Cantaloupe Reports Record Quarterly Revenues As Acquisitions And New Signings Kick in

Vending-payment specialist Cantaloupe Inc. on Friday reported record revenue of $49 million for the June quarter, a 50.2% increase over the same period a year earlier, and a 14.6% increase from the same period in 2021. 

Equipment revenue totaled $10.8 million during the quarter, a more than 100% increase from a year earlier. Active devices, which are defined as devices that have communicated or transacted with Cantaloupe in the past 12 months, grew slightly to 1.09 million, compared to 1.08 million during the same period a year ago. 

Active customers that have at least one active device, totaled 19,800, up from 17,200 in the same quarter of 2020, a 15% increase.

License and transaction fee revenue totaled $38.2 million, up 37.3% from a year earlier. License fee revenues include monthly fees for managing devices and software licensing fees for Cantaloupe’s Seed software.

Cantaloupe continued to expand its customer base. Two customers signed during the year since June 2020 are Elite Refreshment Services LLC and Vend Buffet Inc., a wholly owned-subsidiary of Lufkin, Texas-based Lufkin Coca-Cola Bottling Company. Both companies are using Cantaloupe’s Seed Platform. The company also reports increasing adoption of its Seed Cashless+ software among small and medium businesses. 

In August, Cantaloupe acquired, for an undisclosed sum, Delicious Nutritious LLC, a Los Angeles-based micro-market payments company that operates under the trade name of Yoke Payments.

In April, Cantaloupe officially changed its name from USA Technologies Inc. and relisted its ticker symbol on the Nasdaq exchange as CTLP. In June, the company was added to the Russell 2000 Index.