Transact Technologies Inc - TACT STOCK NEWS

TransAct Technologies (NASDAQ: TACT) has announced its largest BOHA! WorkStation order to date, securing 140 units for a new grocery market customer. This deployment, expected in Q3 2022, will generate an estimated annual recurring revenue of $1,000 per unit. The BOHA! platform integrates cloud-based applications for various food service operations, providing a comprehensive solution for back-of-house activities. TransAct aims to enhance customer operational efficiencies while tapping into the growing food service technology market.

TransAct Technologies reported a 17% increase in first-quarter net sales to $9.7 million compared to last year. The company's FST recurring revenue also rose by 30% to $1.6 million. Despite these growth metrics, the company faced challenges, with a gross profit decline leading to a gross margin of 30.9%, down from 38.4% the previous year. Operating loss widened to $(5.2) million, and the net loss was $(4.0) million or $(0.41 per diluted share. Paid terminals increased by 44% year-over-year, reaching 10,127.

TransAct Technologies (NASDAQ: TACT) will announce its Q1 2022 financial results after market close on May 10, 2022. A conference call and webcast will take place at 4:30 p.m. ET, accessible to the public. Participants can join the call by dialing 888-224-1005 (conference ID 3010012). The event can also be streamed live via the company's website. A replay of the call will be available starting two hours post-event until May 24, 2022. TransAct Technologies specializes in software-driven printing solutions for various high-growth sectors.

TransAct Technologies Incorporated (NASDAQ: TACT) has announced the appointment of Daniel Friedberg and Audrey Dunning to its Board of Directors as part of a Cooperation Agreement with 325 Capital and Harbert Discovery Fund. These investors own approximately 16.8% of TransAct's shares. The agreement also includes commitments to declassify the Board and separate the roles of Chairman and CEO. Bart C. Shuldman, CEO, emphasized the importance of stockholder communication and value creation, while Friedberg noted a focus on maximizing value for all stockholders.

TransAct Technologies Incorporated (NASDAQ: TACT) announced the appointment of Gaurav Bahri as Chief Revenue Officer for the Food Service Technology market, effective March 21, 2022. Mr. Bahri brings significant experience from Workday and Oracle America, focusing on sales leadership and revenue growth. Bart Shuldman, Chairman and CEO, expressed enthusiasm for Bahri's expertise in enterprise software, believing it will enhance the company’s marketing and sales strategies, particularly for the BOHA! brand.

TransAct Technologies (TACT) reported Q4 2021 net sales of $11.1 million, a 43% increase from Q4 2020. Full year 2021 net sales were $39.4 million, up 29% year-over-year. FST recurring revenue surged 95% to $7.4 million for the year. Despite a gross profit increase, operating loss widened to $(9.5 million) for 2021. The total number of paid terminals reached 9,818, reflecting a 73% growth from the previous year. The company cited strong demand for its products amidst challenging market conditions.

TransAct Technologies (TACT) announced notable success in its SMB initiatives, with 26 new accounts adopting the BOHA! system, encompassing 44 terminals. This growth represents a potential for up to 900 additional terminals in the future. TransAct's BOHA! platform integrates various applications to enhance food service operations. CEO Bart C. Shuldman emphasized the SMB team's focus on delivering personalized solutions to small businesses, highlighting the ongoing demand for the BOHA! technology.

TransAct Technologies Incorporated (NASDAQ: TACT) will announce its fourth quarter and full year 2021 results on March 9, 2022, after market close. A conference call will take place at 4:30 p.m. ET that day, open to the public via telephone and webcast. Interested parties can join the call by dialing 1-888-204-4368 (conference ID: 5263759). An archived version of the webcast will be available for replay afterward. TransAct is renowned for software-driven technology in sectors like food service and gaming, with over 3.3 million printers sold globally.

TransAct Technologies (NASDAQ: TACT) announced it received a nomination notice for two candidates for election to its Board of Directors at the upcoming 2022 Annual Meeting of Stockholders. No stockholder action is required at this time. The Company aims to sustain open communication with 325 Capital and Harbert Management Corporation, focusing on enhancing shareholder value. The Board will evaluate the nominations and provide a formal recommendation in the definitive proxy materials to be filed with the SEC.