USA Technologies (USAT), which provides payment technology for cashless and mobile transactions in the self-serve retail market, has reported quarterly revenue of $34.3 million during the firm's fourth quarter and $104.1 million for the fiscal year ending on June 30, 2017. This marks the company's 31st straight quarter of growth, and represents a new record in USAT's revenues.
"We are executing well in an accelerating market and have exceeded our long-term goals of attaining $100 million in annual revenue and 500,000 connections this fiscal year," CEO Stephen P. Herbert said in a news release. "Moreover, we strengthened our balance sheet by completing a follow-on offering at the end of July, raising $43.1 million in gross proceeds to extend our leadership in the unattended retail payments industry, with the flexibility to continue our organic growth and pursue potential inorganic growth opportunities that are accretive and strategically complementary."
The quarterly revenues are up 56 percent year-over-year, while fiscal year revenues saw a year-over-year increase of 35 percent.
"We are excited about the opportunity ahead of us and believe that we can continue to deliver returns for shareholders through increased growth and profitability," Hebert said.
The company aims to add up to 175,000 additional net connections during fiscal year 2018, which would bring USAT's overall connections to between 738,000 and 743,000. USAT is also projecting total revenue from $122 to $127 million for the upcoming fiscal year.
The company is building its network on the projection that consumers are seeking fresh retail experiences. By providing payment solutions at self-service kiosks and unattended retail counters, USAT is working to offer shoppers a new, more efficient way to pay for their items without having to wait for retail staff members to assist them.
With more than 15 years in the cashless transaction space, USAT owns 73 patents and has forged partnerships with Verizon, Visa and Chase Paymentech, among other firms. The firm has relationships with 12,700 customers, including Compass, AMI Entertainment and JuiceBot kiosks. It launched an IPO last month that raised approximately $43.1 million.