USAT on NASDAQ

USA Technologies Inc.

American financial services company

Cantaloupe, Inc., previously known as USA Technologies Inc., is an American company known for its work with ePort cashless acceptance technology running on its patented ePort Connect service, a PCI compliant services. ePort Connect wirelessly facilitates electronic payment options to consumers with credit, debit, or NFC enabled electronic wallets like Apple Pay and Google Pay while providing operators with both telemetry and machine-to-machine (M2M) services.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

$302.5MRevenue, fiscal 20254
$64.5MNet income, fiscal 20254
1992Founded1

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  • TickerUSAT on NASDAQ1
  • IndustryCalculating & Accounting Machines (No Electronic Computers)1
  • HeadquartersMalvern1
  • Websitewww.cantaloupe.com
  • Incorporated inPA5
  • Business address101 Lindenwood Drive, Suite 405, Malvern, Pa 193555
  • Filer categoryAccelerated filer5

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Cantaloupe, Inc., previously known as USA Technologies Inc., is an American company known for its work with ePort cashless acceptance technology running on its patented ePort Connect service, a PCI compliant services. ePort Connect wirelessly facilitates electronic payment options to consumers with credit, debit, or NFC enabled electronic wallets like Apple Pay and Google Pay while providing operators with both telemetry and machine-to-machine (M2M) services. ePort technology is primarily found in vending machines, kiosks and point-of-sale (POS) terminals, but the ePort Online and ePort Mobile products have extended the network to accept recurring payments from a PC or retail outlets and the taxi industry through smartphone devices.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

7.4%Operating margin4
21.3%Net margin4
12.6%Revenue growth, 20254
25.7%Return on equity4
0.15×Debt to equity4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development1¢$2.9M
  • Other costs64¢$192.8M
  • Income tax14¢$42.4M
  • Profit21¢$64.5M

Out of $302.5M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$20.3M

Out of $20.3M of cash from operations.4

Financial statements

Revenue78910114$302.5M in 2025+128% since 2018
0$100.0M$200.0M$300.0M$400.0M2018: $132.5M$132.5M20182019: $144.5M$144.5M2019+9%2020: $163.2M$163.2M2020+13%2021: $166.9M$166.9M2021+2%2022: $205.2M$205.2M2022+23%2023: $243.6M$243.6M2023+19%2024: $268.6M$268.6M2024+10%2025: $302.5M$302.5M2025+13%
Gross profit78910$81.2M in 2023+128% since 2018
0$25.0M$50.0M$75.0M$100.0M2018: $35.7M$35.7M20182019: $40.2M$40.2M2019+13%2020: $46.3M$46.3M2020+15%2021: $54.0M$54.0M2021+17%2022: $64.2M$64.2M2022+19%2023: $81.2M$81.2M2023+27%
Operating income78910114$22.3M in 2025
-$40.0M-$20.0M0$20.0M$40.0M2018: -$9.2M-$9.2M20182019: -$28.2M-$28.2M2019+206%2020: -$39.6M-$39.6M2020+40%2021: -$8.7M-$8.7M2021−78%2022: -$2.7M-$2.7M2022−69%2023: $760.0K$760.0K20232024: $14.2M$14.2M2024+1764%2025: $22.3M$22.3M2025+58%
Net income78910114$64.5M in 2025
-$50.0M0$50.0M$100.0M2018: -$11.3M-$11.3M20182019: -$29.9M-$29.9M2019+165%2020: -$40.6M-$40.6M2020+36%2021: -$8.7M-$8.7M2021−79%2022: -$1.7M-$1.7M2022−80%2023: $633.0K$633.0K20232024: $12.0M$12.0M2024+1795%2025: $64.5M$64.5M2025+438%
Fiscal year20182019202020212022202320242025
Revenue$132.5M7$144.5M8$163.2M9$166.9M10$205.2M11$243.6M4$268.6M4$302.5M4
Cost of revenue$96.8M7$104.3M8$116.9M9$112.9M10$141.0M10$162.4M10
Gross profit$35.7M7$40.2M8$46.3M9$54.0M10$64.2M10$81.2M10
Research and development$1.3M7$4.6M8$3.8M9$3.9M10$3.5M11$3.5M4$3.0M4$2.9M4
Selling, general and admin$34.6M7$46.5M8$61.7M8$58.6M8
Operating income-$9.2M7-$28.2M8-$39.6M9-$8.7M10-$2.7M11$760.0K4$14.2M4$22.3M4
Interest$3.1M7$3.0M8$2.6M9$4.0M10$524.0K10$2.3M10
Income tax-$101.0K7$262.0K8$1.0K9$370.0K10$186.0K11$181.0K4$985.0K4-$42.4M4
Net income-$11.3M7-$29.9M8-$40.6M9-$8.7M10-$1.7M11$633.0K4$12.0M4$64.5M4
Earnings per share-$0.237-$0.518-$0.669-$0.1410-$0.0311$0.004$0.164$0.874
Earnings per share (diluted)-$0.237-$0.518-$0.669-$0.1410-$0.0311$0.004$0.154$0.864

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The story

USA Technologies was founded in 1992 and holds more than 87 patents on its products and services. Its patents range from payment processing, transaction methods, and terminal connection methods to energy management and telematics. There are currently over 250,000 connections to its ePort Connect Service. The company was named in Deloitte L.L.P.'s 2014 Technology Fast 500 List of the fastest-growing companies in North America. They worked with Setomatic Systems to be the first to bring NFC technology into the self-service laundry market The Nilson Report ranked USA Technologies 6th in the US (and 28th worldwide) in POS shipments, and they received the 2014 Frost & Sullivan North American Customer Value Leadership Award in Financial Services and Retail M2M Communications.

In 2010, a proxy fight for the company's board of directors took place with shareholder group SAVE Partners. This proxy fight ended with the addition of two SAVE Board candidates and the modification of company policies. In 2012, there was another proxy fight involving SAVE, but this dispute resulted in no change to the board.

USA Technologies' CEO George Jensen was suspended on 4 October 2011, after he was revealed to be posting company information to an investor board and resigned two weeks later. Stephen Herbert was appointed as CEO and held that position until he stepped down in 2019 due to the "start of a proxy battle brought by its largest investor", Hudson Executive Capital.

USA Technologies announced its name change to Cantaloupe, Inc. on 19 April 2021.

From Wikipedia’s article on Cantaloupe, Inc., shared under CC BY-SA 4.0.6

Leadership

Who has led USA Technologies Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Stephen P. Herbert2011–2019
  2. Donald W. Layden Jr.2019–2020
  3. Sean E. Feeney2020–2021
  4. Ravi Venkatesan2022–now

President

  1. Stephen P. Herbert2006–2011
  2. Donald W. Layden Jr.2020

Chief financial officer

  1. David M. Demedio2006–2015
  2. Leland P. Maxwell2016
  3. Priyanka Singh2017–2018
  4. Glen E. Goold2019
  5. Michael Wasserfuhr2020
  6. Eugene Cavanaugh2020
  7. Roger Wayne Jackson2020–2021
  8. Scott Matthew Stewart2022–now

Chief operating officer

  1. Stephen P. Herbert2006–2011
  2. Matthew W. McConnell2019
  3. Jeff Vogt2020
  4. Ravi Venkatesan2022
1995200020052010201520202025
Board members and other officers (45)

Products and brands

Cantaloupe's primary product is the ePort, a cashless payment terminal for vending machines, kiosks, and POS terminals. The ePort EDGE accepts magnetic swipe cards, and the ePort G8 & G9 series also accept contactless cards, FOB, PIN, and virtual wallets such as Apple Pay and Softcard. It features an inclusive system for providing remote audits, cashless payment, and interactive transaction capabilities in a vending machine. In 2010, the ePort EDGE won the National Automatic Merchandising Association (NAMA) award for innovation in cashless vending technology.

Specific to vending machines, Cantaloupe holds over a dozen patents and have maintained partnerships with MasterCard Worldwide, Dr. Pepper/Seven Up, Kodak, ZiLOG, CineMachine, MEI, and Wurlitzer, among others.

The company has been ranked several times among the leading shippers of point-of-sale terminals by The Nilson Report, a source of news and research on consumer payment systems worldwide. In 2009, it ranked 6th in the US and 31st in the world. In 2013, the report ranked 6th in point-of-sale shipments in the United States and 28th in the world. Cantaloupe announced its expansion initiatives in Australia in June 2018.

From Wikipedia’s article on Cantaloupe, Inc., shared under CC BY-SA 4.0.6

Former names

  • USA TECHNOLOGIES INCAug 2, 1996 to Apr 12, 20215

Timeline

  1. Dec 16, 2022New chief executive Ravi Venkatesan becomes CEO16
  2. May 14, 2020New chief executive Sean E. Feeney becomes CEO17
  3. Nov 25, 2019New chief executive Donald W. Layden Jr. becomes CEO18
  4. Oct 25, 2011New chief executive Stephen P. Herbert becomes CEO19
  5. Feb 17, 2006Went public Listed on NASDAQ1
  6. 1992Founded Founded1

Filings

257 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 38 major events, 104 insider forms, 23 large holders, 72 other. The latest 20:

  1. Aug 11, 2026SCHEDULE 13G/A EDGAR
  2. May 21, 20264 EDGAR
  3. May 18, 202615-12G EDGAR
  4. May 12, 2026EFFECT EDGAR
  5. May 11, 20264 EDGAR
  6. May 11, 20264 EDGAR
  7. May 11, 2026SCHEDULE 13G EDGAR
  8. May 8, 20264 EDGAR
  9. May 8, 20264 EDGAR
  10. May 8, 20264 EDGAR
  11. May 8, 20264 EDGAR
  12. May 8, 20264 EDGAR
  13. May 8, 20264 EDGAR
  14. May 8, 20264 EDGAR
  15. May 8, 20264 EDGAR
  16. May 8, 20264 EDGAR
  17. May 8, 202625-NSE EDGAR
  18. May 8, 20264 EDGAR
  19. May 8, 2026S-8 POS EDGAR
  20. May 8, 2026S-8 POS EDGAR

The 257 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 23 such filings since October 2021, the latest 10:

  1. Aug 11, 2026SCHEDULE 13G/A
  2. May 11, 2026SCHEDULE 13G
  3. Oct 22, 2025SCHEDULE 13G/A
  4. Aug 8, 2025SCHEDULE 13G/A
  5. Jun 16, 2025SCHEDULE 13D/A
  6. Feb 5, 2025SCHEDULE 13G/A
  7. Nov 14, 2024SC 13G/A
  8. Feb 21, 2024SC 13D/A
  9. Feb 9, 2024SC 13G/A
  10. Jan 29, 2024SC 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Sources

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