Company: CTLPP
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050174
Chunk: 100

Company: CANTALOUPE, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 100
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 their assets were acquired. We define Adjusted Gross Margin as Adjusted Gross Profit divided by revenue.

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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 September 30, 2025 and 2024:

3 Months Ended September 30,ChangePercent Change($ in thousands)202520242025  v. 2024Gross profit, transaction (GAAP)$11,790 $10,301 $1,489 14.5 %Gross margin, transaction (GAAP)24.5 %23.6 %0.9 %Gross profit, subscription (GAAP)17,628 16,000 1,628 10.2 %Amortization(1)2,707 1,747 960 55.0 %Adjusted Gross Profit, subscription (non-GAAP)$20,335 $17,747 2,588 14.6 %Adjusted Gross Margin, subscription (non-GAAP)91.3 %87.9 %3.4 %Gross profit, equipment (GAAP)$1,389 $803 586 73.0 %Gross margin, equipment (GAAP)13.2 %11.4 %1.8 %Total Adjusted Gross Profit (non-GAAP)$33,514 $28,851 4,663 16.2 %Total Adjusted Gross Margin (non-GAAP)41.5 %40.7 %0.8 %(1) Amortization of internal-use software assets and developed technology assets.

Total Adjusted Gross Margin (non-GAAP) was 41.5% for the three months ended September 30, 2025, from 40.7% for the three months ended September 30, 2024.  The decrease in Adjusted Gross Margin was primarily due to equipment sales representing a larger percentage of the Company's sales than for the same quarter last year.

Adjusted EBITDA (non-GAAP)

The Company defines Adjusted EBITDA (non-GAAP) as U.S. GAAP net income before (i) interest income from cash and leases, (ii) interest (income) expense from debt and tax liabilities, (iii) income tax provision, (iv) depreciation, (v) amortization, (vi) stock