TransAct Technologies Incorporated, a provider of software-driven technology, reported preliminary financial results for Q4 2022 and its full financial year. The company posted a recurring revenue of $2.4m for the fourth quarter of 2022, up 14% compared to the same prior year period.
Fourth quarter net sales were $18m, up 61% from the prior year period, while gross profit was $8.2m, resulting in a 45.8% gross margin. Operating income for the quarter was $0.5m and net income was $0.3m, or $0.03 net income per diluted share.
For the full-year 2022, net sales were $58.1m, rising by 48%, and gross profit was $24.4m, resulting in a 42% gross margin. Operating loss was reported at $7.7m and net loss was $5.9m, or $0.60 net loss per diluted share.
The company also reported record-breaking sales in its Casino and Gaming sector in Q4 2022, increasing 123% compared to the prior year quarter. Furthermore, the Financial Services Technology (FST) sales team achieved ‘meaningful progress’ with new potential customers in the verticals they serve. The FST also engaged with a major international QSR restaurant brand.
TransAct CEO Bart C. Shuldman commented: “2022 was a record-breaking year in many respects for TransAct, and I could not be more proud of the team and the progress we have made from the depths of the pandemic to the worldwide parts shortage to where we are today. I am so proud of the results our team delivered, and believe we are extremely well-positioned for future growth.”
The company also reported that paid terminals in the market were 12,180 on December 31, 2022, compared to 9,818 on December 31, 2021, an increase of 24%.
For the full year 2023, TransAct forecast a total revenue of between $70-72m and a total adjusted EBITDA of between $5.2m – $5.4m.