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USA Technologies, Inc. (USAT) Ends Fiscal First Quarter with $42 Million in Small Ticket Transactions; Dollar Volume Up 75% from Last Year

USA Technologies, Inc., a leader of wireless, cashless payment and M2M telemetry solutions for self-serve, small ticket retailing industries, today announced positive earnings for the first fiscal quarter which reflected a record 25 million small ticket transactions earning $42 million. The total transaction dollar volume increased by 75% from a year ago. With its current dollar volume of transactions, the company is on track to reach $175 million annualized run rate.

The company also announced growing success for its ePort Connect Service. ePort installs into a company’s existing cash-only machines so they can accept credit, debit, and new contactless cards. USA Technologies reported that it added approximately 300 new ePort Connect Service customers, increasing by 85% from last year. USA Technologies also provided new service connections to about 10,000 to reach approximately 129,000 connections. This past April USA Technologies also announced that the ePort Connect Service will now include the Verizon wireless network for connectivity to enable wireless point-of-dale payments.

“With developments such as our recent joint marketing agreement with Verizon Wireless, we are launching strategic efforts which we believe would have the potential to further enhance our leadership position, as well as expand our reach and accelerate the adoption of cashless payment technology across the unattended, retail small-ticket landscape,” said Stephen P. Herbert, Interim Chairman and CEO, USA Technologies in a press release on Thursday.

The Nilson Report, a leading source of research on consumer payment systems worldwide, has ranked USA Technologies 5th among the leading point-of-sale (POS) shippers in the United States. The company competes against global giants like VeriFone, Hypercom, Ingenico and First Data to provide cashless payment technology to small-ticket unattended retail locations.

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