in subscription fees and a $1.5 million increase in equipment sales.

The increase in