Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number 001-33365

Cantaloupe, Inc.

_______________________________________________________________

(Exact name of registrant as specified in its charter)


Pennsylvania						23-2679963
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

101 Lindenwood Drive, Suite 405

Malvern,

Pennsylvania

19355

(Address of principal executive offices)

(Zip Code)

(610) 989-0340

_______________________________________________________________

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name Of Each Exchange On Which Registered
Common Stock, no par value	CTLP	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☑
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

As of November 4, 2024, there were 72,986,172 outstanding shares of Common Stock, no par value.

Cantaloupe, Inc.

TABLE OF CONTENTS


Part I - Financial Information

Item
	1.	Condensed Consolidated Financial Statements
		Condensed Consolidated Balance Sheets - September 3 0 , 2024 (unaudited) and June 30, 202 4	3
		Condensed Consolidated Statements of Operations - Three Months ended September 3 0 , 2024 and 2023 (unaudited)	4
		Condensed Consolidated Statements of Comprehensive Income - Three Months ended September 3 0 , 2024 and 2023 (unaudited)	5
		Condensed Consolidated Statements of Convertible Preferred Stock and Shareholders’ Equity - Three Months ended September 3 0 , 2024 and 2023 (unaudited)	6
		Condensed Consolidated Statements of Cash Flows - Three Months ended September 3 0 , 2024 and 2023 (unaudited)	7
		Notes to Condensed Consolidated Financial Statements (unaudited)	8
	2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
	3.	Quantitative and Qualitative Disclosures About Market Risk	29
	4.	Controls and Procedures	30

Part II - Other Information
Item
	1.	Legal Proceedings	31
	1A.	Risk Factors	31
	2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
	3.	Defaults Upon Senior Securities	31
	4.	Mine Safety Disclosures	31
	5.	Other Information	31
	6.	Exhibits	32

		Signatures	33

Part I. Financial Information

Item 1. Condensed Consolidated Financial Statements

Cantaloupe, Inc.

Condensed Consolidated Balance Sheets


	September 30, 2024 (Unaudited)		June 30, 2024
($ in thousands, except share data)

Assets
Current assets:
Cash and cash equivalents	$	33,124	$	58,920
Accounts receivable, net	32,490		43,848
Finance receivables, net	6,104		6,391
Inventory	44,571		40,791
Prepaid expenses and other current assets	7,456		7,844
Total current assets	123,745		157,794

Non-current assets:
Finance receivables, net	8,873		10,036
Property and equipment, net	35,888		34,029
Operating lease right-of-use assets	8,276		7,986
Intangibles, net	26,762		24,626
Goodwill	102,708		94,903
Other assets	5,883		6,194
Total non-current assets	188,390		177,774

Total assets	$	312,135	$	335,568

Liabilities, convertible preferred stock, and shareholders’ equity
Current liabilities:
Accounts payable	$	52,612	$	78,895
Accrued expenses	21,743		24,008
Current obligations under long-term debt	1,362		1,266
Deferred revenue	1,471		1,726
Total current liabilities	77,188		105,895

Long-term liabilities:
Deferred income taxes	505		466
Long-term debt, less current portion	35,919		36,284
Other noncurrent liabilities	9,573		8,457
Total long-term liabilities	45,997		45,207

Total liabilities	123,185		151,102
Commitments and contingencies (Note 14)
Convertible preferred stock:
Series A convertible preferred stock, 900,000 shares authorized, 385,782 and 385,782 issued and outstanding, with liquidation preferences of $23,011 and $22,722 at September 30, 2024 and June 30, 2024, respectively	2,720		2,720
Shareholders’ equity:
Common stock, no par value, 640,000,000 shares authorized, 72,986,172 and 72,935,497 shares issued and outstanding at September 30, 2024 and June 30, 2024, respectively	—		—
Additional paid-in capital	483,052		482,329
Accumulated deficit	(296,887)		(300,459)
Accumulated other comprehensive income (loss)	65		(124)
Total shareholders’ equity	186,230		181,746

Total liabilities, convertible preferred stock, and shareholders’ equity	$	312,135	$	335,568

See accompanying notes to condensed consolidated financial statements.

Cantaloupe, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)


	Three months ended
	September 30,
($ in thousands, except share and per share data)	2024		2023
Revenues:
Subscription and transaction fees	$	63,792	$	55,135
Equipment sales	7,044		7,548
Total revenues	70,836		62,683

Costs of sales (exclusive of certain depreciation and amortization):
Cost of subscription and transaction fees	35,744		31,728
Cost of equipment sales	6,241		6,627
Total costs of sales	41,985		38,355

Operating expenses:
Sales and marketing	5,448		4,142
Technology and product development	4,499		4,168
General and administrative	11,928		10,438
Integration and acquisition expenses	197		78
Depreciation and amortization	2,672		2,747
Total operating expenses	24,744		21,573

Operating income	4,107		2,755

Other income (expense):
Interest income	447		517
Interest expense	(991)		(1,107)
Other income (expense), net	186		(77)
Total other expense, net	(358)		(667)

Income before income taxes	3,749		2,088
Provision for income taxes	(177)		(81)

Net income	3,572		2,007
Preferred dividends	(289)		(289)
Net income applicable to common shares	$	3,283	$	1,718

Net earnings per common share
Basic	$	0.04	$	0.02
Diluted	$	0.04	$	0.02

Weighted average number of common shares outstanding used to compute net earnings per share applicable to common shares
Basic	73,068,856		72,717,965
Diluted	73,921,186		74,305,512

See accompanying notes to condensed consolidated financial statements.

Cantaloupe, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)


	Three months ended September 30,

($ in thousands)	2024		2023
Net income	3,572		$	2,007

Foreign currency translation adjustments	189		—
Other comprehensive income	189		—
Total comprehensive income	$	3,761	$	2,007

See accompanying notes to condensed consolidated financial statements.

Cantaloupe, Inc.

Condensed Consolidated Statements of Convertible Preferred Stock and Shareholders’ Equity

(Unaudited)

Three Month Period Ended September 30, 2024


($ in thousands, except share data)	Convertible Preferred Stock			Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Shareholders' Equity
	Shares	Amount		Shares	Amount
Balance, June 30, 2024	385,782	$	2,720	72,935,497	$	—	$	482,329	$	(300,459)	$	(124)	$	181,746
Stock-based compensation	—	—		—	—		723		—		—		723
Vesting of restricted stock	—	—		50,675	—		—		—		—		—

Other comprehensive income	—	—		—	—		—		—		189		189
Net income	—	—		—	—		—		3,572		—		3,572
Balance, September 30, 2024	385,782	$	2,720	72,986,172	$	—	$	483,052	$	(296,887)	$	65	$	186,230

Three Month Period Ended September 30, 2023


($ in thousands, except share data)	Convertible Preferred Stock			Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Shareholders' Equity
	Shares	Amount		Shares	Amount
Balance, June 30, 2023	385,782	$	2,720	72,664,464	$	—	$	477,324	$	(312,452)	$	—	$	164,872
Stock-based compensation	—	—		—	—		1,934		—		—		1,934
Vesting of restricted stock	—	—		20,801	—		—		—		—		—
Exercise of stock options	—	—		10,000	—		74		—		—		74
Net income	—	—		—	—		—		2,007		—		2,007
Balance, September 30, 2023	385,782	$	2,720	72,695,265	$	—	$	479,332	$	(310,445)	$	—	$	168,887

See accompanying notes to condensed consolidated financial statements.

Cantaloupe, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Three months ended
	September 30,
($ in thousands)	2024		2023
Cash flows from operating activities:
Net income	$	3,572	$	2,007
Adjustments to reconcile net income to net cash (used in) provided from operating activities:
Stock-based compensation	887		1,932
Amortization of debt issuance costs and discounts	30		32
Provision for expected losses	949		1,000
Provision for inventory reserve	83		—
Depreciation and amortization	3,192		3,089
Gain on foreign currency exchange rates	(211)		—
Non-cash lease expense	321		400
Deferred income taxes	24		43

Changes in operating assets and liabilities:
Accounts receivable	11,047		(7,784)
Finance receivables	1,081		1,122
Inventory	(3,863)		(344)
Prepaid expenses and other assets	219		171
Accounts payable and accrued expenses	(28,897)		5,152
Operating lease liabilities	(197)		(391)
Deferred revenue	(255)		274
Net cash (used in) provided by operating activities	(12,018)		6,703

Cash flows from investing activities:
Capital expenditures	(3,791)		(2,916)
Acquisition of business, net of cash acquired	(9,761)		—


Net cash used in investing activities	(13,552)		(2,916)

Cash flows from financing activities:


Repayment of long-term debt	(286)		(193)
Proceeds from exercise of common stock options	—		76
Payment of employee taxes related to stock-based compensation	(164)		—
Net cash used in financing activities	(450)		(117)

Effect of currency exchange rate changes on cash and cash equivalents	224		—

Net (decrease) increase in cash and cash equivalents	(25,796)		3,670
Cash and cash equivalents at beginning of year	58,920		50,927
Cash and cash equivalents at end of period	$	33,124	$	54,597

Supplemental disclosures of cash flow information:
Interest paid in cash	$	883	$	889
Income taxes paid in cash	$	251	$	13

See accompanying notes to condensed consolidated financial statements.

Cantaloupe, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. BUSINESS

Cantaloupe, Inc., is organized under the laws of the Commonwealth of Pennsylvania. We are a digital payments and software services company that provides end-to-end technology solutions for self-service commerce. We offer a single platform for self-service commerce which includes integrated payments processing and software solutions that handle inventory management, pre-kitting, route logistics, warehouse and back-office management. Our enterprise-wide platform is designed to increase consumer engagement and sales revenue through digital payments, digital advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and inventory. Our customers range from vending machine companies to operators of micro-markets and smart retail, laundromats, metered parking terminals, amusement and entertainment venues, IoT services and more.

Cantaloupe, Inc. and its consolidated subsidiaries are referred to herein collectively as "Cantaloupe," the "Company," "we," "our" or "us," unless the context requires otherwise.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Preparation

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

The condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements and therefore should be read in conjunction with the Company’s June 30, 2024 Annual Report on Form 10-K.

The Company has operations in the United States, Mexico and the United Kingdom. The functional currencies of our foreign wholly-owned subsidiaries are the local currencies. We translate the financial statements of these subsidiaries into U.S. dollars each reporting period for purposes of consolidation.

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company evaluates these estimates on an ongoing basis.

Estimates, judgments, and assumptions in these condensed consolidated financial statements include, but are not limited to, those related to revenue recognition, capitalization of internal-use software and cloud computing arrangements, fair value of acquired assets and liabilities including goodwill through purchase accounting, income taxes and sales tax reserves. See the Company's Annual Report, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, section Critical Accounting Estimates.

Reclassification

Certain reclassifications have been made to prior year's reported amounts in order to conform to the current year presentation. These reclassifications did not impact our previously reported net income or stockholders’ equity.

Recent Accounting Pronouncements

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, which expands income tax disclosure requirements to include additional information related to the rate reconciliation of effective tax rates to statutory rates as well as additional disaggregation of taxes

paid. The amendments in the ASU also remove disclosures related to certain unrecognized tax benefits and deferred taxes. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, which is the Company's fiscal year ended June 30, 2026. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures.

ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to an entity's chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. Annual disclosures are required for fiscal years beginning after December 15, 2023, which is the Company's fiscal year ended June 30, 2025. Interim disclosures are required for periods within fiscal years beginning after December 15, 2024, which is the Company's fiscal year ended June 30, 2026. Retrospective application is required for all prior periods presented, and early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures.

No other new accounting pronouncements, issued or effective during the period ended September 30, 2024, have had or are expected to have a significant impact on the Company’s financial statements.

3. ACCOUNTS RECEIVABLE

Accounts receivable includes amounts due to the Company for sales of equipment and subscription fees, settlement receivables for amounts due from third-party payment processors, receivables from contract manufacturers and unbilled amounts due from customers, net of the allowance for credit losses. Accounts receivable, net of the allowance for uncollectible accounts were $32.5 million as of September 30, 2024 and $43.8 million as of June 30, 2024.

Allowance for credit losses

The following table represents a rollforward of the allowance for credit losses for the three months ended September 30, 2024 and 2023:


	Three months ended September 30,
($ in thousands)	2024		2023
Balance, beginning of quarter	$	13,442	$	10,815
Provision for expected losses	558		958
Write-offs	(354)		(60)
Balance, end of quarter	$	13,646	$	11,713

4. FINANCE RECEIVABLES

The Company's finance receivables consist of devices under its financing program and devices contractually associated with the Seed platform. Predominately all of the Company’s finance receivables agreements are classified as non-cancellable sixty-month sales-type leases.

The Company collects lease payments from customers primarily as part of the flow of funds from our transaction processing services. Balances are considered past due if customers do not have sufficient transaction revenue to cover the monthly lease payment by the end of the monthly billing period.

At September 30, 2024, the gross lease receivable by current payment performance on a contractual basis and year of origination consisted of the following:


	Leases by Origination
($ in thousands)		Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total

Current		$	2,066	$	3,050	$	6,029	$	1,571	$	562	$	157	$	13,435
30 days and under		31		52		160		76		44		27		390
31 - 60 days		11		23		119		67		47		27		294
61 - 90 days		6		18		102		47		79		32		284
Greater than 90 days		9		122		1,040		235		279		1,214		2,899
Total finance receivables		$	2,123	$	3,265	$	7,450	$	1,996	$	1,011	$	1,457	$	17,302

At June 30, 2024, the gross lease receivable by current payment performance on a contractual basis and year of origination consisted of the following:


	Leases by Origination
($ in thousands)		Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total

Current		$	2,199	$	5,135	$	4,668	$	1,961	$	456	$	324	$	14,743
30 days and under		13		67		80		85		56		42		343
31 - 60 days		8		64		58		49		47		38		264
61 - 90 days		8		62		48		32		36		38		224
Greater than 90 days		35		387		625		208		297		1,235		2,787
Total finance receivables		$	2,263	$	5,715	$	5,479	$	2,335	$	892	$	1,677	$	18,361

The following table represents a rollforward of the allowance for finance receivables for the three months ended September 30, 2024 and 2023:


	Three months ended September 30,
($ in thousands)	2024		2023

Balance at June 30	$	1,934	$	2,098
Provision for expected losses	391		51

Balance at September 30	2,325		2,149

There were no write-offs of finance receivables for the three months ended September 30, 2024 and 2023.

Cash to be collected on our performing finance receivables due for each of the fiscal years is as follows:


($ in thousands)	Amount
Remainder of 2025	$	5,480
2026	6,003
2027	4,043
2028	2,051
2029	770
Thereafter	85
Total amounts to be collected	18,432
Less: interest	(1,130)
Less: allowance for uncollectible receivables	(2,325)
Total finance receivables	$	14,977

5. LEASES

Lessee Accounting

We have operating leases which are primarily real estate leases used for corporate functions, product development, sales, and other purposes. The following table provides supplemental balance sheet information related to the Company's operating leases:


($ in thousands)	Balance Sheet Classification	September 30, 2024		June 30, 2024
Assets:	Operating lease right-of-use assets	$	8,276	$	7,986

Liabilities:
Current	Accrued expenses	$	1,432	$	1,320
Long-term	Other noncurrent liabilities	8,759		8,457
Total lease liabilities		$	10,191	$	9,777

Supplemental cash flow information and non-cash activity related to our leases are as follows:


($ in thousands)	Three months ended September 30,
	2024		2023
Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	485	$	604

Non-cash activity:
Right-of-use assets obtained in exchange for new lease obligations	$	290	$	1,788

Maturities of lease liabilities by fiscal year for our leases as of September 30, 2024 are as follows:


($ in thousands)	Operating Leases
Remainder of 2025	$	1,345
2026	2,405
2027	1,958
2028	1,456
2029	1,491
Thereafter	5,720
Total lease payments	14,375
Less: Imputed interest	(4,184)
Present value of lease liabilities	$	10,191

Lessor Accounting

Property and equipment used for the operating lease rental program consisted of the following:


($ in thousands)	September 30, 2024		June 30, 2024
Cost	$	32,777	$	32,513
Accumulated depreciation	(25,229)		(24,742)
Net	$	7,548	$	7,771

For the three months ended September 30, 2024 and 2023, the Company recognized $2.3 million and $2.0 million of revenue from its device rental program, respectively, which is included in the Subscription and Transaction fees on its Condensed Consolidated Statements of Operations.

The Company’s net investment in sales-type leases (carrying value of lease receivables) and the future minimum amounts to be collected on these lease receivables as of September 30, 2024 are disclosed within Note 4 - Finance Receivables.

6. DEBT AND OTHER FINANCING ARRANGEMENTS

The Company's debt and other financing arrangements as of September 30, 2024 and June 30, 2024 consisted of the following:


	As of September 30,		As of June 30,
($ in thousands)	2024		2024

JPMorgan Credit Facility*	$	37,344	$	37,625
Other obligations	29		34
Less: unamortized issuance costs and debt discount	(92)		(109)
Total	37,281		37,550
Less: debt and other financing arrangements, current	(1,362)		(1,266)
Debt and other financing arrangements, noncurrent	$	35,919	$	36,284

* See discussion below on amendment to the JPMorgan Credit Facility.

JPMorgan Chase Bank Credit Facility

On March 17, 2022, the Company entered into an amended and restated credit agreement with JPMorgan Chase Bank, N.A. which provides for a $15 million secured revolving credit facility (the “Amended Revolving Facility”) and a $25 million secured term facility (the “Amended Secured Term Facility” and together with the Amended Revolving Facility, the “Amended JPMorgan Credit Facility”), and fully replaced our previous 2021 JPMorgan credit facility.

On December 1, 2022, the Company entered into an amendment (the “2022 Amendment”) the Amended and Restated Credit Agreement, dated as of March 17, 2022, which, among other things, amended the definition of the Company’s EBITDA under the Credit Agreement. On December 1, 2022, the Company borrowed an additional $25 million under the Amended JPMorgan Credit Facility, including $15 million from the revolving credit facility and $10 million from the term facility. No issuance costs were capitalized in connection with this amendment.

The Amended JPMorgan Credit Facility matures on March 16, 2026. Interest on the Amended JPMorgan Credit Facility will be based, at the Company’s option, on a base rate or SOFR plus an applicable margin tied to the Company’s total leverage ratio and having ranges of between 2.50% and 3.00% for base rate loans and between 3.50% and 4.00% for SOFR loans. Subject to the occurrence of a material acquisition and the Company’s total leverage ratio exceeding 3.00 to 1.00, the interest rate on the loans may increase by 0.25%. In an event of default, the interest rate may be increased by 2.00%. The Amended JPMorgan Credit Facility will also carry a commitment fee of 0.50% per annum on the unused portion. As of September 30, 2024, the weighted-average interest rate for the Amended JPMorgan Credit Facility is approximately 8.9%.

The Amended JPMorgan Credit Facility includes customary representations, warranties and covenants, and acceleration, indemnity and events of default provisions, including, among other things, two financial covenants. One financial covenant requires the Company to maintain, at all times, a total leverage ratio of not more than 3.00 to 1.00 on the last day of any fiscal quarter. The other financial covenant is conditional on a material acquisition occurring: if a material acquisition occurs, the Company is required to maintain a total leverage ratio not greater than 4.00 to 1.00 for the next four fiscal quarters following the material acquisition.

The Company was in compliance with its financial covenants for the Amended JPMorgan Credit Facility as of September 30, 2024.

The expected maturities for each fiscal year associated with the Company’s outstanding debt and other financing arrangements as of September 30, 2024, were as follows:


($ in thousands)	Amount
Remainder of 2025	$	1,047
2026	36,326
Principal amounts payable	37,373
Unamortized issuance costs	(92)
Total outstanding debt	$	37,281

7. ACCRUED EXPENSES

Accrued expenses consisted of the following as of September 30, 2024 and June 30, 2024:


	As of September 30,		As of June 30,
($ in thousands)	2024		2024

Sales tax reserve	$	9,891	$	9,947
Accrued compensation and related sales commissions	1,907		4,061
Operating lease liabilities - current	1,432		1,320
Accrued professional fees	3,496		4,336
Sales tax payable	1,969		2,123

Accrued other	1,136		851
Current portion of the fair value of SB Software contingent consideration*	542		—
Consideration withheld for the 32M acquisition	442		442
Consideration withheld for the Cheq acquisition*	928		928
Total accrued expenses	$	21,743	$	24,008

* See Note 9 - Acquisition for description of the arrangement.

8. GOODWILL AND INTANGIBLES

Intangible asset balances and goodwill consisted of the following:


	As of September 30, 2024						Weighted Average Remaining Useful Life (Years)
($ in thousands)	Gross		Accumulated Amortization		Net

Intangible assets:
Brand and trade names	$	2,526	(1,971)		555		2.0
Developed technology	23,119		(13,792)		9,327		3.8
Customer relationships	27,217		(10,337)		16,880		8.6
Total intangible assets	$	52,862	$	(26,100)	$	26,762	6.8

Goodwill	$	102,708	$	—	$	102,708	Indefinite


	As of June 30, 2024						Weighted Average Useful Life (Years)
($ in thousands)	Gross		Accumulated Amortization		Net

Intangible assets:
Brand and trade names	$	2,361	$	(1,852)	$	509	1.6
Developed technology	20,062		(13,304)		6,758		3.6
Customer relationships	27,024		(9,665)		17,359		8.8
Total intangible assets	$	49,447	$	(24,821)	$	24,626	7.2

Goodwill	$	94,903	$	—	$	94,903	Indefinite

During the three months ended September 30, 2024 and September 30, 2023, the Company recognized $1.3 million and $1.6 million, respectively, in amortization expense related to intangible assets.

The Company performs an annual goodwill impairment test on April 1 and more frequently if events and circumstances indicate that the asset might be impaired. The Company has determined that there is one single reporting unit for purposes of testing goodwill for impairment. During the three ended September 30, 2024 and September 30, 2023, the Company did not recognize any impairment charges related to goodwill.

9. ACQUISITIONS

On September 5, 2024, the Company acquired all of the equity interests of SB Software Limited ("SB Software"), a United Kingdom private limited company. SB Software is in the business of vending and coffee machine management in the United Kingdom. The acquisition enhances Cantaloupe’s operational capabilities and market reach in Europe.

On February 1, 2024, the Company acquired all of the equity interests of Cheq Lifestyle Technology, Inc. ("Cheq"). Cheq powers payments for numerous professional sports teams, entertainment venues and festival operators through its enterprise-grade payment devices and mobile ordering platform. The acquisition positions Cantaloupe for expansion into the large and rapidly growing sports, entertainment, and restaurant sectors with a comprehensive suite of self-service solutions.

Both acquisitions were accounted for as business combinations using the acquisition method of accounting. The purchase price of each acquired company was allocated between tangible and intangible assets acquired and liabilities assumed from the acquired businesses based on their estimated fair values using primarily Level 3 inputs under ASC Topic 820, "Fair Value Measurement", with the residual of the purchase price recorded as goodwill.

SB Software

For SB Software, the Company paid a purchase price of approximately $11.4 million which includes cash paid of $10.0 million and the estimated fair value of contingent consideration to be paid out of $1.4 million. The acquisition was funded by the Company's cash on hand.

The $1.4 million fair value of the contingent consideration to be paid out represents the present value of up to $3.3 million in contingent consideration based on a Monte Carlo Simulation should SB Software achieve certain revenue growth metrics as defined in the share purchase agreement. Should these metrics be achieved, approximately $1.3 million, $1.0 million and $1.0 million will be payable in September 2025, September 2026 and September 2027, respectively. The current and noncurrent portions of the fair value of the contingent consideration of $0.5 million and $0.8 million are included in Accrued expenses and Other non-current liabilities on the Condensed Consolidated Balance Sheet, respectively.

The following table summarizes the estimated fair value assigned to the assets acquired and liabilities assumed:


($ in thousands)	Amount
Cash and cash equivalents	$	284
Accounts receivable	94
Inventory	42
Prepaid expenses	14
Property and equipment	67
Operating lease right-of-use assets	244
Intangible assets	3,362
Total identifiable assets acquired	4,107
Accounts payable	(71)
Accrued expenses	(152)
Operating lease liability	(244)
Total liabilities assumed	(467)
Total identifiable net assets	3,640
Goodwill	7,743
Fair value of total considerations transferred	$	11,383

The Company determined the estimated fair value of the identifiable intangible assets acquired with the assistance of third-party valuation consultants. Amounts allocated to identifiable intangible assets included $3.0 million related to developed technology, $0.2 million related to customer relationships, and $0.2 million related to trade names. The estimated fair value of the acquired developed technology was determined using a multi-period excess earnings method. The estimated fair value of the acquired customer relationships was determined using the distributor method which estimates the value using the cash flow impact in a scenario where the customer relationships are not in place. The estimated fair value of the acquired trade names was determined using the relief from royalty method which estimates the value using the discounted value of the royalty that a company would pay to license the trade name. The recognized intangible assets will be amortized on a straight-line basis over the estimated useful lives of the respective assets. The estimated useful lives for developed technology, customer relationship, trade names were 5, 3 and 3 years, respectively.

Goodwill of $7.7 million arising from the acquisition includes the expected synergies between SB Software and the Company. The goodwill, which is not deductible for income tax purposes, was assigned to the Company’s only reporting unit.

The Company recognized $0.2 million of integration and acquisition related costs that were expensed during the three months ended September 30, 2024. These costs are recorded within Integration and acquisition expenses in the Condensed Consolidated Statements of Operations.

The allocation of the purchase price is currently provisional and is subject to change over the remainder of the measurement period as the Company continues to evaluate and analyze the estimates and assumptions used in the valuation. Pro forma financial information of the acquisition and revenue and net income since acquisition are not presented due to the immaterial impact of the financial results of SB Software in the Company's Condensed Consolidated Financial Statements.

Cheq

For Cheq, the Company paid an aggregate purchase price consideration of $4.7 million, including $1.1 million in accounts payable paid concurrently with the acquisition and $0.9 million cash held back by the Company for net working capital and other post-closing adjustments. The acquisition was funded by the Company's cash on hand. Cash held back by the Company is expected to be paid after post-closing adjustments on January 1, 2025.

The following table summarizes the adjusted fair value assigned to the assets acquired and liabilities assumed:


($ in thousands)	Amount
Cash and cash equivalents	$	84
Property and equipment	1,136
Intangible assets	1,750
Other assets	486
Total identifiable assets acquired	3,456
Accounts payable	(691)
Other liabilities	(52)
Total liabilities assumed	(743)
Total identifiable net assets	2,713
Goodwill	2,000
Fair value of total considerations transferred	$	4,713

The Company determined the fair value of the identifiable intangible assets acquired with the assistance of third-party valuation consultants. Amounts allocated to identifiable intangible assets included $1.4 million related to developed technology, $0.2 million related to customer relationships, and $0.2 million related to trade names. The fair value of the acquired developed technology was determined using a multi-period excess earnings method. The fair value of the acquired customer relationships was determined using the distributor method which estimates the value using the cash flow impact in a scenario where the customer relationships are not in place. The fair value of the acquired trade names was determined using the relief from royalty method which estimates the value using the discounted value of the royalty that a company would pay to license the trade name. The recognized intangible assets will be amortized on a straight-line basis over the estimated useful lives of the respective assets. The estimated useful lives for developed technology, customer relationship, trade names were 5, 3 and 3 years, respectively.

Goodwill of $2.0 million arising from the acquisition includes the expected synergies between Cheq and the Company. The goodwill, which is not deductible for income tax purposes, was assigned to the Company’s only reporting unit.

The Company recognized $1.1 million of integration and acquisition related costs that were expensed during the year ended June 30, 2024. These costs are recorded within Integration and acquisition expenses in the Condensed Consolidated Statements of Operations.

10. REVENUES

Based on similar operational characteristics, the Company's revenues are disaggregated as follows:


	Three months ended September 30,
($ in thousands)		2024		2023
Transaction fees		$	43,604	$	37,030
Subscription fees		20,188		18,105
Subscription and transaction fees		63,792		55,135
Equipment sales		7,044		7,548
Total revenues		$	70,836	$	62,683

A portion of the Company’s revenues relate to rental lease arrangements. The Company leases equipment to customers under the Cantaloupe One program which is accounted for as operating leases in accordance with ASC 842. Lease revenue is recognized on a straight-line basis over the term of the lease. As described in Note 4 - Finance Receivables, the Company leases equipment under sales-type finance leases in accordance with ASC 842.

The Company's revenues earned under ASC Topic 842 are as follows:


	Three months ended September 30,
($ in thousands)		2024		2023
Operating leases		$	2,318	$	1,990
Sales-type finance leases		640		692
Total lease revenues		$	2,958	$	2,682

Contract Assets

Contract assets represent revenues earned from customers that are not yet billable to customers, generally due to the timing of when equipment and services are delivered to customers on bundled contracts, or as a result of contracts costs as described below. Contract assets that will be billed within the next 12 months are included in Prepaid expenses and other current assets and all others are included in Other assets on the Condensed Consolidated Balance Sheets. Contract assets were $2.5 million and $2.6 million, as of September 30, 2024 and June 30, 2024.

Contract Liabilities

The change in the contract liability balances, presented as Deferred revenue on the Condensed Consolidated Balance Sheets, is primarily the result of timing difference between the Company’s satisfaction of a performance obligation and payment from the customer.

The Company's contract liability (i.e., deferred revenue) balances are as follows:


	Three months ended September 30,
($ in thousands)	2024		2023
Deferred revenue, beginning of the period	$	1,726	$	1,666
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	(324)		(92)
Additions	69		366
Deferred revenue, end of the period	$	1,471	$	1,940

Future Performance Obligations

The Company will recognize revenue in future periods related to remaining performance obligations for certain open contracts. Generally, these contracts have terms of one year or less. The amount of revenue related to unsatisfied performance obligations in which the original duration of the contract is greater than one year are primarily associated with the Company's Cantaloupe ONE rental program which has a contractual term of 36 months. The following table reflects the estimated fees to be recognized in the future related to performance obligations that are unsatisfied as of September 30, 2024:


($ in thousands)	As of September 30, 2024
Remainder of fiscal year 2025	$	4,341
2026	4,250
2027	1,084
Thereafter	26
Total	$	9,701

Contract Costs

The Company had net capitalized costs to obtain contracts of $0.9 million and $0.9 million included in Prepaid expenses and other current assets and $2.4 million and $2.4 million included in Other noncurrent assets on the Condensed Consolidated Balance Sheets as of September 30, 2024 and June 30, 2024, respectively. None of these capitalized contract costs were impaired.

During the three months ended September 30, 2024 and September 30, 2023, amortization of capitalized contract costs was $0.2 million and $0.2 million, respectively. Amortization of costs to obtain a contract are included within Sales and marketing expenses within the Consolidated Statement of Operations.

11. STOCK-BASED COMPENSATION

Stock Options

The Company estimates the grant date fair value of the stock options with service conditions (i.e., a condition that requires an employee to render services to the Company for a stated period of time to vest) using a Black-Scholes valuation model. The Company’s assumption for expected volatility is based on its historical volatility data related to market trading of its own common stock. The Company uses the simplified method to determine expected term, as the Company does not have adequate historical exercise and forfeiture behavior on which to base the expected life assumption. The dividend yield assumption is based on dividends expected to be paid over the expected life of the stock option. The risk-free interest rate assumption is determined by using the U.S. Treasury rates of the same period as the expected option term of each stock option.

The fair value of options granted during the three months ended September 30, 2024 and 2023 were determined using the following assumptions and includes only options with an established grant date under ASC 718:


	Three months ended September 30,
		2024			2023
Expected volatility (percent)		50.5%			61.3% - 69.7%
Weighted average expected life (years)		4.5			4.2 - 4.5
Dividend yield (percent)		0.0		%	0.0		%
Risk-free interest rate (percent)		3.4%			4.2% - 4.3%
Number of options granted		20,000			110,000
Weighted average exercise price		$	6.35		$	7.00
Weighted average grant date fair value		$	2.88		$	4.35

Stock-based compensation related to stock options with an established grant date for the three months ended September 30, 2024 and 2023 was $0.5 million and $1.1 million, respectively.

Restricted Stock Awards

The Company grants service based restricted stock awards to employees. The Company determines expense related to restricted stock awards using the closing stock price on the grant date and these awards are expensed under the accelerated attribution method over the vesting period which is typically a three-year service period. The total expense recognized for restricted stock awards for the three months ended September 30, 2024 and 2023 was $0.4 million and $0.5 million, respectively.

12. INCOME TAXES

The Company computes its interim period income tax expense or benefit using a forecasted estimated annual effective tax rate ("EAETR") and adjusts for any discrete items arising during the interim period and any changes in the Company's projected full-year business interest expense and taxable income. For the three months ended September 30, 2024, the EAETR was 5.1% and was based primarily on minimum state tax obligations.

For the three months ended September 30, 2024 and 2023, the Company recorded an income tax provision of $0.2 million and $0.1 million, respectively. The income tax provisions for both quarters primarily relate to state income and deferred taxes related to goodwill amortization for tax purposes. The provision was based upon actual income before income taxes for the three months ended September 30, 2024, as this provides a more reliable estimate of the income tax provision than an estimated annual effective income tax rate. The Company had a total unrecognized income tax benefit of $0.7 million and $0.7 million as of September 30, 2024 and 2023, respectively.

The Company has significant deferred tax assets, a substantial amount of which result from operating loss carryforwards. The Company routinely evaluates its ability to realize the benefits of these assets to determine whether it is more likely than not that

such benefit will be realized. The Company believes that for the year ended September 30, 2024, it is more likely than not that its deferred tax assets will not be realized. Accordingly, the Company has established a full valuation allowance on its net deferred tax assets. The Company intends to continue maintaining a full valuation allowance on its federal and state deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of this allowance. However, given the Company’s current earnings and anticipated future earnings, the Company believes that there is a reasonable possibility in a future period that sufficient positive evidence may become available to allow the Company to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded. The exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company is able to actually achieve.

13. EARNINGS PER SHARE CALCULATION

Basic earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per share, applicable only to years ended with reported income is computed by dividing net income by the weighted average number of common shares outstanding during the period plus the dilutive effect of outstanding stock options and restricted stock-based awards using the treasury stock method. The calculation of basic and diluted earnings per share is presented below:


	Three months ended September 30,
($ in thousands, except per share data)	2024		2023

Numerator for basic and diluted loss per share
Net income	$	3,572	2,007
Preferred dividends	(289)		(289)
Net income applicable to common shareholders	$	3,283	$	1,718

Denominator for basic earnings per share - Weighted average shares outstanding	73,068,856		72,717,965
Effect of dilutive potential common shares	852,330		1,587,547
Denominator for diluted earnings per share - Adjusted weighted average shares outstanding	73,921,186		74,305,512

Basic earnings per share	$	0.04	$	0.02
Diluted earnings per share	$	0.04	$	0.02

Potentially anti-dilutive shares excluded from the calculation of diluted earnings per share were approximately 0.1 million and 1 million for the three months ended September 30, 2024 and 2023, respectively.

14. COMMITMENTS AND CONTINGENCIES

Litigation

From time to time, we may be a party to litigation and other proceedings that arise in the ordinary course of our business. These types of matters could result in fines, penalties, compensatory or treble damages or non-monetary sanctions or relief. In accordance with the accounting guidance for contingencies, we reserve for litigation claims and assessments asserted or threatened against us when a loss is probable and the amount of the loss can be reasonably estimated. We cannot predict the outcome of legal or other proceedings with certainty. We do not expect any claims with a reasonably possible adverse outcome to have a material impact on us, and, accordingly, have not accrued for any material claims.

15. RELATED PARTY TRANSACTIONS

A member of our Board of Directors serves as a strategic advisor to a consulting firm that we utilize for payments analytics and advisory services. These services are utilized by the Company to reduce the cost of our interchange and other processing fees charged by payment processors and credit card networks. As consideration for the services, we pay the consulting firm a success fee based on the savings realized by the Company, and a recurring monthly subscription fee for the analytical services.

The total expense recognized within Cost of subscription and transaction fees for these arrangements was less than $0.1 million for both the three months ended September 30, 2024 and 2023.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q.

Forward-Looking Statements

This Form 10‑Q contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the anticipated financial and operating results of Cantaloupe, Inc. For this purpose, forward-looking statements are any statements contained herein that are not statements of historical fact and include, but are not limited to, those preceded by or that include the words, “estimate,” “could,” “should,” “would,” “likely,” “may,” “will,” “plan,” “intend,” “believes,” “expects,” “anticipates,” “projected,” or similar expressions. Those statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from those contemplated by the statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Important factors that could cause the Company’s actual results to differ materially from those projected include, for example:

•general economic, market or business conditions unrelated to our operating performance, including inflation, elevated interest rates, supply chain disruptions, financial institution disruptions, geopolitical conflicts, public health emergencies, and declines in consumer confidence and discretionary spending;

• our ability to compete with our competitors and increase market share;

• failure to comply with the financial covenants in our debt facilities;

• our ability to maintain compliance with rules and regulations applicable to our business operations and industry;

• disruptions in other card payment processors, software and manufacturing partners upon whom we rely;

• whether our customers continue to utilize our transaction processing and related services, as our customer agreements are generally cancellable by the customer with thirty days’ notice;

•our ability to acquire and develop relevant technology offerings for current, new and potential customers and partners;

•risks and uncertainties associated with our expansion into and our operations in Europe, Mexico and other foreign markets, including general economic conditions, policy changes affecting international trade, political instability, inflation rates, recessions, sanctions, foreign currency exchange rates and controls, foreign investment and repatriation restrictions, legal and regulatory constraints, civil unrest, armed conflict, war, and other economic and political factors;

• our ability to satisfy our trade obligations included in accounts payable and accrued expenses;

•our ability to attract, develop and retain key personnel, or our loss of the services of our key executives;

• the incurrence by us of any unanticipated or unusual non-operating expenses, which may require us to divert our cash resources from achieving our business plan;

• our ability to predict or estimate our future quarterly or annual revenue and expenses given the developing and unpredictable market for our products;

• our ability to successfully integrate acquired companies into our current products and services structure;

• our ability to add new customers and retain key existing customers from whom a significant portion of our revenue is derived;

• the ability of a key customer to reduce or delay purchasing products from us;

• our ability to obtain widespread commercial acceptance of our products and service offerings;

•whether any patents issued to us will provide any competitive advantages or adequate protection for our products, or would be challenged, invalidated or circumvented by others;

• the ability of our products and services to avoid disruptions to our systems or unauthorized hacking or credit card fraud;

•risks associated with cyber-attacks and data breaches; and

•our ability to maintain effective internal controls and to timely file periodic and current reports with the Securities and Exchange Commission ("SEC").

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Actual results or business conditions may differ materially from those projected or suggested in forward-looking statements as a result of various factors including, but not limited to, those described above, or those discussed under Part I, Item 1A. “Risk Factors” of our Annual Report for the fiscal year ended June 30, 2024. We cannot assure you that we have identified all the factors that create uncertainties. Moreover, new risks emerge from time to time and it is not possible for our management to predict all risks, nor can we assess the impact of all risks on our business or the extent to which any risk, or combination of risks, may cause actual results to differ from those contained in any forward-looking statements. Readers should not place undue reliance on forward-looking statements.

Any forward-looking statement made by us in this Quarterly Report speaks only as of the date of this Quarterly Report. Unless required by law, we undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this Quarterly Report or to reflect the occurrence of unanticipated events.

OVERVIEW OF THE COMPANY

Cantaloupe, Inc. (Nasdaq: CTLP) is organized under the laws of the Commonwealth of Pennsylvania. We are a global technology leader powering self-service commerce. Cantaloupe offers a comprehensive suite of solutions including micro-payment processing, self-checkout kiosks, mobile ordering, connected point-of-sale ("POS") systems, and enterprise cloud software. Handling more than a billion transactions annually, our solutions enhance operational efficiency and consumer engagement across sectors like food & beverage markets, smart automated retail, hospitality, entertainment venues, laundromats and more. Committed to innovation, we aim to drive advancements in digital payments and business optimization, serving customers in the United States, United Kingdom, European Union countries, Australia, and Mexico.

Our revenue streams consist of subscription, transaction processing and equipment sales. During the three months ended September 30, 2024 and September 30, 2023, we derived approximately 90% and 88%, respectively, from subscription and transaction fees, and 10% and 12%, respectively, from equipment sales.

Active Devices (as defined below) operating on the Company’s platform and using our services include those resulting from the sale or lease of our point of sale ("POS") electronic payment devices, telemetry devices or certified payment software or the servicing of similar third-party installed POS terminals or telemetry devices. Customers can obtain POS electronic payment devices from us in the following ways:

•Purchasing hardware directly from the Company or one of its authorized resellers;

•Financing hardware under the Company’s financing program, which are non-cancellable 60-month sales-type leases; and

•Renting devices under the Company’s Cantaloupe One program, which are typically 36-months duration agreements.

Key Developments during the Quarter

Highlights of the Company for the fiscal quarter ended September 30, 2024 are below:

•We announced the acquisition of SB Software. The acquired company enhances our vending and coffee machine management software, as well as improves our operational capabilities and market reach in Europe.

•In August 2024, we launched Suites, a premium suite management system designed to streamline and enhance the hospitality suite experience at stadiums and venues. This new offering within Cantaloupe's Cheq platform, aims to redefine how venues manage premium suite pre-orders by providing a seamless, user-friendly solution for both suite owners and venue operators.

•In September 2024, we released a significant update to our Seed vending management system (VMS) platform which underscores our ongoing commitment to enhancing our core products and delivering exceptional user experience to our vending operators. The refreshed Seed platform offers a modernized user interface that is designed to improve usability and visual appeal. The update is optimized for mobile devices and enhances performance and stability.

As of September 30, 2024, we have approximately 360 full-time employees in the United States, United Kingdom, and Mexico and offices in Malvern, Pennsylvania; Atlanta, Georgia; River Falls, Wisconsin; Seattle, Washington; Birmingham and Sheffield, United Kingdom; and Mexico City, Mexico.

QUARTERLY RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the condensed consolidated financial statements and related notes included in this Quarterly Report.

Key Metrics

We use certain operating metrics (Active Devices, Active Customers, Total Number of Transactions and Total Dollar Volume, and Average Revenue Per Unit, Gross Profit, and Gross Margin) and certain non-GAAP financial measures (Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted EBITDA) which are defined below to evaluate our business and operations, measure our performance, identify trends affecting our business, project our future performance, and make strategic decisions. Additionally, refer to the non-GAAP Financial Measures section below for additional information and their reconciliation to the most comparable GAAP measures.

Active Devices

Active Devices are devices that have communicated with us or have had a transaction in the last twelve months. Included in the number of Active Devices are devices that communicate through other devices that communicate or transact with us. For example, a self-service retail location that utilizes an ePort cashless payment device as well as Seed management services constitutes only one device.

Active Customers

The Company defines Active Customers as all customers with at least one active device.

Total Number of Transactions and Total Dollar Volume of Transactions

Transactions are defined as electronic payment transactions that are processed by our technology-enabled solutions. Management uses Total Number and Dollar Volume of transactions to evaluate the effectiveness of our new customer strategy and our ability to leverage existing customers and partners.

Average Revenue Per Unit

The Company defines average revenue per unit ("ARPU") as our total subscription and transaction fees for the trailing 12 months divided by average total active devices for the trailing 12 months.

The following tables represents our selected operating metrics for the periods indicated:


	As of and for the three months ended
	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Devices:
Active Devices (thousands)	1,230		1,223		1,217		1,226		1,192

Customers:
Active Customers	32,338		31,466		30,670		30,027		29,670

Volumes:
Total Number of Transactions (millions)	293.7		290.4		283.3		286.7		283.6
Total Dollar Volume of Transactions (millions)	826.7		815.7		767.4		730.1		724.8

Subscription and transaction fees - Trailing 12 months (thousands)	$	240,153	$	231,497	$	223,342	$	215,380	$	208,283
Average revenue per unit (ARPU)	$	198.31	$	193.64	$	186.00	$	181.91	$	178.78


	3 Months Ended September 30,						Change			Percent Change
($ in thousands)	2024			2023			2024 v. 2023
Subscription and transaction fee revenue	$	63,792		$	55,135		$	8,657		15.7	%

Cost of subscription and transaction fees(1)	35,744			31,728			4,016			12.7	%
Amortization(2)	1,747			1,943			(196)			(10.1)	%

Gross profit, subscription and transaction fees	$	26,301		$	21,464		$	4,837		22.5	%

Equipment sales	$	7,044		$	7,548		$	(504)		(6.7)	%

Cost of equipment sales	6,241			6,627			(386)			(5.8)	%

Gross profit, equipment(3)	$	803		$	921		$	(118)		(12.8)	%

Total gross profit	$	27,104		$	22,385		$	4,719		21.1	%

Gross margin
Subscription and transaction fees	41.2		%	38.9		%	2.3		%
Equipment sales	11.4		%	12.2		%	(0.8)		%
Total gross margin	38.3		%	35.7		%	2.6		%

(1) Cost of subscription and transaction fees excludes amortization of certain technology assets, see (2) and (3) below.
(2) Amortization of internal-use software assets and developed technology assets.
(3) The Company's internal-use software assets and developed technology assets are not associated with equipment sales.

Highlights for the quarter ended September 30, 2024 include:

•Revenues of $70.8 million, an increase of 13.0% quarter over same quarter prior year. The increase was led by higher transaction fees and subscription fees revenue;

•1.23 million Active Devices compared to the same quarter last year of 1.19 million, an increase of approximately 38 thousand Active Devices, or 3.2%;

•32,338 Active Customers on our service compared to the same quarter last year of 29,670, an increase of 2,668 Active Customers, or 9.0%; and

•$826.7 million in Total Dollar Volume of Transactions for the quarter ended September 30, 2024 compared to $724.8 million for the quarter ended September 30, 2023, an increase of $101.9 million, or 14.1%. See "Revenues and Gross Margin" in Management’s Discussion and Analysis of Financial Condition and Results of Operations below for additional information.

Revenues. Total revenues increased by $8.2 million for the three months ended September 30, 2024 compared to the same period in 2023. The increase in revenues is attributed to a $8.7 million increase in subscription and transaction fees, offset by a $0.5 million decrease in equipment sales.

The increase in subscription and transaction fees was primarily driven by increased processing volumes and increased average ticket size, resulting in a 14.1% increase in total dollar volumes of transactions for the current fiscal year quarter relative to the same quarter in the prior year. There was also an increase in the total number of active devices relative to the same quarter in the prior year. Our subscription fees have increased 11.5% for the three months ended September 30, 2024 compared to the same period in 2023 which is attributed to a continued focus of management to grow our recurring subscription services to our customer base and an increase in our active devices compared to last year.

Equipment revenue decreased slightly from $7.0 million for the three months ended September 30, 2024, compared to $7.5 million for the same period in 2023.

Costs of sales. Costs of sales increased $3.6 million for the three months ended September 30, 2024 compared to the prior year period. The increase in costs of sales was primarily due to a $4.0 million increase in subscription and transaction costs as a direct result of increased transaction processing fees corresponding with an increase in processing volumes.

Gross margin. Total gross margin increased to 38.3% for the three months ended September 30, 2024 from 35.7% for the three months ended September 30, 2023. The increase was primarily a result of an increase in subscription and transaction fees which yield higher margins compared to equipment fees.

Operating Expenses


	Three months ended September 30,				Change
Category ($ in thousands)	2024		2023		Amount		Percentage
Sales and marketing	$	5,448	$	4,142	$	1,306	31.5	%
Technology and product development	4,499		4,168		331		7.9	%
General and administrative expenses	11,928		10,438		1,490		14.3	%
Integration and acquisition expenses	197		78		119		152.6	%
Depreciation and amortization	2,672		2,747		(75)		(2.7)	%
Total operating expenses	$	24,744	$	21,573	$	3,171	14.7	%

Total operating expenses. Operating expenses increased 14.7% for the three months ended September 30, 2024 compared to the same period in 2023. This is largely driven by increased sales and market and general and administrative expenses. See further details on individual categories below.

Sales and marketing. Sales and marketing expenses increased approximately $1.3 million for the three months ended September 30, 2024 compared to the same period in 2023 due to increases in marketing expense of approximately $0.7 million related to international expansion and the acquisition of Cheq, compensation costs of approximately $0.4 million due to increased employee headcount, and travel and entertainment costs of approximately $0.3 million to support our expanding business and service offerings in the United States and internationally. This is offset by a decrease in professional services and contractors of $0.1 million as we continue to hire employees to replace contractors.

Technology and product development. Technology and product development expenses increased by $0.3 million for the three months ended September 30, 2024. The increase in the current year was driven by increased headcount partially offset by lower expensed personnel costs as we continued to invest in internal-use software which resulted in higher capitalized costs compared to the prior year.

General and administrative expenses. General and administrative expenses increased by $1.5 million for the three months ended September 30, 2024 compared to the same period in 2023 primarily due to a $0.4 million increase as a result of auditor transitions, a $0.3 million increase in legal expenses, a $0.2 million increase compensation costs, a $0.2 million increase in consulting fees, a $0.1 million increase in bad debt expense, and a $0.3 million increase in software subscriptions and other miscellaneous expenses compared to the same period in the 2023.

Integration and acquisition expenses. On September 5, 2024, the Company acquired all of the equity interests of SB Software. For the three months ended September 30, 2024, the Company incurred integration and acquisition expenses of $0.2 million primarily due to professional services from accounting and legal advisors and UK taxes. Integration and acquisition expenses for the three months ended September 30, 2023 related to the acquisition of 32M.

Depreciation and amortization. Depreciation and amortization expenses were consistent for the three months ended September 30, 2024 compared to the same period in 2023.

Other Expense, Net


	Three months ended September 30,				Change
($ in thousands)	2024		2023		Amount		Percentage
Other income (expense):
Interest income from cash and leases	$	447	$	517	$	(70)	(13.5)	%
Interest income (expense) from debt and tax liabilities	(991)		(1,107)		116		10.5	%
Other income (expense), net	186		(77)		263		341.6	%
Total other expense, net	$	(358)	$	(667)	$	309	46.3	%

Other expense, net. Other expense decreased $0.3 million for the three months ended September 30, 2024 as compared to the same period in 2023. Our interest expense from debt and tax liabilities decreased $0.1 million primarily due to the reduction of the interest expense related to our outstanding debt balances. Decrease in interest income from cash and leases is primarily due to lower outstanding balances for our finance receivables. Other income (expense), net increased primarily due to foreign currency transaction gains.

Non-GAAP Financial Measures

We use non-GAAP financial measures for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in their financial and operational decision making. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for the financial measures prepared and presented in accordance with GAAP. Management recognizes that non-GAAP financial measures have limitations in that they do not reflect all of the items associated with our net income as determined in accordance with GAAP, and are not a substitute for or a measure of our profitability or net earnings.

Adjusted Gross Profit and Margin (non-GAAP)

We define Adjusted Gross Profit (non-GAAP) as revenue less cost of sales, exclusive of depreciation of internally-developed software and amortization of intangible assets related to technologies obtained through acquisitions. We believe this non-GAAP measure is useful to view the resulting figures excluding the aforementioned non-cash charges because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and such amounts vary substantially from company to company depending on their financing and capital structures and the method by which their assets were acquired. We define Adjusted Gross Margin as Adjusted Gross Profit divided by revenue.

We have provided below a reconciliation of U.S. GAAP gross profit to Adjusted Gross Profit and Adjusted Gross Margin for the fiscal years ended September 30, 2024 and 2023:


	3 Months Ended September 30,						Change			Percent Change
($ in thousands)	2024			2023			2024 v. 2023
Gross profit, subscription and transaction fees (GAAP)	$	26,301		$	21,464		$	4,837		22.5	%

Amortization(1)	1,747			1,943			(196)			(10.1)	%

Adjusted Gross Profit, subscription and transaction fees (non-GAAP)	$	28,048		$	23,407		$	4,641		19.8	%

Gross profit, equipment (GAAP)	$	803		$	921		$	(118)		(12.8)	%

Total Adjusted Gross Profit (non-GAAP)	$	28,851		$	24,328		$	4,523		18.6	%

Adjusted Gross Margin (non-GAAP):
Subscription and transaction fees (non-GAAP)	44.0		%	42.5		%	1.5		%
Equipment sales (GAAP)	11.4		%	12.2		%	(0.8)		%
Total Adjusted Gross Margin (non-GAAP)	40.7		%	38.8		%	1.9		%

(1) Amortization of internal-use software assets and developed technology assets.

Total Adjusted Gross Margin (non-GAAP) was 40.7% for the three months ended September 30, 2024, from 38.8% for the three months ended September 30, 2023. The increase in Adjusted Gross Margin was primarily driven by an increase in our subscription fees revenue and transaction which was a higher percentage of our total revenue in the current quarter and is inherently a higher margin revenue stream.

Adjusted EBITDA (non-GAAP)

The Company defines Adjusted EBITDA (non-GAAP) as U.S. GAAP net income before (i) interest income from cash and leases, (ii) interest (income) expense from debt and tax liabilities, (iii) income tax provision, (iv) depreciation, (v) amortization, (vi) stock-based compensation expense, and (vii) certain other significant infrequent or unusual losses and gains that are not indicative of our core operations such as integration and acquisition expenses and costs as a result of auditor transitions.

We believe Adjusted EBITDA is useful for investors in comparing our financial performance to other companies and from period to period. Adjusted EBITDA is widely used by investors and securities analysts to measure a company’s operating performance without regard to items such as depreciation and amortization, interest expense, and interest income, which can vary substantially from company to company depending on their financing and capital structures and the method by which their assets were acquired. In addition, Adjusted EBITDA eliminates the impact of certain items that may obscure trends in the underlying performance of our business. Additionally, we utilize Adjusted EBITDA as a metric in our executive officer and management incentive compensation plans.

Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. For example, although depreciation expense is a non-cash charge, the assets being depreciated may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new asset acquisitions. In addition, Adjusted EBITDA excludes stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy. Adjusted EBITDA also does not reflect changes in, or cash requirements for, our working capital needs; interest expense, or the cash requirements necessary to service interest or principal payments on our debt, which reduces the cash available to us; or tax payments that may represent a reduction in cash available to us. The expenses and other items which are excluded from the calculation of Adjusted EBITDA may differ from the expenses and other items that other companies may exclude from Adjusted EBITDA when they report their financial results.

Below is a reconciliation of U.S. GAAP net income to Adjusted EBITDA for the three months ended September 30, 2024 and 2023:


	3 Months Ended September 30,
($ in thousands)	2024		2023

Net income	$	3,572	$	2,007
Less: interest income	(447)		(517)
Plus: interest expense	991		1,107
Plus: income tax provision	177		81
Plus: depreciation expense included in cost of sales for rentals	534		342
Plus: depreciation and amortization expense in operating expenses	2,672		2,747
EBITDA	7,499		5,767
Plus: stock-based compensation (a)	887		1,932

Plus: integration and acquisition expenses (b)	197		78
Plus: auditor transition costs (c)	369		—
Plus: remediation expenses (d)	—		44
Adjustments to EBITDA	1,453		2,054
Adjusted EBITDA	$	8,952	$	7,821

(a) We have excluded stock-based compensation, as it does not reflect our cash-based operations.
(b) We have excluded expenses incurred in connection with business acquisitions as it does not represent recurring costs or charges related to our core operations.

(c) Costs incurred as a result of former auditor consent procedures. See Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure of the Company's Annual Report.

(d) Consists of one-time project expenses incurred in connection with remediation of previously identified material weaknesses in our internal control over financial reporting which were remediated during fiscal year ended June 30, 2024. See Item 9A Section e - Remediation of Prior Material Weaknesses of the Company's Annual Report.

LIQUIDITY AND CAPITAL RESOURCES

Sources and Uses of Cash

Historically, we have financed our operations primarily through cash from operating activities, debt financings, and equity issuances. The Company's primary sources of capital available are cash and cash equivalents on hand of $33.1 million as of September 30, 2024 and the cash that we expect to be provided by operating activities by the Company.

The Company also has estimated and recorded for potential sales tax and related interest and penalty liabilities of $9.9 million in the aggregate as of September 30, 2024. The Company continues to evaluate these liabilities and the amount and timing of any such payments.

The Company believes that its current financial resources will be sufficient to fund its current twelve-month operating budget from the date of issuance of these condensed consolidated financial statements. Our primary focus as part of our core operations to increase cash flow from operating activities is to prioritize collection efforts to reduce outstanding accounts receivable, utilize existing inventory to support equipment sales over the next year, focusing on various operational efficiencies to improve overall profitability of the business and continued to grow our business both domestically and internationally.

Net cash used in operating activities

For the three months ended September 30, 2024, net cash used in operating activities was $12.0 million which is the result of $20.9 million of cash utilized by working capital accounts, offset by our net income of $3.6 million and non-cash operating charges of $5.3 million. The change in working capital was primarily driven by an increase in cash utilized by accounts payable and accrued expenses of $28.9 million, offset by a $11.0 million decrease in accounts receivable primarily due to cash collections. Increases in cash utilized by accounts payable and accrued expenses and as well as the collection of accounts receivable were the result of the timing of payments made to our customers for transaction processing as September 30, 2024.

For the three months ended September 30, 2023, net cash provided by operating activities was $6.7 million which reflects our net income of $2.0 million and non-cash operating charges of $6.5 million, partially offset by $1.8 million of cash utilized by working capital accounts. The change in working capital accounts was primarily driven by a $7.8 million increase of accounts receivable, and an increase in accounts payable and accrued expenses of $5.2 million in the period. Increase in cash utilized by accounts receivable was a result of increased sales during the three months ended September 30, 2023 compared to the prior year period.

Non-cash operating charges primarily consisted of stock-based compensation, depreciation of property and equipment, amortization of our intangible assets, and provisions for expected losses for the three months ended September 30, 2024 and 2023.

Net cash used in investing activities

Net cash used in investing activities was $13.6 million for the three months ended September 30, 2024. We invested $3.8 million in property and equipment as the Company continued to focus on investing in innovative technologies and products, and increasing rental devices enrolled in the Company's Cantaloupe One program. Additionally, the Company invested $9.8 million through its SB Software acquisition.

Net cash used in investing activities was $2.9 million for the three months ended September 30, 2023. Increase in cash used was $2.9 million for increased property and equipment balances driven primarily by the Company's continued focus on investing in technologies and products and increasing rental devices enrolled in the Company's Cantaloupe one program.

Net cash provided by financing activities

Net cash used in financing activities was $0.5 million and $0.1 million for the three months ended September 30, 2024 and 2023, both of which are primarily driven by debt repayments on the JPMorgan Credit Facility.

CONTRACTUAL OBLIGATIONS

During the three months ended September 30, 2024, there were no significant changes to our contractual obligations from those disclosed in the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report for the fiscal year ended June 30, 2024.

CRITICAL ACCOUNTING ESTIMATES

There have been no material changes to our critical accounting estimates from those disclosed in our Annual Report on for the fiscal year ended June 30, 2024.

Recent Accounting Pronouncements

See Note 2 - Summary of Significant Accounting Policies to the condensed consolidated financial statements for a description of recent accounting pronouncements.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

As of September 30, 2024, we are exposed to market risk related to changes in interest rates on our outstanding borrowings. Our Amended JPMorgan Credit Facility has a four-year maturity. Interest on the Amended JPMorgan Credit Facility will be based, at the Company’s option, on a base rate or SOFR plus an applicable margin tied to the Company’s total leverage ratio and having ranges of between 2.50% and 3.00% for base rate loans and between 3.50% and 4.00% for SOFR loans. As of September 30, 2024, we have $37.3 million total outstanding borrowings, an increase of 100 basis points in SOFR Rate would result in a change in interest expense of $0.4 million per year.

We are also exposed to market risk related to changes in interest rates on our cash investments. We invest our excess cash in money market funds that we believe are highly liquid and marketable in the short term. These investments earn a floating rate of interest and are not held for trading or other speculative purposes. Consequently, our exposure to market risks for interest rate changes related to our money market funds is not material. Market risks related to fluctuations of foreign currencies are not material and we have no freestanding derivative instruments as of September 30, 2024.

Item 4. Controls and Procedures

(a) Disclosure Controls and Procedures

We maintain disclosure controls and procedures to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, to allow timely decisions regarding required disclosure.

Our management, with the participation of our chief executive officer and chief financial officer, has evaluated the effectiveness as of the end of the period covered by this Form 10-Q of our disclosure controls and procedures as defined in Rule 13a-15(e) under the Exchange Act. Based on this evaluation, our management, including our chief executive officer and chief financial officer, has concluded that our disclosure controls and procedures were effective as of September 30, 2024.

(b) Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting that occurred during the fiscal quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

Part II - Other Information

Item 1. Legal Proceedings

The information required by this Item is incorporated herein by reference to the Notes to condensed consolidated financial statements, Note 14 – Commitments and Contingencies in Part I, Item 1, of this Quarterly Report.

Item 1A. Risk Factors

For a discussion of the Company’s risk factors, see the information under the heading “Risk Factors” in the Company’s Annual Report on for the fiscal year ended June 30, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

N/A

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

N/A

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2024, none of the Company's director or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Item 6. Exhibits


Exhibit Number						Description

3.1						Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 to Form 10-Q filed on February 4, 2022).

3.2						Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to Form 8-K filed on August 10, 2021)

31.1*						Certifications of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

31.2*						Certifications of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

32.1**						Certification of the Chief Executive Officer pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2**						Certification of the Chief Financial Officer pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101						The following financial information from our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed with the SEC on November 7, 2024, is formatted in Inline Extensible Business Reporting Language (“iXBRL”): (1) the Condensed Consolidated Balance Sheets as of September 30, 2024 and June 30, 2024, (2) the Condensed Consolidated Statements of Operations for the three-month periods ended September 30, 2024 and 2023, (3) the Condensed Consolidated Statements of Other Comprehensive Income for the three-month periods ended September 30, 2024 and 2023, (4) the Condensed Consolidated Statements of Convertible Preferred Stock and Shareholders’ Equity for the three-month periods ended September 30, 2024 and 2023, (5) the Condensed Consolidated Statements of Cash Flows for the three-month periods ended September 30, 2024 and 2023, and (6) the Notes to Condensed Consolidated Financial Statements.

101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH*						Inline XBRL Taxonomy Extension Schema

101.CAL*						Inline XBRL Taxonomy Extension Calculation Linkbase

101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase

101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase

101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase

104						The cover page from our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed with the SEC on November 7, 2024, is formatted as Inline iXBRL and contained in Exhibit 101.

______________________________________

* Filed herewith.

** Furnished herewith.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			Cantaloupe, Inc.

Date: November 7, 2024			/s/ Ravi Venkatesan
			Ravi Venkatesan
			Chief Executive Officer

Date: November 7, 2024			/s/ Scott Stewart
			Scott Stewart
			Chief Financial Officer

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Ravi Venkatesan, certify that:

1.I have reviewed this quarterly report on Form 10‑Q of Cantaloupe, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a‑15(f) and 15d‑15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based upon such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the issuer’s most recent fiscal quarter (the issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

5.The issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting to the auditors and the audit committee of the issuer’s board of directors (or persons performing the equivalent functions):

a.all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.


Date: November 7, 2024			/s/ Ravi Venkatesan
			Ravi Venkatesan
			Chief Executive Officer

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Scott Stewart, certify that:

1.I have reviewed this quarterly report on Form 10‑Q of Cantaloupe, Inc.;

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.


Date: November 7, 2024			/s/ Scott Stewart
			Scott Stewart
			Chief Financial Officer

Exhibit 32.1

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the accompanying Quarterly Report of Cantaloupe, Inc., (the “Company”) on Form 10‑Q for the period ended September 30, 2024 (the “Report”), I, Ravi Venkatesan, Chief Executive Officer of the Company, hereby certify that to my knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: November 7, 2024			/s/ Ravi Venkatesan
			Ravi Venkatesan
			Chief Executive Officer

Exhibit 32.2

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the accompanying Quarterly Report of Cantaloupe, Inc., (the “Company”) on Form 10‑Q for the period ended September 30, 2024 (the “Report”), I, Scott Stewart, Chief Financial Officer of the Company, hereby certify that to my knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: November 7, 2024			/s/ Scott Stewart
			Scott Stewart
			Chief Financial Officer

Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 04, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-33365
Entity Registrant Name	Cantaloupe, Inc.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-2679963
Entity Address, Address Line One	101 Lindenwood Drive
Entity Address, Address Line Two	Suite 405
Entity Address, City or Town	Malvern,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	989-0340
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	CTLP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		72,986,172
Entity Central Index Key	0000896429
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--06-30
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Current assets:
Cash and cash equivalents	$ 33,124	$ 58,920
Accounts receivable, net	32,490	43,848
Finance receivables, net	6,104	6,391
Inventory	44,571	40,791
Prepaid expenses and other current assets	7,456	7,844
Total current assets	123,745	157,794
Non-current assets:
Finance receivables, net	8,873	10,036
Property and equipment, net	35,888	34,029
Operating lease right-of-use assets	8,276	7,986
Intangibles, net	26,762	24,626
Goodwill	102,708	94,903
Other assets	5,883	6,194
Total non-current assets	188,390	177,774
Total assets	312,135	335,568
Current liabilities:
Accounts payable	52,612	78,895
Accrued expenses	21,743	24,008
Current obligations under long-term debt	1,362	1,266
Deferred revenue	1,471	1,726
Total current liabilities	77,188	105,895
Long-term liabilities:
Deferred income taxes	505	466
Long-term debt, less current portion	35,919	36,284
Other noncurrent liabilities	9,573	8,457
Total long-term liabilities	45,997	45,207
Total liabilities	123,185	151,102
Commitments and contingencies (Note 14)
Convertible preferred stock:
Series A convertible preferred stock, 900,000 shares authorized, 385,782 and 385,782 issued and outstanding, with liquidation preferences of $23,011 and $22,722 at September 30, 2024 and June 30, 2024, respectively	2,720	2,720
Shareholders’ equity:
Common stock, no par value, 640,000,000 shares authorized, 72,986,172 and 72,935,497 shares issued and outstanding at September 30, 2024 and June 30, 2024, respectively	0	0
Additional paid-in capital	483,052	482,329
Accumulated deficit	(296,887)	(300,459)
Accumulated other comprehensive income (loss)	65	(124)
Total shareholders’ equity	186,230	181,746
Total liabilities, convertible preferred stock, and shareholders’ equity	$ 312,135	$ 335,568

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Statement of Financial Position [Abstract]
Convertible preferred stock, shares authorized (in shares)	900,000	900,000
Convertible preferred stock, shares issued (in shares)	385,782	385,782
Convertible preferred stock, shares outstanding (in shares)	385,782	385,782
Convertible preferred stock, liquidation preference	$ 23,011	$ 22,722
Common stock, shares authorized (in shares)	640,000,000	640,000,000
Common stock, shares issued (in shares)	72,986,172	72,935,497
Common stock, shares outstanding (in shares)	72,986,172	72,935,497

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenues:	$ 70,836	$ 62,683
Costs of sales (exclusive of certain depreciation and amortization):	41,985	38,355
Operating expenses:
Sales and marketing	5,448	4,142
Technology and product development	4,499	4,168
General and administrative	11,928	10,438
Integration and acquisition expenses	197	78
Depreciation and amortization	2,672	2,747
Total operating expenses	24,744	21,573
Operating income	4,107	2,755
Other income (expense):
Interest income	447	517
Interest expense	(991)	(1,107)
Other income (expense), net	186	(77)
Total other expense, net	(358)	(667)
Income before income taxes	3,749	2,088
Provision for income taxes	(177)	(81)
Net income	3,572	2,007
Preferred dividends	(289)	(289)
Net income applicable to common shares	3,283	1,718
Net income applicable to common shares	$ 3,283	$ 1,718
Net earnings per common share
Basic (in dollars per share)	$ 0.04	$ 0.02
Diluted (in dollars per share)	$ 0.04	$ 0.02
Weighted average number of common shares outstanding used to compute net earnings per share applicable to common shares
Basic (in shares)	73,068,856	72,717,965
Diluted (in shares)	73,921,186	74,305,512
Subscription and transaction fees
Revenues:	$ 63,792	$ 55,135
Costs of sales (exclusive of certain depreciation and amortization):	35,744	31,728
Equipment sales
Revenues:	7,044	7,548
Costs of sales (exclusive of certain depreciation and amortization):	$ 6,241	$ 6,627

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net income	$ 3,572	$ 2,007
Foreign currency translation adjustments	189	0
Other comprehensive income	189	0
Total comprehensive income	$ 3,761	$ 2,007

Condensed Consolidated Statements of Convertible Preferred Stock and Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Temporary Equity [Roll Forward]
Convertible Preferred Stock, beginning balance	$ 2,720
Convertible Preferred Stock, beginning balance (in shares) at Jun. 30, 2023	385,782
Convertible Preferred Stock, ending balance (in shares) at Sep. 30, 2023	385,782
Convertible Preferred Stock, ending balance at Sep. 30, 2023	$ 2,720
Beginning balance (in shares) at Jun. 30, 2023		72,664,464
Beginning balance at Jun. 30, 2023	164,872	$ 0	$ 477,324	$ (312,452)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,934		1,934
Vesting of restricted stock (in shares)		20,801
Other comprehensive income	0
Exercise of stock options (in shares)		10,000
Exercise of stock options	74		74
Net income	2,007			2,007
Ending balance (in shares) at Sep. 30, 2023		72,695,265
Ending balance at Sep. 30, 2023	168,887	$ 0	479,332	(310,445)	0
Increase (Decrease) in Temporary Equity [Roll Forward]
Convertible Preferred Stock, beginning balance	2,720
Convertible Preferred Stock, beginning balance	$ 2,720
Convertible Preferred Stock, beginning balance (in shares) at Jun. 30, 2024	385,782
Convertible Preferred Stock, ending balance (in shares) at Sep. 30, 2024	385,782
Convertible Preferred Stock, ending balance at Sep. 30, 2024	$ 2,720
Beginning balance (in shares) at Jun. 30, 2024		72,935,497
Beginning balance at Jun. 30, 2024	181,746	$ 0	482,329	(300,459)	(124)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	723		723
Vesting of restricted stock (in shares)		50,675
Other comprehensive income	189				189
Net income	3,572			3,572
Ending balance (in shares) at Sep. 30, 2024		72,986,172
Ending balance at Sep. 30, 2024	186,230	$ 0	$ 483,052	$ (296,887)	$ 65
Increase (Decrease) in Temporary Equity [Roll Forward]
Convertible Preferred Stock, beginning balance	$ 2,720

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 3,572	$ 2,007
Adjustments to reconcile net income to net cash (used in) provided from operating activities:
Stock-based compensation	887	1,932
Amortization of debt issuance costs and discounts	30	32
Provision for expected losses	949	1,000
Provision for inventory reserve	83	0
Depreciation and amortization	3,192	3,089
Gain on foreign currency exchange rates	(211)	0
Non-cash lease expense	321	400
Deferred income taxes	24	43
Changes in operating assets and liabilities:
Accounts receivable	11,047	(7,784)
Finance receivables	1,081	1,122
Inventory	(3,863)	(344)
Prepaid expenses and other assets	219	171
Accounts payable and accrued expenses	(28,897)	5,152
Operating lease liabilities	(197)	(391)
Deferred revenue	(255)	274
Net cash (used in) provided by operating activities	(12,018)	6,703
Cash flows from investing activities:
Capital expenditures	(3,791)	(2,916)
Acquisition of business, net of cash acquired	(9,761)	0
Net cash used in investing activities	(13,552)	(2,916)
Cash flows from financing activities:
Repayment of long-term debt	(286)	(193)
Proceeds from exercise of common stock options	0	76
Payment of employee taxes related to stock-based compensation	(164)	0
Net cash used in financing activities	(450)	(117)
Effect of currency exchange rate changes on cash and cash equivalents	224	0
Net (decrease) increase in cash and cash equivalents	(25,796)	3,670
Cash and cash equivalents at beginning of year	58,920	50,927
Cash and cash equivalents at end of period	33,124	54,597
Supplemental disclosures of cash flow information:
Interest paid in cash	883	889
Income taxes paid in cash	$ 251	$ 13

BUSINESS	3 Months Ended
BUSINESS	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Cantaloupe, Inc., is organized under the laws of the Commonwealth of Pennsylvania. We are a digital payments and software services company that provides end-to-end technology solutions for self-service commerce. We offer a single platform for self-service commerce which includes integrated payments processing and software solutions that handle inventory management, pre-kitting, route logistics, warehouse and back-office management. Our enterprise-wide platform is designed to increase consumer engagement and sales revenue through digital payments, digital advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and inventory. Our customers range from vending machine companies to operators of micro-markets and smart retail, laundromats, metered parking terminals, amusement and entertainment venues, IoT services and more. Cantaloupe, Inc. and its consolidated subsidiaries are referred to herein collectively as "Cantaloupe," the "Company," "we," "our" or "us," unless the context requires otherwise.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Preparation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements and therefore should be read in conjunction with the Company’s June 30, 2024 Annual Report on Form 10-K. The Company has operations in the United States, Mexico and the United Kingdom. The functional currencies of our foreign wholly-owned subsidiaries are the local currencies. We translate the financial statements of these subsidiaries into U.S. dollars each reporting period for purposes of consolidation. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company evaluates these estimates on an ongoing basis. Estimates, judgments, and assumptions in these condensed consolidated financial statements include, but are not limited to, those related to revenue recognition, capitalization of internal-use software and cloud computing arrangements, fair value of acquired assets and liabilities including goodwill through purchase accounting, income taxes and sales tax reserves. See the Company's Annual Report, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, section Critical Accounting Estimates. Reclassification Certain reclassifications have been made to prior year's reported amounts in order to conform to the current year presentation. These reclassifications did not impact our previously reported net income or stockholders’ equity. Recent Accounting Pronouncements ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, which expands income tax disclosure requirements to include additional information related to the rate reconciliation of effective tax rates to statutory rates as well as additional disaggregation of taxes paid. The amendments in the ASU also remove disclosures related to certain unrecognized tax benefits and deferred taxes. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, which is the Company's fiscal year ended June 30, 2026. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures. ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to an entity's chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. Annual disclosures are required for fiscal years beginning after December 15, 2023, which is the Company's fiscal year ended June 30, 2025. Interim disclosures are required for periods within fiscal years beginning after December 15, 2024, which is the Company's fiscal year ended June 30, 2026. Retrospective application is required for all prior periods presented, and early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures. No other new accounting pronouncements, issued or effective during the period ended September 30, 2024, have had or are expected to have a significant impact on the Company’s financial statements.

ACCOUNTS RECEIVABLE

3 Months Ended

Sep. 30, 2024

Receivables [Abstract]

ACCOUNTS RECEIVABLE

Allowance for credit losses

The following table represents a rollforward of the allowance for credit losses for the three months ended September 30, 2024 and 2023:


	Three months ended September 30,
($ in thousands)	2024		2023
Balance, beginning of quarter	$	13,442	$	10,815
Provision for expected losses	558		958
Write-offs	(354)		(60)
Balance, end of quarter	$	13,646	$	11,713

FINANCE RECEIVABLES

3 Months Ended

Sep. 30, 2024

Receivables [Abstract]

FINANCE RECEIVABLES

At September 30, 2024, the gross lease receivable by current payment performance on a contractual basis and year of origination consisted of the following:


	Leases by Origination
($ in thousands)		Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total

Current		$	2,066	$	3,050	$	6,029	$	1,571	$	562	$	157	$	13,435
30 days and under		31		52		160		76		44		27		390
31 - 60 days		11		23		119		67		47		27		294
61 - 90 days		6		18		102		47		79		32		284
Greater than 90 days		9		122		1,040		235		279		1,214		2,899
Total finance receivables		$	2,123	$	3,265	$	7,450	$	1,996	$	1,011	$	1,457	$	17,302

At June 30, 2024, the gross lease receivable by current payment performance on a contractual basis and year of origination consisted of the following:


	Leases by Origination
($ in thousands)		Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total

Current		$	2,199	$	5,135	$	4,668	$	1,961	$	456	$	324	$	14,743
30 days and under		13		67		80		85		56		42		343
31 - 60 days		8		64		58		49		47		38		264
61 - 90 days		8		62		48		32		36		38		224
Greater than 90 days		35		387		625		208		297		1,235		2,787
Total finance receivables		$	2,263	$	5,715	$	5,479	$	2,335	$	892	$	1,677	$	18,361

The following table represents a rollforward of the allowance for finance receivables for the three months ended September 30, 2024 and 2023:


	Three months ended September 30,
($ in thousands)	2024		2023

Balance at June 30	$	1,934	$	2,098
Provision for expected losses	391		51

Balance at September 30	2,325		2,149

There were no write-offs of finance receivables for the three months ended September 30, 2024 and 2023.

Cash to be collected on our performing finance receivables due for each of the fiscal years is as follows:


($ in thousands)	Amount
Remainder of 2025	$	5,480
2026	6,003
2027	4,043
2028	2,051
2029	770
Thereafter	85
Total amounts to be collected	18,432
Less: interest	(1,130)
Less: allowance for uncollectible receivables	(2,325)
Total finance receivables	$	14,977

LEASES

3 Months Ended

Sep. 30, 2024

Leases [Abstract]

LEASES

Lessee Accounting


($ in thousands)	Balance Sheet Classification	September 30, 2024		June 30, 2024
Assets:	Operating lease right-of-use assets	$	8,276	$	7,986

Liabilities:
Current	Accrued expenses	$	1,432	$	1,320
Long-term	Other noncurrent liabilities	8,759		8,457
Total lease liabilities		$	10,191	$	9,777

Supplemental cash flow information and non-cash activity related to our leases are as follows:


($ in thousands)	Three months ended September 30,
	2024		2023
Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	485	$	604

Non-cash activity:
Right-of-use assets obtained in exchange for new lease obligations	$	290	$	1,788

Maturities of lease liabilities by fiscal year for our leases as of September 30, 2024 are as follows:


($ in thousands)	Operating Leases
Remainder of 2025	$	1,345
2026	2,405
2027	1,958
2028	1,456
2029	1,491
Thereafter	5,720
Total lease payments	14,375
Less: Imputed interest	(4,184)
Present value of lease liabilities	$	10,191

Lessor Accounting

Property and equipment used for the operating lease rental program consisted of the following:


($ in thousands)	September 30, 2024		June 30, 2024
Cost	$	32,777	$	32,513
Accumulated depreciation	(25,229)		(24,742)
Net	$	7,548	$	7,771

LEASES

Lessee Accounting


($ in thousands)	Balance Sheet Classification	September 30, 2024		June 30, 2024
Assets:	Operating lease right-of-use assets	$	8,276	$	7,986

Liabilities:
Current	Accrued expenses	$	1,432	$	1,320
Long-term	Other noncurrent liabilities	8,759		8,457
Total lease liabilities		$	10,191	$	9,777

Supplemental cash flow information and non-cash activity related to our leases are as follows:


($ in thousands)	Three months ended September 30,
	2024		2023
Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	485	$	604

Non-cash activity:
Right-of-use assets obtained in exchange for new lease obligations	$	290	$	1,788

Maturities of lease liabilities by fiscal year for our leases as of September 30, 2024 are as follows:


($ in thousands)	Operating Leases
Remainder of 2025	$	1,345
2026	2,405
2027	1,958
2028	1,456
2029	1,491
Thereafter	5,720
Total lease payments	14,375
Less: Imputed interest	(4,184)
Present value of lease liabilities	$	10,191

Lessor Accounting

Property and equipment used for the operating lease rental program consisted of the following:


($ in thousands)	September 30, 2024		June 30, 2024
Cost	$	32,777	$	32,513
Accumulated depreciation	(25,229)		(24,742)
Net	$	7,548	$	7,771

LEASES

Lessee Accounting


($ in thousands)	Balance Sheet Classification	September 30, 2024		June 30, 2024
Assets:	Operating lease right-of-use assets	$	8,276	$	7,986

Liabilities:
Current	Accrued expenses	$	1,432	$	1,320
Long-term	Other noncurrent liabilities	8,759		8,457
Total lease liabilities		$	10,191	$	9,777

Supplemental cash flow information and non-cash activity related to our leases are as follows:


($ in thousands)	Three months ended September 30,
	2024		2023
Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	485	$	604

Non-cash activity:
Right-of-use assets obtained in exchange for new lease obligations	$	290	$	1,788

Maturities of lease liabilities by fiscal year for our leases as of September 30, 2024 are as follows:


($ in thousands)	Operating Leases
Remainder of 2025	$	1,345
2026	2,405
2027	1,958
2028	1,456
2029	1,491
Thereafter	5,720
Total lease payments	14,375
Less: Imputed interest	(4,184)
Present value of lease liabilities	$	10,191

Lessor Accounting

Property and equipment used for the operating lease rental program consisted of the following:


($ in thousands)	September 30, 2024		June 30, 2024
Cost	$	32,777	$	32,513
Accumulated depreciation	(25,229)		(24,742)
Net	$	7,548	$	7,771

DEBT AND OTHER FINANCING ARRANGEMENTS

3 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

DEBT AND OTHER FINANCING ARRANGEMENTS

The Company's debt and other financing arrangements as of September 30, 2024 and June 30, 2024 consisted of the following:


	As of September 30,		As of June 30,
($ in thousands)	2024		2024

JPMorgan Credit Facility*	$	37,344	$	37,625
Other obligations	29		34
Less: unamortized issuance costs and debt discount	(92)		(109)
Total	37,281		37,550
Less: debt and other financing arrangements, current	(1,362)		(1,266)
Debt and other financing arrangements, noncurrent	$	35,919	$	36,284

* See discussion below on amendment to the JPMorgan Credit Facility.

JPMorgan Chase Bank Credit Facility

The Company was in compliance with its financial covenants for the Amended JPMorgan Credit Facility as of September 30, 2024.

The expected maturities for each fiscal year associated with the Company’s outstanding debt and other financing arrangements as of September 30, 2024, were as follows:


($ in thousands)	Amount
Remainder of 2025	$	1,047
2026	36,326
Principal amounts payable	37,373
Unamortized issuance costs	(92)
Total outstanding debt	$	37,281

ACCRUED EXPENSES

3 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

ACCRUED EXPENSES

Accrued expenses consisted of the following as of September 30, 2024 and June 30, 2024:


	As of September 30,		As of June 30,
($ in thousands)	2024		2024

Sales tax reserve	$	9,891	$	9,947
Accrued compensation and related sales commissions	1,907		4,061
Operating lease liabilities - current	1,432		1,320
Accrued professional fees	3,496		4,336
Sales tax payable	1,969		2,123

Accrued other	1,136		851
Current portion of the fair value of SB Software contingent consideration*	542		—
Consideration withheld for the 32M acquisition	442		442
Consideration withheld for the Cheq acquisition*	928		928
Total accrued expenses	$	21,743	$	24,008

* See Note 9 - Acquisition for description of the arrangement.

GOODWILL AND INTANGIBLES

3 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES

Intangible asset balances and goodwill consisted of the following:


	As of September 30, 2024						Weighted Average Remaining Useful Life (Years)
($ in thousands)	Gross		Accumulated Amortization		Net

Intangible assets:
Brand and trade names	$	2,526	(1,971)		555		2.0
Developed technology	23,119		(13,792)		9,327		3.8
Customer relationships	27,217		(10,337)		16,880		8.6
Total intangible assets	$	52,862	$	(26,100)	$	26,762	6.8

Goodwill	$	102,708	$	—	$	102,708	Indefinite


	As of June 30, 2024						Weighted Average Useful Life (Years)
($ in thousands)	Gross		Accumulated Amortization		Net

Intangible assets:
Brand and trade names	$	2,361	$	(1,852)	$	509	1.6
Developed technology	20,062		(13,304)		6,758		3.6
Customer relationships	27,024		(9,665)		17,359		8.8
Total intangible assets	$	49,447	$	(24,821)	$	24,626	7.2

Goodwill	$	94,903	$	—	$	94,903	Indefinite

During the three months ended September 30, 2024 and September 30, 2023, the Company recognized $1.3 million and $1.6 million, respectively, in amortization expense related to intangible assets.

ACQUISITIONS

3 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

ACQUISITIONS

SB Software

The following table summarizes the estimated fair value assigned to the assets acquired and liabilities assumed:


($ in thousands)	Amount
Cash and cash equivalents	$	284
Accounts receivable	94
Inventory	42
Prepaid expenses	14
Property and equipment	67
Operating lease right-of-use assets	244
Intangible assets	3,362
Total identifiable assets acquired	4,107
Accounts payable	(71)
Accrued expenses	(152)
Operating lease liability	(244)
Total liabilities assumed	(467)
Total identifiable net assets	3,640
Goodwill	7,743
Fair value of total considerations transferred	$	11,383

Cheq

The following table summarizes the adjusted fair value assigned to the assets acquired and liabilities assumed:


($ in thousands)	Amount
Cash and cash equivalents	$	84
Property and equipment	1,136
Intangible assets	1,750
Other assets	486
Total identifiable assets acquired	3,456
Accounts payable	(691)
Other liabilities	(52)
Total liabilities assumed	(743)
Total identifiable net assets	2,713
Goodwill	2,000
Fair value of total considerations transferred	$	4,713

REVENUES

3 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUES

Based on similar operational characteristics, the Company's revenues are disaggregated as follows:


	Three months ended September 30,
($ in thousands)		2024		2023
Transaction fees		$	43,604	$	37,030
Subscription fees		20,188		18,105
Subscription and transaction fees		63,792		55,135
Equipment sales		7,044		7,548
Total revenues		$	70,836	$	62,683

The Company's revenues earned under ASC Topic 842 are as follows:


	Three months ended September 30,
($ in thousands)		2024		2023
Operating leases		$	2,318	$	1,990
Sales-type finance leases		640		692
Total lease revenues		$	2,958	$	2,682

Contract Assets

Contract Liabilities

The Company's contract liability (i.e., deferred revenue) balances are as follows:


	Three months ended September 30,
($ in thousands)	2024		2023
Deferred revenue, beginning of the period	$	1,726	$	1,666
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	(324)		(92)
Additions	69		366
Deferred revenue, end of the period	$	1,471	$	1,940

Future Performance Obligations


($ in thousands)	As of September 30, 2024
Remainder of fiscal year 2025	$	4,341
2026	4,250
2027	1,084
Thereafter	26
Total	$	9,701

Contract Costs

STOCK-BASED COMPENSATION

3 Months Ended

Sep. 30, 2024

Equity [Abstract]

STOCK-BASED COMPENSATION

Stock Options


	Three months ended September 30,
		2024			2023
Expected volatility (percent)		50.5%			61.3% - 69.7%
Weighted average expected life (years)		4.5			4.2 - 4.5
Dividend yield (percent)		0.0		%	0.0		%
Risk-free interest rate (percent)		3.4%			4.2% - 4.3%
Number of options granted		20,000			110,000
Weighted average exercise price		$	6.35		$	7.00
Weighted average grant date fair value		$	2.88		$	4.35

Stock-based compensation related to stock options with an established grant date for the three months ended September 30, 2024 and 2023 was $0.5 million and $1.1 million, respectively.

Restricted Stock Awards

INCOME TAXES	3 Months Ended
INCOME TAXES	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company computes its interim period income tax expense or benefit using a forecasted estimated annual effective tax rate ("EAETR") and adjusts for any discrete items arising during the interim period and any changes in the Company's projected full-year business interest expense and taxable income. For the three months ended September 30, 2024, the EAETR was 5.1% and was based primarily on minimum state tax obligations. For the three months ended September 30, 2024 and 2023, the Company recorded an income tax provision of $0.2 million and $0.1 million, respectively. The income tax provisions for both quarters primarily relate to state income and deferred taxes related to goodwill amortization for tax purposes. The provision was based upon actual income before income taxes for the three months ended September 30, 2024, as this provides a more reliable estimate of the income tax provision than an estimated annual effective income tax rate. The Company had a total unrecognized income tax benefit of $0.7 million and $0.7 million as of September 30, 2024 and 2023, respectively. The Company has significant deferred tax assets, a substantial amount of which result from operating loss carryforwards. The Company routinely evaluates its ability to realize the benefits of these assets to determine whether it is more likely than not that such benefit will be realized. The Company believes that for the year ended September 30, 2024, it is more likely than not that its deferred tax assets will not be realized. Accordingly, the Company has established a full valuation allowance on its net deferred tax assets. The Company intends to continue maintaining a full valuation allowance on its federal and state deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of this allowance. However, given the Company’s current earnings and anticipated future earnings, the Company believes that there is a reasonable possibility in a future period that sufficient positive evidence may become available to allow the Company to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded. The exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company is able to actually achieve.

EARNINGS PER SHARE CALCULATION

3 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE CALCULATION


	Three months ended September 30,
($ in thousands, except per share data)	2024		2023

Numerator for basic and diluted loss per share
Net income	$	3,572	2,007
Preferred dividends	(289)		(289)
Net income applicable to common shareholders	$	3,283	$	1,718

Denominator for basic earnings per share - Weighted average shares outstanding	73,068,856		72,717,965
Effect of dilutive potential common shares	852,330		1,587,547
Denominator for diluted earnings per share - Adjusted weighted average shares outstanding	73,921,186		74,305,512

Basic earnings per share	$	0.04	$	0.02
Diluted earnings per share	$	0.04	$	0.02

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation From time to time, we may be a party to litigation and other proceedings that arise in the ordinary course of our business. These types of matters could result in fines, penalties, compensatory or treble damages or non-monetary sanctions or relief. In accordance with the accounting guidance for contingencies, we reserve for litigation claims and assessments asserted or threatened against us when a loss is probable and the amount of the loss can be reasonably estimated. We cannot predict the outcome of legal or other proceedings with certainty. We do not expect any claims with a reasonably possible adverse outcome to have a material impact on us, and, accordingly, have not accrued for any material claims.

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS A member of our Board of Directors serves as a strategic advisor to a consulting firm that we utilize for payments analytics and advisory services. These services are utilized by the Company to reduce the cost of our interchange and other processing fees charged by payment processors and credit card networks. As consideration for the services, we pay the consulting firm a success fee based on the savings realized by the Company, and a recurring monthly subscription fee for the analytical services. The total expense recognized within Cost of subscription and transaction fees for these arrangements was less than $0.1 million for both the three months ended September 30, 2024 and 2023.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 3,572	$ 2,007

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Preparation	Basis of Presentation and Preparation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements and therefore should be read in conjunction with the Company’s June 30, 2024 Annual Report on Form 10-K. The Company has operations in the United States, Mexico and the United Kingdom. The functional currencies of our foreign wholly-owned subsidiaries are the local currencies. We translate the financial statements of these subsidiaries into U.S. dollars each reporting period for purposes of consolidation. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company evaluates these estimates on an ongoing basis. Estimates, judgments, and assumptions in these condensed consolidated financial statements include, but are not limited to, those related to revenue recognition, capitalization of internal-use software and cloud computing arrangements, fair value of acquired assets and liabilities including goodwill through purchase accounting, income taxes and sales tax reserves. See the Company's Annual Report, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, section Critical Accounting Estimates.
Reclassification	Reclassification Certain reclassifications have been made to prior year's reported amounts in order to conform to the current year presentation. These reclassifications did not impact our previously reported net income or stockholders’ equity.
Recent Accounting Pronouncements	Recent Accounting Pronouncements ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, which expands income tax disclosure requirements to include additional information related to the rate reconciliation of effective tax rates to statutory rates as well as additional disaggregation of taxes paid. The amendments in the ASU also remove disclosures related to certain unrecognized tax benefits and deferred taxes. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, which is the Company's fiscal year ended June 30, 2026. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures. ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to an entity's chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. Annual disclosures are required for fiscal years beginning after December 15, 2023, which is the Company's fiscal year ended June 30, 2025. Interim disclosures are required for periods within fiscal years beginning after December 15, 2024, which is the Company's fiscal year ended June 30, 2026. Retrospective application is required for all prior periods presented, and early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures. No other new accounting pronouncements, issued or effective during the period ended September 30, 2024, have had or are expected to have a significant impact on the Company’s financial statements.

ACCOUNTS RECEIVABLE (Tables)

3 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Schedule of Rollforward of Allowance for Doubtful Accounts

The following table represents a rollforward of the allowance for credit losses for the three months ended September 30, 2024 and 2023:


	Three months ended September 30,
($ in thousands)	2024		2023
Balance, beginning of quarter	$	13,442	$	10,815
Provision for expected losses	558		958
Write-offs	(354)		(60)
Balance, end of quarter	$	13,646	$	11,713

FINANCE RECEIVABLES (Tables)

3 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Financing Receivable Credit Quality Indicators

At September 30, 2024, the gross lease receivable by current payment performance on a contractual basis and year of origination consisted of the following:


	Leases by Origination
($ in thousands)		Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total

Current		$	2,066	$	3,050	$	6,029	$	1,571	$	562	$	157	$	13,435
30 days and under		31		52		160		76		44		27		390
31 - 60 days		11		23		119		67		47		27		294
61 - 90 days		6		18		102		47		79		32		284
Greater than 90 days		9		122		1,040		235		279		1,214		2,899
Total finance receivables		$	2,123	$	3,265	$	7,450	$	1,996	$	1,011	$	1,457	$	17,302

At June 30, 2024, the gross lease receivable by current payment performance on a contractual basis and year of origination consisted of the following:


	Leases by Origination
($ in thousands)		Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total

Current		$	2,199	$	5,135	$	4,668	$	1,961	$	456	$	324	$	14,743
30 days and under		13		67		80		85		56		42		343
31 - 60 days		8		64		58		49		47		38		264
61 - 90 days		8		62		48		32		36		38		224
Greater than 90 days		35		387		625		208		297		1,235		2,787
Total finance receivables		$	2,263	$	5,715	$	5,479	$	2,335	$	892	$	1,677	$	18,361

Financing Receivable, Allowance for Credit Loss

The following table represents a rollforward of the allowance for finance receivables for the three months ended September 30, 2024 and 2023:


	Three months ended September 30,
($ in thousands)	2024		2023

Balance at June 30	$	1,934	$	2,098
Provision for expected losses	391		51

Balance at September 30	2,325		2,149

Schedule of Cash to be Collected on Performing Financing Receivable

Cash to be collected on our performing finance receivables due for each of the fiscal years is as follows:


($ in thousands)	Amount
Remainder of 2025	$	5,480
2026	6,003
2027	4,043
2028	2,051
2029	770
Thereafter	85
Total amounts to be collected	18,432
Less: interest	(1,130)
Less: allowance for uncollectible receivables	(2,325)
Total finance receivables	$	14,977

LEASES (Tables)

3 Months Ended

Sep. 30, 2024

Leases [Abstract]

Assets and Liabilities

The following table provides supplemental balance sheet information related to the Company's operating leases:


($ in thousands)	Balance Sheet Classification	September 30, 2024		June 30, 2024
Assets:	Operating lease right-of-use assets	$	8,276	$	7,986

Liabilities:
Current	Accrued expenses	$	1,432	$	1,320
Long-term	Other noncurrent liabilities	8,759		8,457
Total lease liabilities		$	10,191	$	9,777

Lease Costs

Supplemental cash flow information and non-cash activity related to our leases are as follows:


($ in thousands)	Three months ended September 30,
	2024		2023
Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	485	$	604

Non-cash activity:
Right-of-use assets obtained in exchange for new lease obligations	$	290	$	1,788

Maturities of Lease Liabilities, Operating Leases

Maturities of lease liabilities by fiscal year for our leases as of September 30, 2024 are as follows:


($ in thousands)	Operating Leases
Remainder of 2025	$	1,345
2026	2,405
2027	1,958
2028	1,456
2029	1,491
Thereafter	5,720
Total lease payments	14,375
Less: Imputed interest	(4,184)
Present value of lease liabilities	$	10,191

Schedule of Property and Equipment Used for the Operating Lease Rental Program

Property and equipment used for the operating lease rental program consisted of the following:


($ in thousands)	September 30, 2024		June 30, 2024
Cost	$	32,777	$	32,513
Accumulated depreciation	(25,229)		(24,742)
Net	$	7,548	$	7,771

DEBT AND OTHER FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt and Other Financing Arrangements

The Company's debt and other financing arrangements as of September 30, 2024 and June 30, 2024 consisted of the following:


	As of September 30,		As of June 30,
($ in thousands)	2024		2024

JPMorgan Credit Facility*	$	37,344	$	37,625
Other obligations	29		34
Less: unamortized issuance costs and debt discount	(92)		(109)
Total	37,281		37,550
Less: debt and other financing arrangements, current	(1,362)		(1,266)
Debt and other financing arrangements, noncurrent	$	35,919	$	36,284

* See discussion below on amendment to the JPMorgan Credit Facility.

Schedule of Maturities of Debt and Other Financing Arrangements

The expected maturities for each fiscal year associated with the Company’s outstanding debt and other financing arrangements as of September 30, 2024, were as follows:


($ in thousands)	Amount
Remainder of 2025	$	1,047
2026	36,326
Principal amounts payable	37,373
Unamortized issuance costs	(92)
Total outstanding debt	$	37,281

ACCRUED EXPENSES (Tables)

3 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following as of September 30, 2024 and June 30, 2024:


	As of September 30,		As of June 30,
($ in thousands)	2024		2024

Sales tax reserve	$	9,891	$	9,947
Accrued compensation and related sales commissions	1,907		4,061
Operating lease liabilities - current	1,432		1,320
Accrued professional fees	3,496		4,336
Sales tax payable	1,969		2,123

Accrued other	1,136		851
Current portion of the fair value of SB Software contingent consideration*	542		—
Consideration withheld for the 32M acquisition	442		442
Consideration withheld for the Cheq acquisition*	928		928
Total accrued expenses	$	21,743	$	24,008

* See Note 9 - Acquisition for description of the arrangement.

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Asset Balances and Goodwill

Intangible asset balances and goodwill consisted of the following:


	As of September 30, 2024						Weighted Average Remaining Useful Life (Years)
($ in thousands)	Gross		Accumulated Amortization		Net

Intangible assets:
Brand and trade names	$	2,526	(1,971)		555		2.0
Developed technology	23,119		(13,792)		9,327		3.8
Customer relationships	27,217		(10,337)		16,880		8.6
Total intangible assets	$	52,862	$	(26,100)	$	26,762	6.8

Goodwill	$	102,708	$	—	$	102,708	Indefinite


	As of June 30, 2024						Weighted Average Useful Life (Years)
($ in thousands)	Gross		Accumulated Amortization		Net

Intangible assets:
Brand and trade names	$	2,361	$	(1,852)	$	509	1.6
Developed technology	20,062		(13,304)		6,758		3.6
Customer relationships	27,024		(9,665)		17,359		8.8
Total intangible assets	$	49,447	$	(24,821)	$	24,626	7.2

Goodwill	$	94,903	$	—	$	94,903	Indefinite

ACQUISITIONS (Tables)

3 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Acquisition

The following table summarizes the estimated fair value assigned to the assets acquired and liabilities assumed:


($ in thousands)	Amount
Cash and cash equivalents	$	284
Accounts receivable	94
Inventory	42
Prepaid expenses	14
Property and equipment	67
Operating lease right-of-use assets	244
Intangible assets	3,362
Total identifiable assets acquired	4,107
Accounts payable	(71)
Accrued expenses	(152)
Operating lease liability	(244)
Total liabilities assumed	(467)
Total identifiable net assets	3,640
Goodwill	7,743
Fair value of total considerations transferred	$	11,383

The following table summarizes the adjusted fair value assigned to the assets acquired and liabilities assumed:


($ in thousands)	Amount
Cash and cash equivalents	$	84
Property and equipment	1,136
Intangible assets	1,750
Other assets	486
Total identifiable assets acquired	3,456
Accounts payable	(691)
Other liabilities	(52)
Total liabilities assumed	(743)
Total identifiable net assets	2,713
Goodwill	2,000
Fair value of total considerations transferred	$	4,713

REVENUES (Tables)

3 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Based on similar operational characteristics, the Company's revenues are disaggregated as follows:


	Three months ended September 30,
($ in thousands)		2024		2023
Transaction fees		$	43,604	$	37,030
Subscription fees		20,188		18,105
Subscription and transaction fees		63,792		55,135
Equipment sales		7,044		7,548
Total revenues		$	70,836	$	62,683

Operating Lease, Lease Income

The Company's revenues earned under ASC Topic 842 are as follows:


	Three months ended September 30,
($ in thousands)		2024		2023
Operating leases		$	2,318	$	1,990
Sales-type finance leases		640		692
Total lease revenues		$	2,958	$	2,682

Contract Liabilities

The Company's contract liability (i.e., deferred revenue) balances are as follows:


	Three months ended September 30,
($ in thousands)	2024		2023
Deferred revenue, beginning of the period	$	1,726	$	1,666
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	(324)		(92)
Additions	69		366
Deferred revenue, end of the period	$	1,471	$	1,940

Future Performance Obligations

The following table reflects the estimated fees to be recognized in the future related to performance obligations that are unsatisfied as of September 30, 2024:


($ in thousands)	As of September 30, 2024
Remainder of fiscal year 2025	$	4,341
2026	4,250
2027	1,084
Thereafter	26
Total	$	9,701

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Stock Options Granted, Weighted Average Assumptions


	Three months ended September 30,
		2024			2023
Expected volatility (percent)		50.5%			61.3% - 69.7%
Weighted average expected life (years)		4.5			4.2 - 4.5
Dividend yield (percent)		0.0		%	0.0		%
Risk-free interest rate (percent)		3.4%			4.2% - 4.3%
Number of options granted		20,000			110,000
Weighted average exercise price		$	6.35		$	7.00
Weighted average grant date fair value		$	2.88		$	4.35

EARNINGS PER SHARE CALCULATION (Tables)

3 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Loss per Share

The calculation of basic and diluted earnings per share is presented below:


	Three months ended September 30,
($ in thousands, except per share data)	2024		2023

Numerator for basic and diluted loss per share
Net income	$	3,572	2,007
Preferred dividends	(289)		(289)
Net income applicable to common shareholders	$	3,283	$	1,718

Denominator for basic earnings per share - Weighted average shares outstanding	73,068,856		72,717,965
Effect of dilutive potential common shares	852,330		1,587,547
Denominator for diluted earnings per share - Adjusted weighted average shares outstanding	73,921,186		74,305,512

Basic earnings per share	$	0.04	$	0.02
Diluted earnings per share	$	0.04	$	0.02

ACCOUNTS RECEIVABLE - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Receivables [Abstract]
Accounts receivable, net	$ 32,490	$ 43,848

ACCOUNTS RECEIVABLE - Schedule of Rollforward of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance. accounts receivable, allowance for credit loss, current	$ 13,442	$ 10,815
Provision for expected losses	558	958
Write-offs	(354)	(60)
Ending balance. accounts receivable, allowance for credit loss, current	$ 13,646	$ 11,713

FINANCE RECEIVABLES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Receivables [Abstract]
Finance receivables, lease term	60 months
Financing receivable, allowance for credit loss, writeoff	$ 0.0	$ 0.0

FINANCING RECEIVABLES - Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	$ 2,123	$ 2,263
Between 1 and 2 Years Ago	3,265	5,715
Between 2 and 3 Years Ago	7,450	5,479
Between 3 and 4 Years Ago	1,996	2,335
Between 4 and 5 Years Ago	1,011	892
More than 5 Years Ago	1,457	1,677
Total	17,302	18,361
Current
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	2,066	2,199
Between 1 and 2 Years Ago	3,050	5,135
Between 2 and 3 Years Ago	6,029	4,668
Between 3 and 4 Years Ago	1,571	1,961
Between 4 and 5 Years Ago	562	456
More than 5 Years Ago	157	324
Total	13,435	14,743
30 days and under
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	31	13
Between 1 and 2 Years Ago	52	67
Between 2 and 3 Years Ago	160	80
Between 3 and 4 Years Ago	76	85
Between 4 and 5 Years Ago	44	56
More than 5 Years Ago	27	42
Total	390	343
31 - 60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	11	8
Between 1 and 2 Years Ago	23	64
Between 2 and 3 Years Ago	119	58
Between 3 and 4 Years Ago	67	49
Between 4 and 5 Years Ago	47	47
More than 5 Years Ago	27	38
Total	294	264
61 - 90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	6	8
Between 1 and 2 Years Ago	18	62
Between 2 and 3 Years Ago	102	48
Between 3 and 4 Years Ago	47	32
Between 4 and 5 Years Ago	79	36
More than 5 Years Ago	32	38
Total	284	224
Greater than 90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	9	35
Between 1 and 2 Years Ago	122	387
Between 2 and 3 Years Ago	1,040	625
Between 3 and 4 Years Ago	235	208
Between 4 and 5 Years Ago	279	297
More than 5 Years Ago	1,214	1,235
Total	$ 2,899	$ 2,787

FINANCE RECEIVABLES - Schedule of Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at June 30	$ 1,934	$ 2,098
Provision for expected losses	391	51
Balance at September 30	$ 2,325	$ 2,149

FINANCE RECEIVABLES - Summary of Finance Receivables Fiscal Years (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023
Receivables [Abstract]
Remainder of 2025	$ 5,480
2026	6,003
2027	4,043
2028	2,051
2029	770
Thereafter	85
Total amounts to be collected	18,432
Less: interest	(1,130)
Less: allowance for uncollectible receivables	(2,325)	$ (1,934)	$ (2,149)	$ (2,098)
Total finance receivables	$ 14,977

LEASES - Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023
Assets:
Operating lease right-of-use assets	$ 8,276	$ 7,986	$ 7,986
Liabilities:
Operating lease liabilities, accrued expenses	$ 1,432	$ 1,320	$ 1,320
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current		Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Other noncurrent liabilities	$ 8,759		$ 8,457
Total lease liabilities	$ 10,191		$ 9,777

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$ 485	$ 604
Non-cash activity:
Right-of-use assets obtained in exchange for new lease obligations	$ 290	$ 1,788

LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Operating Leases
Remainder of 2025	$ 1,345
2026	2,405
2027	1,958
2028	1,456
2029	1,491
Thereafter	5,720
Total lease payments	14,375
Less: Imputed interest	(4,184)
Present value of lease liabilities	$ 10,191	$ 9,777

LEASES - Property and Equipment Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Leases [Abstract]
Cost	$ 32,777	$ 32,513
Accumulated depreciation	(25,229)	(24,742)
Net	$ 7,548	$ 7,771

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating leases	$ 2,318	$ 1,990

DEBT AND OTHER FINANCING ARRANGEMENTS - Debt and Other Financing Arrangement Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Principal amounts payable	$ 37,373
Less: unamortized issuance costs and debt discount	(92)	$ (109)
Total	37,281	37,550
Less: debt and other financing arrangements, current	(1,362)	(1,266)
Debt and other financing arrangements, noncurrent	35,919	36,284
Line of Credit \| JP Morgan Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Principal amounts payable	37,344	37,625
Other obligations
Debt Instrument [Line Items]
Principal amounts payable	$ 29	$ 34

DEBT AND OTHER FINANCING ARRANGEMENTS - Narrative (Details) - Line of Credit $ in Millions	Dec. 01, 2022 USD ($)	Mar. 17, 2022 USD ($)	Sep. 30, 2024
2022 JPMorgan Revolving Credit Facility
Debt Instrument [Line Items]
Total leverage ration, maximum		3.00
Commitment fee		0.50%
Debt, weighted average interest rate			8.90%
2022 JPMorgan Revolving Credit Facility \| Period One
Debt Instrument [Line Items]
Interest rate, increase		0.25%
Adjusted quick ratio, maximum		3.00
2022 JPMorgan Revolving Credit Facility \| Period One \| Minimum \| Base Rate
Debt Instrument [Line Items]
Variable rate		2.50%
2022 JPMorgan Revolving Credit Facility \| Period One \| Minimum \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Variable rate		3.50%
2022 JPMorgan Revolving Credit Facility \| Period One \| Maximum \| Base Rate
Debt Instrument [Line Items]
Variable rate		3.00%
2022 JPMorgan Revolving Credit Facility \| Period One \| Maximum \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Variable rate		4.00%
2022 JPMorgan Revolving Credit Facility \| Period Two
Debt Instrument [Line Items]
Interest rate, increase		2.00%
Adjusted quick ratio, maximum		4.00
Revolving Credit Facility \| 2022 JPMorgan Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 15
Proceeds from revolving credit facility	$ 15
Term Facility \| 2022 JPMorgan Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from issuance of other long-term debt	25
Proceeds from revolving credit facility	$ 10
Term Facility \| 2022 JPMorgan Secured Term Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 25

DEBT AND OTHER FINANCING ARRANGEMENTS - Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Debt Disclosure [Abstract]
Remainder of 2025	$ 1,047
2026	36,326
Principal amounts payable	37,373
Unamortized issuance costs	(92)	$ (109)
Total	$ 37,281	$ 37,550

ACCRUED EXPENSES - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Sales tax reserve	$ 9,891	$ 9,947
Accrued compensation and related sales commissions	1,907	4,061
Operating lease liabilities - current	1,432	1,320	$ 1,320
Accrued professional fees	3,496	4,336
Sales tax payable	1,969	2,123
Accrued other	1,136	851
Total accrued expenses	21,743	24,008
SB Software
Business Acquisition [Line Items]
Contingent consideration	542	0
Three Square Market, Inc.
Business Acquisition [Line Items]
Contingent consideration	442	442
Cheq Lifestyle Technology, Inc.
Business Acquisition [Line Items]
Contingent consideration	$ 928	$ 928

GOODWILL AND INTANGIBLE ASSETS - Summary of Amortizable Intangible Asset (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Gross	$ 52,862	$ 49,447
Accumulated Amortization	(26,100)	(24,821)
Net	$ 26,762	$ 24,626
Weighted Average Remaining Useful Life (Years)	6 years 9 months 18 days	7 years 2 months 12 days
Goodwill, Gross	$ 102,708	$ 94,903
Goodwill, Net	102,708	94,903
Brand and trade names
Finite-Lived Intangible Assets [Line Items]
Gross	2,526	2,361
Accumulated Amortization	(1,971)	(1,852)
Net	$ 555	$ 509
Weighted Average Remaining Useful Life (Years)	2 years	1 year 7 months 6 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross	$ 23,119	$ 20,062
Accumulated Amortization	(13,792)	(13,304)
Net	$ 9,327	$ 6,758
Weighted Average Remaining Useful Life (Years)	3 years 9 months 18 days	3 years 7 months 6 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross	$ 27,217	$ 27,024
Accumulated Amortization	(10,337)	(9,665)
Net	$ 16,880	$ 17,359
Weighted Average Remaining Useful Life (Years)	8 years 7 months 6 days	8 years 9 months 18 days

GOODWILL AND INTANGIBLES - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($) reportingUnit	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of acquired intangible assets	$ 1.3	$ 1.6
Number of reporting units \| reportingUnit	1
Goodwill impairment	$ 0.0	$ 0.0

ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended
ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands	Sep. 05, 2024	Feb. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Jun. 30, 2024
Business Acquisition [Line Items]
Goodwill			$ 102,708					$ 94,903
Integration and acquisition expenses			197	$ 78
Acquisition of business, net of cash acquired			9,761	$ 0
SB Software
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 11,400
Cash payment to acquire business	10,000
Business combination, contingent consideration, liability, present value	1,400
Business combination, contingent consideration, liability	3,300
Business combination, contingent consideration, liability, current			542					0
Business combination, contingent consideration, liability, noncurrent			800
Goodwill	7,743
SB Software \| Developed Technology
Business Acquisition [Line Items]
Intangible assets acquired	3,000
SB Software \| Customer relationships
Business Acquisition [Line Items]
Intangible assets acquired	200
Weighted average useful life		3 years
SB Software \| Trade names
Business Acquisition [Line Items]
Intangible assets acquired	$ 200
Weighted average useful life		3 years
SB Software \| Developed technology
Business Acquisition [Line Items]
Weighted average useful life		5 years
SB Software \| Forecast
Business Acquisition [Line Items]
Business combination, contingent consideration, liability					$ 1,000	$ 1,000	$ 1,300
Cheq Lifestyle Technology, Inc.
Business Acquisition [Line Items]
Business combination, consideration transferred		$ 4,700
Business combination, contingent consideration, liability, current			928					$ 928
Goodwill		2,000
Other payments to acquire businesses		1,100
Acquisition of business, net of cash acquired		900
Integration and acquisition costs			$ 1,100
Cheq Lifestyle Technology, Inc. \| Customer relationships
Business Acquisition [Line Items]
Intangible assets acquired		200
Cheq Lifestyle Technology, Inc. \| Trade names
Business Acquisition [Line Items]
Intangible assets acquired		200
Cheq Lifestyle Technology, Inc. \| Developed technology
Business Acquisition [Line Items]
Intangible assets acquired		$ 1,400

ACQUISITIONS - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 05, 2024	Jun. 30, 2024	Feb. 01, 2024
Business Acquisition [Line Items]
Goodwill	$ 102,708		$ 94,903
SB Software
Business Acquisition [Line Items]
Cash and cash equivalents		$ 284
Accounts receivable		94
Inventory		42
Prepaid expenses		14
Property and equipment		67
Operating lease right-of-use assets		244
Intangible assets		3,362
Total identifiable assets acquired		4,107
Accounts payable		(71)
Accrued expenses		(152)
Operating lease liability		(244)
Total liabilities assumed		(467)
Total identifiable net assets		3,640
Goodwill		7,743
Fair value of total considerations transferred		$ 11,383
Cheq Lifestyle Technology, Inc.
Business Acquisition [Line Items]
Cash and cash equivalents				$ 84
Property and equipment				1,136
Intangible assets				1,750
Other assets				486
Total identifiable assets acquired				3,456
Accounts payable				(691)
Other liabilities				(52)
Total liabilities assumed				(743)
Total identifiable net assets				2,713
Goodwill				2,000
Fair value of total considerations transferred				$ 4,713

REVENUES - Schedule of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues:	$ 70,836	$ 62,683
Subscription and transaction fees
Disaggregation of Revenue [Line Items]
Revenues:	63,792	55,135
Transaction fees
Disaggregation of Revenue [Line Items]
Revenues:	43,604	37,030
Subscription fees
Disaggregation of Revenue [Line Items]
Revenues:	20,188	18,105
Equipment sales
Disaggregation of Revenue [Line Items]
Revenues:	$ 7,044	$ 7,548

REVENUES - Operating Lease, Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Operating leases	$ 2,318	$ 1,990
Sales-type finance leases	640	692
Total lease revenues	$ 2,958	$ 2,682
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenue from Contract with Customer, Excluding Assessed Tax	Revenue from Contract with Customer, Excluding Assessed Tax

REVENUES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
REVENUES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, asset, after allowance for credit loss	$ 2.5		$ 2.6
Capitalized costs, amortization	0.2	$ 0.2
Prepaid expenses and other current assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized costs	0.9		0.9
Other noncurrent assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized costs	$ 2.4		$ 2.4

REVENUES - Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Contract with Customer, Liability, Current [Roll Forward]
Deferred revenue, beginning of the period	$ 1,726	$ 1,666
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	(324)	(92)
Additions	69	366
Deferred revenue, end of the period	$ 1,471	$ 1,940

REVENUES - Performance Obligations (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation	$ 9,701
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation	$ 4,341
Performance obligation, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation	$ 4,250
Performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation	$ 1,084
Performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation	$ 26
Performance obligation, period

STOCK-BASED COMPENSATION - Schedule of Fair Value of Options (Details) - Stock options - $ / shares	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum expected volatility (percent)	50.50%	61.30%
Maximum expected volatility (percent)		69.70%
Dividend yield (percent)	0.00%	0.00%
Minimum risk-free interest rate (percent)	3.40%	4.20%
Maximum risk-free interest rate (percent)		4.30%
Number of options granted (in shares)	20,000	110,000
Weighted average exercise price (in dollars per share)	$ 6.35	$ 7.00
Weighted average grant date fair value (in dollars per share)	$ 2.88	$ 4.35
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average expected life (years)	4 years 6 months	4 years 2 months 12 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average expected life (years)		4 years 6 months

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 887	$ 1,932
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 500	1,100
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Stock-based compensation	$ 400	$ 500

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Estimated annual effective income tax rate reconciliation, percent	5.10%
Income tax provision	$ 177	$ 81
Unrecognized income tax benefit	$ 700	$ 700

EARNINGS PER SHARE CALCULATION - Calculation of Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Numerator for basic and diluted loss per share
Net income	$ 3,572	$ 2,007
Preferred dividends	(289)	(289)
Net income applicable to common shares	3,283	1,718
Net income applicable to common shares	$ 3,283	$ 1,718
Denominator for basic earnings per share - Weighted average shares outstanding (in shares)	73,068,856	72,717,965
Effect of dilutive potential common shares (in shares)	852,330	1,587,547
Denominator for diluted earnings per share - Adjusted weighted average shares outstanding (in shares)	73,921,186	74,305,512
Basic earnings per share (in dollars per share)	$ 0.04	$ 0.02
Diluted earnings per share (in dollars per share)	$ 0.04	$ 0.02

EARNINGS PER SHARE CALCULATION - Narrative (Details) - shares shares in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Antidilutive shares excluded from the calculation of diluted earnings per shares (in shares)	0.1	1.0

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Related Party Transactions [Abstract]
Cost of subscription and transaction fees	$ 0.1	$ 0.1

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