Transact Technologies said its 4Q21 revenue jumped 43 percent and it’s seeing a “noticeable uptick” in international casino ordering as the recovery from Covid continues.
Net sales for the quarter were $11.1 million. The group reported a net loss of $0.7 million compared with a loss of $1.9 million a year earlier. Casino and gaming sales were $4.9 million in the quarter, increasing 84 percent year on year.
During an earnings call, CFO Steve DeMartino said “we continue to see great improvement in the domestic market and during the fourth quarter, we also finally began to see a pickup in our international casino markets which were up 100% over the fourth quarter 2020 and 32% sequentially from the third quarter ’21.”
However, despite the international casino markets doing well in the U.S. and Europe, TransAct CEO Bart Shuldman noted that Asia, and namely Macau, continues to be impacted by a zero-tolerance covid policy.
“Asia is still a problem. China has a zero-tolerance e program where should something break out, they shut everything down. Macau was still very slow. We do have some pockets of business. The Philippines we get some business out of. And then there’s Laos and Cambodia. I don’t think everybody knows how many different countries we sell to. But the biggest market is Macau. And that’s still pretty soft.”
Net sales for the 2021 year were $39.4 million, up 29.0 percent, while the net loss for the year narrowed to $4.1 million from $5.6 million.