TransAct Technologies Incorporated (TACT), has announced its preliminary results for the fourth quarter and full year ended December 31, 2023, showing a drop in overall sales and a worsening of its operating results.
John Dillon, Chief Executive Officer of TransAct, highlighted the year as a period of change for the company, noting that it emerged stronger, more efficient, and operationally effective.
Dillon expressed confidence in the company’s new BOHA! Terminal 2, which received positive feedback from customers and prospects, and mentioned the addition of twelve new logos to the BOHA! platform in the fourth quarter and the sale of 1,235 terminals, foreseeing momentum building throughout 2024.
Net sales for TACT totaled $13.3 million in the last quarter of 2023, reflecting a decrease of 26 percent compared to $18.0 million in the fourth quarter of 2022.
FST recurring revenue amounted to $3.2 million, marking a 33 percent increase compared to $2.4 million in the fourth quarter of 2022.
Gross profit reached $6.4 million, resulting in a gross margin of 48.0 percent, compared to $8.2 million and a 45.8 percent gross margin in the fourth quarter of 2022.
Operating losses amounted to almost $500,000, contrasting with operating income of $500,000 in the fourth quarter of 2022.
Net loss were about $62,000 thousand, compared to net income of $260,000 in the fourth quarter of 2022, while EBITDA amounted to some $300,000, down from $1.0 million in the fourth quarter of 2022.
