Net sales up 29% for TransAct Technologies in 2021
The company also saw improved quarterly results as net sales rose by 43% in Q4.
TransAct Technologies, a software, technology and printing solutions company, has reported both its quarterly and full year financial results for 2021.
For Q4 of 2021, net sales came in at $11.1m, a 43% year-on-year boost. Recurring revenue also increased during the year’s final quarter, growing by 124% to $2.1m.
Moreover, total gross profits in Q4 saw a marked boost, rising by 39.7% compared to the same period in 2020 and coming in at $4.4m.
However, operating losses were still relatively significant for TransAct, being recorded at $2.5m compared to 2020’s $2.7m. Indeed, adjusted net losses are exactly the same, $1.9m, as they were in Q4 of 2020.
Speaking of these results, Bart C. Shuldman, Chairman and CEO of TransAct, said: “2021 marked many important milestones for TransAct… We added 4,130 paid terminals during the year, an impressive number despite an incredibly difficult macro environment on both the demand and supply sides, and I could not be prouder of the team’s execution during these times.
“We continue to see strong demand for both our BOHA! products and our Epic series printers, with a noticeable uptick in international casino ordering as the world comes back online post-Covid-19 and pent-up demand around the world is beginning to take shape.”
In terms of full year results, net sales also saw a boost rising by 29% year-on-year and being recorded at $39.4m. Gross profit saw growth reflective of that found in Q4, increasing to $15.3m from 2020’s $12.9m. However, adjusted net losses for TransAct grew by almost $2m in 2021. Indeed, losses for the year came in at $7.6m.
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