Executive Summary
Cantaloupe Inc delivered a solid QQ2 2025 with revenue of $73.72 million, marking a 12.8% year-over-year increase and a 4.07% quarter-over-quarter uptick. The gross profit was $30.72 million, yielding a gross margin of 41.67%, while operating income reached $6.16 million for an 8.36% operating margin. EBITDA stood at $10.09 million (13.69% EBITDA margin), and net income was $4.97 million (net margin 6.75%), with diluted EPS of $0.0666. The company also generated positive operating cash flow of $0.52 million, but free cash flow remained negative at $(3.77) million, driven by a $(11.92) million change in working capital and ongoing capital expenditures of $(4.29) million. Cash and equivalents totaled $27.68 million at period-end, underpinning a solid liquidity profile alongside a debt position of $38.44 million and a net debt of $10.76 million.
Management reiterated a strategy focused on expanding the unattended retail payments ecosystem via integrated software and device solutions (ePort) and leveraging strategic partnerships (Bakkt and Castles Technology). While the top-line trajectory supports a positive longer-term view, near-term cash flow remains pressured by working capital dynamics and investment in growth initiatives. Investors should monitor the rate of device deployments, contract wins, and any shifts in capex intensity that could influence FCF generation and reinvestment capacity.
Key Performance Indicators
Key Insights
Revenue: $73.72M, YoY +12.80%, QoQ +4.07%
Gross Profit: $30.72M, Gross Margin 41.67%, YoY +26.34%, QoQ +6.48%
Operating Income: $6.16M, Operating Margin 8.36%, YoY +71.91%, QoQ +50.06%
EBITDA: $10.09M, EBITDA Margin 13.69%
Net Income: $4.97M, Net Margin 6.75%, YoY +59.22%, QoQ +39.25%
EPS (Diluted): $0.0666, EPS (Reported): $0.0680, YoY +58.14%, QoQ +51.45%
CFO: $0.52M, CAPEX: $(4.29)M, Free Cash Flow: $(3.77)M
Cash at End of Period: $27.68M
Total Assets: $303.05M, Total Liabilities: $110.19M, S...
Financial Highlights
Revenue: $73.72M, YoY +12.80%, QoQ +4.07%
Gross Profit: $30.72M, Gross Margin 41.67%, YoY +26.34%, QoQ +6.48%
Operating Income: $6.16M, Operating Margin 8.36%, YoY +71.91%, QoQ +50.06%
EBITDA: $10.09M, EBITDA Margin 13.69%
Net Income: $4.97M, Net Margin 6.75%, YoY +59.22%, QoQ +39.25%
EPS (Diluted): $0.0666, EPS (Reported): $0.0680, YoY +58.14%, QoQ +51.45%
CFO: $0.52M, CAPEX: $(4.29)M, Free Cash Flow: $(3.77)M
Cash at End of Period: $27.68M
Total Assets: $303.05M, Total Liabilities: $110.19M, Stockholders’ Equity: $192.86M
Current Ratio: 1.81, Quick Ratio: 1.12, Cash Ratio: 0.43
Debt: $38.44M, Net Debt: $10.76M, Long-Term Debt: $35.56M
P/S: 39.17x, P/B: 14.97x, P/E: 145.16x, EV/Revenue: 284.47x
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
73.72M |
12.80% |
4.07% |
| Gross Profit |
30.72M |
26.34% |
6.48% |
| Operating Income |
6.16M |
71.91% |
50.06% |
| Net Income |
4.97M |
59.22% |
39.25% |
| EPS |
0.07 |
58.14% |
51.45% |
Key Financial Ratios
operatingProfitMargin
8.36%
operatingCashFlowPerShare
$0.01
freeCashFlowPerShare
$-0.05
priceEarningsRatio
145.16
Management Commentary
No earnings call transcript available for QQ2 2025 in the provided data. Consequently, there are no management quotes or thematic highlights to quote within this report.
Forward Guidance
No explicit forward guidance was disclosed in the provided materials. The QQ2 2025 results imply a growth-oriented trajectory supported by higher revenue and improved margins, but near-term profitability hinges on sustaining operating leverage and managing working capital. Management-focused growth drivers include expanding the unattended retail ecosystem, scaling ePort deployments, and deepening partnerships (e.g., Bakkt, Castles) to broaden the addressable market. Investors should monitor: (1) cadence of device rollouts and new customer wins, (2) mix shift toward higher-margin software/services, (3) working capital development and ongoing capex intensity, (4) competitive dynamics in digital payments for unattended markets, and (5) any regulatory or cybersecurity developments that could impact adoption and deployment timelines.