TransAct Technologies Incorporated has revealed its preliminary operating results for the second quarter which ended on June 30, 2022.
Through the quarter, the company saw net sales go up 35% year-over-year, totaling $12.6m in the second quarter of 2022 compared to $9.3m in 2021.
FST recurring revenue for this quarter was $2.2m, up 5% compared to $2.1m for the second quarter of 2021.
TransAct CEO Bart C. Shuldman commented: "The second quarter marked a return to more normalized Food Service Technology (“FST”) results, particularly in the hardware and label sales categories. Importantly, we now feel that our FST sales team is completely built out, which we believe will pay dividends in the back half of the year and beyond.
"After attending three important trade shows over the last several months and with our new sales leaders, we are adding quality leads and trials and building a robust pipeline."
TransAct saw $5.4m in gross profit for the second quarter of 2022, compared to $3.4m for the same period last year.
Net loss for the second quarter was was $2.4m translating to $0.24 net loss per diluted share.
Shuldman added: "I am also particularly proud of our engineering, operations, and purchasing teams, who were tasked with finding more parts, re-designing products, and assembling as many printers as they possibly could, which they absolutely did.
"Finally, we are also seeing excellent early results from our previously announced cost-cutting initiatives, which combined with leverage from the increased production and projected revenues, we anticipate will result in the company moving towards breakeven adjusted EBITDA as we progress through the second half of the year."
Adjusted EBITDA loss for TransAct was $2.5m for the second quarter of 2022, which is up from $2m in the second quarter of 2021.
