TransAct Technologies Incorporated has published its Q3 2023 financial report. During the quarter, the company reported 22% growth year-over-year in food service technology (FST) recurring revenue, which reached $3.1m.
Casino and gaming sales rose 17% year-over-year during the quarter to reach $9m.
Net sales during Q3 totaled $17.2m, reflecting a 4% drop when compared to net sales this time last year. The company posted $8.9m in gross profit during the third quarter, with a gross margin of 51%.
Operating income reached $1.2m in Q3, nearly triple the amount posted during the same quarter last year. The company also nearly doubled its net income to $906,000 when compared to results from Q3 2022.
TransAct’s EBITDA climbed to $1.5m, while its adjusted EBITDA grew to $1.7m.
Company CEO John Dillon said the company is poised to carry its momentum from its third-quarter results into the next year.
He commented on the recent report by saying, “We are pleased with our operational progress in the quarter and believe that we are well positioned to build momentum in FST as we move into the end of the year.
“The quarter also reflected the initial effects of our cost-cutting initiatives as we adjust our business model and direct our efforts more efficiently. I strongly believe that we are moving the business successfully towards an optimized and sustainable growth model which I expect we will continue to build upon during 2024.”
In addition to its financial results, the company released an announcement that it, “intends to engage an advisor in the fourth quarter of 2023 to assist in determining the best long-term strategy for its business and ensure the company is maximizing the value of its operations for all stockholders and other stakeholders.”
