USA Technologies Reports Second Quarter Fiscal Year 2021 Results

▤ Summary

“We continue to make great progress on the operating initiatives we laid out for this fiscal year, which include – driving sustainable organic growth, right sizing the Companys cost structure, and investing in people and culture, in order to achieve excellence,” said Sean Feeney, chief executive officer, USA Technologies. The increasing shift to contactless payments and unattended retail have created demand for cashless products, and we are making the right investments to position us well for success,” concluded Feeney. See Reconciliations of Non-GAAP Measures for a reconciliation of Adjusted EBITDA to net loss • Relisted on the Nasdaq Global Select Market on Nov. 19, 2020, under the ticker symbol “USAT” • Announced that the Company will transition its corporate identity to exclusively operate under the name Cantaloupe, Inc. • Appointed Ravi Venkatesan in the newly created position of Chief Technology Officer • “The impact of the pandemic continues to be a challenge in many ways, and for us, that includes headwinds on transaction and equipment revenue,” said Wayne Jackson, chief financial officer, USA Technologies. As a result, customers ranging from vending machine companies, to operators of micro-markets, gas and car charging stations, laundromats, metered parking terminals, kiosks, amusements and more, can run their businesses more proactively, predictably, and competitively. The reclassifications resulted from management’s conclusion that those operating expenses related to non-recurring professional services fees to assist the Company with accounting and compliance activities following the filing of the 2019 Form 10-K, as well as the proxy solicitation costs incurred in fiscal year 2020.

▦ Linked Companies

Cantaloupe, Inc.

$10M to $25M