TransAct Technologies recorded a strong increase in net sales for Q4 2022, which was a quarterly record for the company.
That figure rose to US$18m in Q4, up 61 per cent year-on-year. And gross profit for the quarter was $8.2m, resulting in a gross margin of 45.8 per cent – climbing from $4.3m and 38.7 per cent, respectively, in 2021.
Adjusted EBITDA was $1.3m for Q4 2022, compared to $2.2m for Q4 2021.
Bart C. Shuldman, chief executive officer of software-driven technology and printing solutions company TransAct, said 2022 was a “record-breaking year in many respects.”
“Most notably, casino and gaming market sales reached an all-time quarterly high in the fourth quarter of 2022, increasing market share across the globe and carrying significant momentum into the new year,” he added.
For the full year 2022, net sales increased 48 per cent to $58.1m, gross profit rose to $24.4m and adjusted EBITDA was $5.2m compared to $7.5m in 2021.
TransAct currently expects total revenue of between $70m and $72m for 2023 and total adjusted EBITDA of between $5.2m and $5.4m.
Shuldman added: “Casino and gaming sales were up 123 per cent this quarter and up over 96 per cent for the year and we continue to increase production to meet the casino printer demand around the world.
“We are also seeing our enhanced FST sales team make meaningful progress with new potential FST customers in the verticals we serve and also with a major, international QSR restaurant brand, which we believe bodes well for TransAct going forward.”