Cantaloupe Inc posted solid Q3 FY2025 results with revenue of $75.4 million, up 11% year over year, driven by 10% growth in both transaction and subscription revenue. Equipment revenue rose 18% to $10.2 million, supported by continued success of the Smart Store offering. The quarter featured margin expansion, with total adjusted gross margin at 41.6% (vs. 39.6% a year ago) and adjusted EBITDA of $13.9 million, up 37% YoY. However, reported net income benefited unusually from a one-time tax asset release, which elevated GAAP profitability for the quarter. Management highlighted a strong cash-generating quarter (operating cash flow of $22.4 million) and meaningful progress in customer adoption, international expansion, and new product initiatives. Management reaffirmed strategic priorities, notably Europe and Latin America expansion, direct/indirect go-to-market optimization, and product innovation including Engage Pulse and seed analytics. The outlook was updated for FY2025, with revenue guidance of $302â$308 million and adjusted EBITDA of about $96 million; GAAP net income guidance now reflects the tax asset release and is projected to be $64â$70 million. Investors should monitor near-term equipment demand (notably SmartStore), macro-driven capital spending cycles, international growth, and the sustainability of earnings power once the tax-related uplift normalizes.