The following is a summary of the TransAct Technologies Incorporated (TACT) Q2 2024 Earnings Call Transcript:
Financial Performance:
Q2 2024 Total sales improved to $11.6 million, driven by robust sequential revenue growth in the food service technology (FST) sector despite a challenging quarter in the casino and gaming market.
FST segment demonstrated strong growth with total revenue of $4.2 million, a sequential increase of 27%, and a year-over-year growth of 7%.
Notable declines in the casino and gaming sector where revenue fell by 56% year-over-year to $5.4 million.
Business Progress:
Growth in the FST segment driven by sales reorganization and focus on large chains.
Deployment of BOHA! Terminal 2 across international markets expanding geographic presence.
Introduced BOHA! Terminal 2 to 200 Italian locations, marking entry into fifth new international market.
Addition of 13 new BOHA! customers in the quarter, indicative of potential future growth.
Opportunities:
Strong pipeline for FST suggests ongoing potential for major revenue contributions.
Operational expansions into new international markets with pending approvals for installations in over 3,500 locations.
Risks:
Stability in casino and gaming revenue may continue to affect overall performance negatively.
Continuation of competitive challenges in marketplaces with recent re-entry of key competitors.
More details: TransAct Technologies IR
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