TransAct Technologies Incorporated has published its financial and business results for the second quarter. The company has posted preliminary results for the quarter, which ended June 30.
TransAct’s FST recurring revenue in Q2 reached $2.8m, reflecting a month-over-month increase, 15% and a 12% year-over-year increase.
Gross profit totaled $6.1m during the second quarter. The company reported a gross profit margin of 52.7%. Its recent gross profit was down nearly $5m when compared to its total from one year ago.
Adjusted EBITDA reached $89,000 in Q2.
During the period, TransAct reported a 64% boost in the number of terminals sold. The company sold closet to 1,500 terminals throughout the quarter.
In its latest report, the company also celebrated adding another 13 FST customers to its current roster.
TransAct CEO John Dillion took a moment to discuss the report and said the company is pleased with what it has accomplished in Q2.
He commented, “We are pleased with our results for the quarter, highlighted by 1,476 new terminals sold in the quarter, sequential FST recurring revenue growth, and thirteen new logos added to our BOHA! platform in the quarter.
“Our continued focus on cost control is also yielding results, with our latest measures expected to save approximately $2m on an annualized basis, which we anticipate seeing the full effect of beginning in the third quarter 2024.
"Our initiatives aimed at streamlining the organization and increasing our sales efficiency are producing positive changes at TransAct and we are continuing to work diligently towards our goals.”
