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CANTALOUPE, INC. [CTLPP], a leading technology company, has announced its financial results for the year ended June 30, 2023. The company reported a net income of $0.6 million and achieved an annual revenue of $243.6 million.
Despite a challenging economic environment, Cantaloupe, Inc. demonstrated solid financial performance during the year. The company's net income improved from a loss of $1.7 million in the previous year to a positive figure of $0.6 million. This reflects the effectiveness of the company's strategic initiatives and cost management efforts. Additionally, Cantaloupe, Inc. achieved a significant growth in annual revenue, reaching $243.6 million, indicating a 18% increase compared to the previous year.
The substantial growth in revenue can be attributed to the company's strong performance across its segments. Cantaloupe, Inc. witnessed a 15% increase in subscription and transaction fees revenue, which amounted to $200.2 million for the year. Furthermore, the equipment sales segment also experienced growth, with revenue of $43.4 million, marking a 19% increase.
Cantaloupe, Inc. maintained a strong financial position during the year. The company's balance sheet shows total assets of $289.6 million, with a significant portion attributed to non-current assets such as finance receivables and property and equipment. The company's current assets amounted to $123.4 million, including cash and cash equivalents of $50.9 million. Cantaloupe, Inc. prudently managed its liabilities, with total current liabilities of $81.7 million and total long-term liabilities of $40.3 million.
The earnings per share (EPS) for Cantaloupe, Inc. were $0 for the year ended June 30, 2023. This represents an improvement compared to a loss per share of $0.03 in the previous year. The company's diluted EPS calculation takes into consideration the impact of potential dilution from convertible preferred stock and common stock options.
Looking ahead, Cantaloupe, Inc. remains optimistic about its growth prospects. The company will continue to focus on expanding its customer base and enhancing its product offerings to drive revenue growth. Furthermore, Cantaloupe, Inc. aims to improve its profitability through cost optimization and operational efficiencies.
In conclusion, Cantaloupe, Inc. achieved positive financial results for the year ended June 30, 2023, with a net income of $0.6 million and annual revenue of $243.6 million. The company's strong financial performance reflects its ability to navigate challenging market conditions while delivering value to its customers and shareholders. Cantaloupe, Inc. remains well-positioned for future growth and profitability.