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TransAct Technologies Reports Preliminary Third Quarter 2024 Financial Results

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TransAct Technologies (Nasdaq: TACT) released preliminary financial results for Q3 2024, reporting net sales of $10.9 million, down 6% sequentially and 37% year-over-year. The company sold 1,355 BOHA! Terminals in the quarter and added 12 new FST customers, contributing to 2,400 potential Terminal 2 sales opportunities. Despite these gains, the company faced a net loss of $(551) thousand or $(0.06) per diluted share, compared to a net income of $906 thousand or $0.09 per diluted share in Q3 2023. Gross profit was $5.2 million with a 48.1% margin, down from $8.9 million and a 51.9% margin in Q3 2023. EBITDA was negative $(533) thousand, and adjusted EBITDA was negative $(204) thousand. The company maintains its full-year 2024 net sales outlook at $43-$45 million and adjusted EBITDA between negative $1 million and negative $2 million.

TransAct Technologies (Nasdaq: TACT) ha pubblicato i risultati finanziari preliminari per il terzo trimestre del 2024, riportando vendite nette di 10,9 milioni di dollari, in calo del 6% rispetto al trimestre precedente e del 37% rispetto all'anno precedente. L'azienda ha venduto 1.355 terminali BOHA! nel trimestre e ha acquisito 12 nuovi clienti FST, contribuendo a 2.400 potenziali opportunità di vendita per il Terminal 2. Nonostante questi progressi, l'azienda ha registrato una perdita netta di 551 mila dollari, ovvero 0,06 dollari per azione diluita, rispetto a un reddito netto di 906 mila dollari, o 0,09 dollari per azione diluita nel terzo trimestre del 2023. L'utile lordo è stato di 5,2 milioni di dollari con un margine del 48,1%, in calo rispetto agli 8,9 milioni di dollari e a un margine del 51,9% nel terzo trimestre del 2023. L'EBITDA è stato negativo per 533 mila dollari, e l'EBITDA rettificato è stato negativo per 204 mila dollari. L'azienda mantiene la sua previsione di vendite nette per l'intero anno 2024 tra 43 e 45 milioni di dollari e un EBITDA rettificato compreso tra un milione e due milioni di dollari in negativo.

TransAct Technologies (Nasdaq: TACT) publicó resultados financieros preliminares para el tercer trimestre de 2024, reportando ventas netas de 10,9 millones de dólares, una disminución del 6% secuencialmente y del 37% interanual. La compañía vendió 1.355 Terminales BOHA! en el trimestre y añadió 12 nuevos clientes FST, contribuyendo a 2.400 oportunidades de venta potenciales del Terminal 2. A pesar de estas ganancias, la compañía enfrentó una pérdida neta de 551 mil dólares o 0,06 dólares por acción diluida, en comparación con una ganancia neta de 906 mil dólares o 0,09 dólares por acción diluida en el tercer trimestre de 2023. La ganancia bruta fue de 5,2 millones de dólares con un margen del 48,1%, disminuyendo desde 8,9 millones de dólares y un margen del 51,9% en el tercer trimestre de 2023. El EBITDA fue negativo en 533 mil dólares, y el EBITDA ajustado fue negativo en 204 mil dólares. La compañía mantiene su perspectiva de ventas netas para todo el año 2024 en un rango de 43 a 45 millones de dólares y un EBITDA ajustado entre menos 1 millón y menos 2 millones de dólares.

TransAct Technologies (Nasdaq: TACT)가 2024년 3분기 예비 재무 결과를 발표하며, 순매출 1,090만 달러를 기록했다고 보고했습니다. 이는 전분기 대비 6% 감소하고, 작년 대비 37% 감소한 수치입니다. 이 회사는 해당 분기에 1,355개의 BOHA! 터미널을 판매했고, 12명의 새로운 FST 고객을 추가하여 2,400개의 잠재적인 터미널 2 판매 기회를 창출했습니다. 이러한 성장에도 불구하고 회사는 55만 1,000 달러의 순손실을 기록했으며, 이는 희석주당 0.06 달러에 해당합니다. 이는 2023년 3분기의 90만 6,000 달러 순이익 또는 희석주당 0.09 달러에 비해 부정적인 실적입니다. 총 이익은 520만 달러로, 마진은 48.1%로, 2023년 3분기의 890만 달러와 51.9% 마진에서 감소했습니다. EBITDA는 53만 3,000 달러로 부정적이었고, 조정 EBITDA는 20만 4,000 달러로 부정적이었습니다. 회사는 2024년 전체 연도 순매출 전망을 4,300만 달러에서 4,500만 달러 사이로 유지하고 있으며, 조정 EBITDA는 100만 달러에서 200만 달러 사이의 적자를 예상하고 있습니다.

TransAct Technologies (Nasdaq: TACT) a publié des résultats financiers préliminaires pour le troisième trimestre 2024, rapportant des ventes nettes de 10,9 millions de dollars, en baisse de 6 % par rapport au trimestre précédent et de 37 % par rapport à l'année précédente. L'entreprise a vendu 1.355 terminaux BOHA! au cours du trimestre et a ajouté 12 nouveaux clients FST, contribuant à 2.400 opportunités de vente potentielles pour le Terminal 2. Malgré ces gains, l'entreprise a enregistré une perte nette de 551.000 dollars, soit 0,06 dollar par action diluée, contre un bénéfice net de 906.000 dollars, soit 0,09 dollar par action diluée au troisième trimestre 2023. Le bénéfice brut était de 5,2 millions de dollars avec une marge de 48,1 %, en baisse par rapport aux 8,9 millions de dollars et à une marge de 51,9 % au troisième trimestre 2023. L'EBITDA était négatif de 533.000 dollars, et l'EBITDA ajusté était négatif de 204.000 dollars. L'entreprise maintient ses prévisions de ventes nettes pour l'année entière 2024 entre 43 et 45 millions de dollars et un EBITDA ajusté entre moins 1 million et moins 2 millions de dollars.

TransAct Technologies (Nasdaq: TACT) hat vorläufige Finanzergebnisse für das 3. Quartal 2024 veröffentlicht und meldet Nettoumsätze von 10,9 Millionen Dollar, was einem Rückgang von 6 % im Vergleich zum Vorquartal und 37 % im Vergleich zum Vorjahr entspricht. Das Unternehmen verkaufte im Quartal 1.355 BOHA! Terminals und konnte 12 neue FST-Kunden gewinnen, was zu 2.400 potenziellen Verkaufschancen für das Terminal 2 beiträgt. Trotz dieser Fortschritte verzeichnete das Unternehmen einen Nettoverlust von 551.000 Dollar oder 0,06 Dollar je verwässerter Aktie, verglichen mit einem Nettoertrag von 906.000 Dollar oder 0,09 Dollar je verwässerter Aktie im 3. Quartal 2023. Der Bruttogewinn betrug 5,2 Millionen Dollar mit einer Marge von 48,1 %, im Vergleich zu 8,9 Millionen Dollar und einer Marge von 51,9 % im 3. Quartal 2023. EBITDA war negativ mit 533.000 Dollar, und bereinigtes EBITDA war negativ mit 204.000 Dollar. Das Unternehmen hält die Prognose für die Nettoumsätze für das Geschäftsjahr 2024 bei 43 bis 45 Millionen Dollar und das bereinigte EBITDA zwischen minus 1 Million und minus 2 Millionen Dollar.

Positive
  • Sold 1,355 BOHA! Terminals in Q3 2024.
  • Added 12 new FST customers, representing 2,400 potential Terminal 2 sales opportunities.
  • FST recurring revenue up 4% sequentially.
Negative
  • Net sales decreased by 37% year-over-year to $10.9 million.
  • Gross profit decreased to $5.2 million, with a gross margin of 48.1%, down from 51.9%.
  • Operating loss of $(837) thousand, compared to operating income of $1.2 million in Q3 2023.
  • Net loss of $(551) thousand, compared to net income of $906 thousand in Q3 2023.
  • EBITDA was negative $(533) thousand, down from $1.5 million in Q3 2023.
  • Adjusted EBITDA was negative $(204) thousand, down from $1.7 million in Q3 2023.

Sold Over 1,350 Terminals in the Quarter, With Over 2,800 Sold in the Last Two Quarters

Added 12 New FST Customers in the Quarter

Casino Market Continues to Normalize after Industry Inventory Build During Pandemic

HAMDEN, Conn.--(BUSINESS WIRE)-- TransAct Technologies Incorporated (Nasdaq: TACT) (“TransAct” or the “Company”), a global leader in software-driven technology and printing solutions for high-growth markets, today reported preliminary results for the third quarter ended September 30, 2024.

“We reported an excellent FST quarter, with another 1,355 BOHA! Terminal sales. We believe this momentum is just the beginning, with the effects of our re-organization and re-focusing of the sales team and go-to-market process starting to yield positive results,” said John Dillon, Chief Executive Officer of TransAct. “We also added another 12 new FST accounts in the quarter, representing approximately 2,400 potential Terminal 2 sales opportunities. Our pipeline continues to hold strong under continued scrubbing, and as we further refine our process, we expect to further improve our go-to-market execution and generate improving conversion rates in 2025.”

Third Quarter 2024 Financial Highlights

  • Net Sales: Net sales for the third quarter of 2024 were $10.9 million, down 6% sequentially and down 37% compared to $17.2 million for the third quarter of 2023, largely as a result of the expected market dynamics and normalizing demand for our Casino and Gaming printers.
  • FST Recurring Revenue: FST recurring revenue for the third quarter of 2024 was $2.9 million, which was up 4% sequentially, but down 8% compared to $3.1 million for the third quarter of 2023.
  • Gross Profit: Gross profit for the third quarter of 2024 was $5.2 million, resulting in gross margin of 48.1%, compared to gross profit of $8.9 million for the third quarter of 2023, which delivered a 51.9% gross margin.
  • Operating (loss) income: Operating loss for the third quarter of 2024 was $(837) thousand, compared to an operating loss of $(438) thousand for the second quarter of 2024 and operating income of $1.2 million for the third quarter of 2023.
  • Net (loss) income: Net loss for the third quarter of 2024 was $(551) thousand, or $(0.06) per diluted share, based on 10.0 million weighted average common shares outstanding, compared sequentially to a net loss for the second quarter of 2024 of $(319) thousand, or $(0.03) per diluted share.
    This compares to net income for the third quarter of 2023 of $906 thousand, or $0.09 per diluted share, based on 10.1 million weighted average common shares outstanding.
  • EBITDA: EBITDA was negative $(533) thousand for the third quarter of 2024, compared to negative $(190) thousand for the second quarter of 2024 and $1.5 million for the third quarter of 2023.
  • Adjusted EBITDA: Adjusted EBITDA was negative $(204) thousand for the third quarter of 2024, compared to $89 thousand in the second quarter of 2024, and $1.7 million for the third quarter of 2023.

Updated 2024 Financial Outlook

  • Net Sales: The Company now expects full year 2024 net sales of between $43 million and $45 million.
  • Adjusted EBITDA: The Company continues to expect full year 2024 adjusted EBITDA to be between negative $1 million and negative $2 million

Our outlook for non-GAAP adjusted EBITDA is presented only on a non-GAAP basis because not all of the information necessary for a quantitative reconciliation of this forward-looking non-GAAP financial measure to the most directly comparable GAAP financial measure is available without unreasonable effort, primarily due to uncertainties relating to the occurrence or amount of these adjustments that may arise in the future. If one or more of the currently unavailable items is applicable, some items could be material, individually or in the aggregate, to GAAP reported results.

Strategic Business Review

The Company continues to actively assess strategic alternatives with the assistance of Roth Capital Partners, LLC, the Company’s advisor while continuing to pursue its business growth and development initiatives on a parallel track. The Company has engaged with a number of outside parties since the previous update in June and is in various stages of discussion with such outside parties. The Company is committed to pursuing an optimal outcome for all its stakeholders and maximizing shareholder value.

2024 Third Quarter Conference Call and Webcast

TransAct is hosting a conference call and webcast today, November 7, 2024, beginning at 4:30 p.m. ET to discuss the Company’s preliminary third quarter 2024 results and other matters. Both the call and the webcast are open to the general public. The conference call number is 877-704-4453 and the conference ID number is 13749888. Please call ten minutes prior to the presentation to ensure that you are connected.

Interested parties may also access the conference call live on the Internet at www.transact-tech.com (select “Company” followed by “Investor Relations,” then select “News & Events” followed by “Events & Presentations”). Approximately two hours after the call has concluded, an archived version of the webcast will be available for replay at the same location.

Non-GAAP Financial Measures

TransAct is providing certain non-GAAP financial measures because the Company believes that these measures are helpful to investors and others in assessing the ongoing nature of what the Company’s management views as TransAct’s core operations. EBITDA and adjusted EBITDA provide the Company with an understanding of one aspect of earnings before the impact of investing and financing charges and income taxes. The Company believes that these non-GAAP financial measures provide relevant and useful information to an investor evaluating the Company’s operating performance because these measures are: (i) widely used by investors to measure a company’s operating performance without regard to items that do not reflect the Company’s ongoing operations and are excluded from the calculation of such measures; (ii) used as financial measurements by lenders and other parties to evaluate creditworthiness; and (iii) used by the Company’s management for various purposes including strategic planning and forecasting and assessing financial performance. Adjusted net (loss) income and adjusted net (loss) income per diluted share provide the Company with an understanding of the results of the primary operations of the business by excluding the effects of special items (for example, the $1.5 million severance charge related to the resignation of the Company’s former CEO in the first nine months of 2023) that do not reflect the ordinary earnings of the Company’s operations. The Company uses these measures to evaluate period-over-period operating performance because the Company believes this provides a more comparable measure of the Company’s continuing business, as these measures adjust for the special items that are not reflective of the normal results of the business. The presentation of this non-GAAP information is not considered superior to or a substitute for, and should be read in conjunction with, the financial information prepared in accordance with GAAP.

EBITDA is defined as net (loss) income before net interest income (expense), income taxes, depreciation, and amortization. A reconciliation of EBITDA to net (loss) income, the most comparable GAAP financial measure, can be found attached to this release.

Adjusted EBITDA is defined as net (loss) income before net interest income (expense), income taxes, depreciation and amortization and is adjusted for (1) share-based compensation expense, (2) the $1.5 million severance charge related to the resignation of the Company’s former CEO in the first nine months of 2023 and (3) any other items, when they occur, that we believe do not reflect the ordinary earnings of the Company’s ongoing business. The Company adjusts EBITDA for share-based compensation because the Company considers share-based compensation expense to be a non-cash expense similar to depreciation and amortization. A reconciliation of adjusted EBITDA to net (loss) income, the most comparable GAAP financial measure, can be found attached to this release.

Adjusted net (loss) income is defined as net (loss) income adjusted for the $1.5 million severance charge related to the resignation of the Company’s former CEO in the first nine months of 2023. A reconciliation of adjusted net (loss) income to net (loss) income, the most comparable GAAP financial measure, can be found attached to this release.

Adjusted net (loss) income per diluted share is defined as adjusted net (loss) income divided by diluted shares outstanding. A reconciliation of adjusted net (loss) income per diluted share to net (loss) income per diluted share, the most comparable GAAP financial measure, can be found attached to this release.

About TransAct Technologies Incorporated

TransAct Technologies Incorporated is a global leader in developing and selling software-driven technology and printing solutions for high-growth markets including food service, casino and gaming, and POS automation. The Company’s solutions are designed from the ground up based on customer requirements and are sold under the BOHA!™, AccuDate™, EPICENTRAL®, Epic and Ithaca® brands. TransAct has sold over 3.9 million printers, terminals and other hardware devices around the world and is committed to providing world-class service, spare parts, and accessories to support its installed product base. Through the TransAct Services Group, the Company also provides customers with a complete range of supplies and consumable items both online at http://www.transactsupplies.com and through its direct sales team. TransAct is headquartered in Hamden, CT. For more information, please visit http://www.transact-tech.com or call (203) 859-6800.

©2024 TRANSACT Technologies Incorporated. All rights reserved. TransAct®, BOHA!™, AccuDate™, Epic Edge®, EPICENTRAL® and Ithaca® are trademarks of TransAct Technologies Incorporated.

Cautionary Statement Regarding Preliminary Financial Information

The Company has prepared the preliminary financial information set forth below on a materially consistent basis with its historical financial information and in good faith based upon its internal reporting as of and for the three and nine months ended September 30, 2024. This financial information is preliminary and is thus inherently uncertain and subject to change as the Company finalizes its financial results and related review for the three and nine months ended September 30, 2024. During the course of the preparation of the Company’s condensed consolidated financial statements and related notes as of and for the three and nine months ended September 30, 2024, the Company may identify items that could cause its final reported results to be materially different from the preliminary financial information set forth above. As a result, there can be no assurance that the Company’s final results for this period will not differ from the preliminary financial information.

This preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. In addition, this preliminary financial information is not necessarily indicative of the results to be achieved for any future period.

Forward-Looking Statements

Certain statements included in this press release may be forward-looking statements within the meaning of the U.S. federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent current views about possible future events and are often identified by the use of forward-looking terminology, such as ”may”", ”will”, ”could”, ”expect”, ”intend”, ”estimate”, “anticipate”, ”believe”, ”project”, ”plan”, ”predict”, ”design” or ”continue”, or the negative thereof, or other similar words. Forward-looking statements are subject to certain risks, uncertainties and assumptions. In the event that one or more of such risks or uncertainties materialize, or one or more underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied by the forward-looking statements. Important factors and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to, the following: the adverse effects of current economic conditions on our business, operations, financial condition, results of operations and capital resources; difficulties or delays in manufacturing or delivery of inventory or other supply chain disruptions; inflationary pressures; the Russia/Ukraine and Middle East conflicts; inadequate manufacturing capacity or a shortfall or excess of inventory as a result of difficulty in predicting manufacturing requirements due to volatile economic conditions; price increases or decreased availability of third party component parts or raw materials at reasonable prices; our ability to successfully develop new products that garner customer acceptance and generate sales, both domestically and internationally, in the face of substantial competition; our reliance on an unrelated third party to develop, maintain and host certain web-based food service application software and develop and maintain selected components of our downloadable software applications pursuant to a non-exclusive license agreement, and the risk that interruptions in our relationship with that third party could materially impair our ability to provide services to our food service technology customers on a timely basis or at all and could require substantial expenditures to find or develop alternative software products; any system outages, interruptions or other disruptions to our software applications, including as a result of unexpected errors or mistakes in connection with over-the-air updates; our ability to successfully grow our business in the food service technology market; risks associated with the pursuit of strategic initiatives and business growth; our dependence on contract manufacturers for the assembly of a large portion of our products in Asia; our dependence on significant suppliers; our ability to recruit and retain quality employees; our dependence on third parties for sales outside the United States; marketplace acceptance of new products; risks associated with foreign operations; price wars, or other significant pricing pressures affecting the Company’s products in the United States or abroad; increased product costs or reduced customer demand for our products due to changes in U.S. policy that may result in trade wars or tariffs; political and policy uncertainties in connection with the U.S. presidential election; our ability to protect intellectual property; exchange rate fluctuations; the availability of needed financing on acceptable terms or at all; volatility of, and decreases in, trading prices of our common stock; and other risk factors identified and discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and other reports filed with the Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements, which speak only as of the date of this release. We undertake no obligation to publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors, except where we are expressly required to do so by applicable law.

- Financial tables follow-

 

TRANSACT TECHNOLOGIES INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Preliminary and Unaudited)

 

 

 

 

Three months ended

 

Nine months ended

 

 

September 30,

 

September 30,

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

Net sales

 

$

10,867

 

 

$

17,190

 

 

$

33,153

 

 

$

59,366

 

Cost of sales

 

 

5,640

 

 

 

8,274

 

 

 

16,192

 

 

 

27,337

 

Gross profit

 

 

5,227

 

 

 

8,916

 

 

 

16,961

 

 

 

32,029

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Engineering, design and product development

 

 

1,640

 

 

 

2,509

 

 

 

5,405

 

 

 

7,283

 

Selling and marketing

 

 

1,880

 

 

 

2,397

 

 

 

6,160

 

 

 

7,838

 

General and administrative

 

 

2,544

 

 

 

2,819

 

 

 

7,972

 

 

 

10,680

 

 

 

 

6,064

 

 

 

7,725

 

 

 

19,537

 

 

 

25,801

 

Operating (loss) income

 

 

(837

)

 

 

1,191

 

 

 

(2,576

)

 

 

6,228

 

 

 

 

 

 

 

 

 

 

Interest and other income (expense):

 

 

 

 

 

 

 

 

Interest, net

 

 

42

 

 

 

(73

)

 

 

116

 

 

 

(207

)

Other, net

 

 

96

 

 

 

(43

)

 

 

43

 

 

 

(22

)

 

 

 

138

 

 

 

(116

)

 

 

159

 

 

 

(229

)

 

 

 

 

 

 

 

 

 

(Loss) income before income taxes

 

 

(699

)

 

 

1,075

 

 

 

(2,417

)

 

 

5,999

 

Income tax benefit (expense)

 

 

148

 

 

 

(169

)

 

 

511

 

 

 

(1,189

)

Net (loss) income

 

$

(551

)

 

$

906

 

 

$

(1,906

)

 

$

4,810

 

 

 

 

 

 

 

 

 

 

Net (loss) income per common share:

 

 

 

 

 

 

 

 

Basic

 

$

(0.06

)

 

$

0.09

 

 

$

(0.19

)

 

$

0.48

 

Diluted

 

$

(0.06

)

 

$

0.09

 

 

$

(0.19

)

 

$

0.48

 

 

 

 

 

 

 

 

 

 

Shares used in per share calculation:

 

 

 

 

 

 

 

 

Basic

 

 

10,006

 

 

 

9,958

 

 

 

9,992

 

 

 

9,948

 

Diluted

 

 

10,006

 

 

 

10,052

 

 

 

9,992

 

 

 

10,023

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL INFORMATION – SALES BY MARKET:
(Preliminary and Unaudited)

 

 

Three months ended

 

Nine months ended

 

September 30,

 

September 30,

 

2024

 

2023

 

2024

 

2023

 

(In thousands)

 

 

 

 

 

 

Food service technology

$

4,321

$

4,241

 

$

11,799

$

11,594

POS automation

 

1,148

 

1,644

 

 

2,950

 

5,345

Casino and gaming

 

4,534

 

9,019

 

 

15,589

 

37,002

TransAct Services Group

 

864

 

2,286

 

 

2,815

 

5,425

Total net sales

$

10,867

$

17,190

 

$

33,153

$

59,366

 

TRANSACT TECHNOLOGIES INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Preliminary and Unaudited)

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

 

2024

 

 

 

2023

 

 

 

(In thousands)

Assets:

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

11,343

 

 

$

12,321

 

Accounts receivable, net

 

 

7,421

 

 

 

9,824

 

Inventories

 

 

16,851

 

 

 

17,759

 

Prepaid income taxes

 

 

713

 

 

 

322

 

Other current assets

 

 

1,079

 

 

 

773

 

Total current assets

 

 

37,407

 

 

 

40,999

 

 

 

 

 

 

Fixed assets, net

 

 

1,986

 

 

 

2,421

 

Right-of-use assets, net

 

 

1,380

 

 

 

1,602

 

Goodwill

 

 

2,621

 

 

 

2,621

 

Deferred tax assets

 

 

7,034

 

 

 

6,304

 

Intangible assets, net

 

 

-

 

 

 

88

 

Other assets

 

 

75

 

 

 

163

 

 

 

 

13,096

 

 

 

13,199

 

Total assets

 

$

50,503

 

 

$

54,198

 

 

 

 

 

 

Liabilities and Shareholders’ Equity:

 

 

 

 

Current liabilities:

 

 

 

 

Revolving loan payable

 

$

2,250

 

 

$

2,250

 

Accounts payable

 

 

3,210

 

 

 

4,431

 

Accrued liabilities

 

 

3,883

 

 

 

4,947

 

Lease liabilities

 

 

983

 

 

 

929

 

Deferred revenue

 

 

926

 

 

 

1,079

 

Total current liabilities

 

 

11,252

 

 

 

13,636

 

 

 

 

 

 

Deferred revenue, net of current portion

 

 

240

 

 

 

209

 

Lease liabilities, net of current portion

 

 

438

 

 

 

720

 

Other liabilities

 

 

219

 

 

 

219

 

 

 

 

897

 

 

 

1,148

 

Total liabilities

 

 

12,149

 

 

 

14,784

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

Common stock

 

 

141

 

 

 

140

 

Additional paid-in capital

 

 

57,857

 

 

 

57,055

 

Retained earnings

 

 

12,472

 

 

 

14,378

 

Accumulated other comprehensive loss, net of tax

 

 

(6

)

 

 

(49

)

Treasury stock, at cost

 

 

(32,110

)

 

 

(32,110

)

Total shareholders’ equity

 

 

38,354

 

 

 

39,414

 

Total liabilities and shareholders’ equity

 

$

50,503

 

 

$

54,198

 

 

 

 

 

 

TRANSACT TECHNOLOGIES INCORPORATED

RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES

(Preliminary and Unaudited, thousands of dollars, except percentages and per share amounts)

 
 

 

 

Three months ended
September 30, 2024

 

 

 

 

Reported

 

 

Adjustments(1)

 

Adjusted
Non-GAAP

Operating expenses

 

$

6,064

 

 

$

-

 

$

6,064

 

% of net sales

 

 

55.8

%

 

 

 

 

55.8

%

 

 

 

 

 

 

 

Operating loss

 

 

(837

)

 

 

-

 

 

(837

)

% of net sales

 

 

(7.7

)%

 

 

 

 

(7.7

)%

 

 

 

 

 

 

 

Interest and other income

 

 

138

 

 

 

-

 

 

138

 

Loss before income taxes

 

 

(699

)

 

 

-

 

 

(699

)

Income tax benefit

 

 

148

 

 

 

-

 

 

148

 

Net loss

 

 

(551

)

 

 

-

 

 

(551

)

Net loss per common share:

 

 

 

 

 

 

Basic

 

$

(0.06

)

 

$

-

 

$

(0.06

)

Diluted

 

$

(0.06

)

 

$

-

 

$

(0.06

)

 

(1) No adjustments.

 

 

Three months ended
September 30, 2023

 

 

 

 

Reported

 

 

Adjustments(2)

 

Adjusted

Non-GAAP

Operating expenses

 

$

7,725

 

 

$

-

 

$

7,725

 

% of net sales

 

 

44.9

%

 

 

 

 

44.9

%

 

 

 

 

 

 

 

Operating income

 

 

1,191

 

 

 

-

 

 

1,191

 

% of net sales

 

 

6.9

%

 

 

 

 

6.9

%

 

 

 

 

 

 

 

Interest and other expense

 

 

(116

)

 

 

-

 

 

(116

)

Income before income taxes

 

 

1,075

 

 

 

-

 

 

1,075

 

Income tax (expense)

 

 

(169

)

 

 

-

 

 

(169

)

Net income

 

 

906

 

 

 

-

 

 

906

 

Net income per common share:

 

 

 

 

 

 

Basic

 

$

0.09

 

 

$

-

 

$

0.09

 

Diluted

 

$

0.09

 

 

$

-

 

$

0.09

 

 

(2) No adjustments.

 

TRANSACT TECHNOLOGIES INCORPORATED
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES
(Preliminary and Unaudited, thousands of dollars, except percentages and per share amounts)

 
 

 

 

Nine months ended
September 30, 2024

 

 

 

 

Reported

 

 

Adjustments(3)

 

Adjusted
Non-GAAP

Operating expenses

 

$

19,537

 

 

$

-

 

$

19,537

 

% of net sales

 

 

58.9

%

 

 

 

 

58.9

%

 

 

 

 

 

 

 

Operating loss

 

 

(2,576

)

 

 

-

 

 

(2,576

)

% of net sales

 

 

(7.8

)%

 

 

 

 

(7.8

)%

 

 

 

 

 

 

 

Interest and other income

 

 

159

 

 

 

-

 

 

159

 

Loss before income taxes

 

 

(2,417

)

 

 

-

 

 

(2,417

)

Income tax benefit

 

 

511

 

 

 

-

 

 

511

 

Net loss

 

 

(1,906

)

 

 

-

 

 

(1,906

)

Net loss per common share:

 

 

 

 

 

 

Basic

 

$

(0.19

)

 

$

-

 

$

(0.19

)

Diluted

 

$

(0.19

)

 

$

-

 

$

(0.19

)

 

(3) No adjustments.

 

 

 

Nine months ended
September 30, 2023

 

 

 

 

Reported

 

 

Adjustments(4)

 

Adjusted
Non-GAAP

Operating expenses

 

$

25,801

 

 

$

(1,461

)

 

$

24,340

 

% of net sales

 

 

43.5

%

 

 

 

 

41.0

%

 

 

 

 

 

 

 

Operating income

 

 

6,228

 

 

 

1,461

 

 

 

7,689

 

% of net sales

 

 

10.5

%

 

 

 

 

13.0

%

 

 

 

 

 

 

 

Interest and other expense

 

 

(229

)

 

 

-

 

 

 

(229

)

Income before income taxes

 

 

5,999

 

 

 

1,461

 

 

 

7,460

 

Income tax (expense)

 

 

(1,189

)

 

 

(70

)

 

 

(1,259

)

Net income

 

 

4,810

 

 

 

1,391

 

 

 

6,201

 

Net income per common share:

 

 

 

 

 

 

Basic

 

$

0.48

 

 

$

0.14

 

 

$

0.62

 

Diluted

 

$

0.48

 

 

$

0.14

 

 

$

0.62

 

 

(4) Adjustment includes a severance charge of $1,461 incurred in April 2023 related to the resignation of the Company’s former CEO.

 

TRANSACT TECHNOLOGIES INCORPORATED
RECONCILIATION OF NET (LOSS) INCOME TO EBITDA AND ADJUSTED EBITDA
NON-GAAP FINANCIAL MEASURES
(Preliminary and Unaudited)

 
 

 

 

Three months ended

 

Nine months ended

 

 

September 30,

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(551

)

 

$

906

 

$

(1,906

)

 

$

4,810

 

 

 

 

 

 

 

 

 

Interest (income) expense, net

 

 

(42

)

 

 

73

 

 

(116

)

 

 

207

Income tax (benefit) expense

 

 

(148

)

 

 

169

 

 

(511

)

 

 

1,189

Depreciation and amortization

 

 

208

 

 

 

381

 

 

844

 

 

 

1,103

 

 

 

 

 

 

 

 

 

EBITDA

 

 

(533

)

 

 

1,529

 

 

(1,689

)

 

 

7,309

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

329

 

 

 

213

 

 

873

 

 

 

611

Severance charge related to resignation of the Company’s former CEO

 

 

-

 

 

 

-

 

 

-

 

 

 

1,461

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

(204

)

 

$

1,742

 

$

(816

)

 

$

9,381

 

 

 

 

 

 

 

 

 

 

Investor Contact:

Ryan Gardella

ICR, Inc.

Ryan.Gardella@icrinc.com

Source: TransAct Technologies Incorporated

FAQ

What were TransAct Technologies' net sales for Q3 2024?

TransAct Technologies reported net sales of $10.9 million for Q3 2024.

How many BOHA! Terminals did TransAct Technologies sell in Q3 2024?

TransAct Technologies sold 1,355 BOHA! Terminals in Q3 2024.

What is TransAct Technologies' net loss for Q3 2024?

TransAct Technologies reported a net loss of $(551) thousand or $(0.06) per diluted share for Q3 2024.

What is TransAct Technologies' EBITDA for Q3 2024?

TransAct Technologies reported a negative EBITDA of $(533) thousand for Q3 2024.

What is TransAct Technologies' outlook for full-year 2024 net sales?

TransAct Technologies expects full-year 2024 net sales between $43 million and $45 million.

Transact Technologies Inc

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Computer Hardware
Computer Peripheral Equipment, Nec
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