TransAct Technologies’ CEO John Dillon said he was “pleased with progress” as the company announced its third quarter results.
“We are pleased with our operational progress in the quarter and believe that we are well positioned to build momentum in FST as we move into the end of the year,” he said.
“The quarter also reflected the initial effects of our cost-cutting initiatives as we adjust our business model and direct our efforts more efficiently.
“I strongly believe that we are moving the business successfully towards an optimised and sustainable growth model ,which I expect we will continue to build upon during 2024.”
The software-driven technology and printing solutions specialist reported net sales for the third quarter of $17.2m, down four per cent on 2022.
FFST recurring revenue was $3.1m, up 22 per cent compared to $2.6m for the third quarter of 2022. Gross profit was $8.9m, resulting in gross margin of 51.9 per cent, compared to gross profit of $8.2m for 2022, which delivered a 45.9 per cent gross margin.