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)…3 Its shares trade on NASDAQ under the symbol USAT.1Wikipedia text CC BY-SA 4.0
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.
Revenue9101112135$302.5M in 2025+128% since 2018Gross profit9101112$81.2M in 2023+128% since 2018Operating income9101112135$22.3M in 2025Net income9101112135$64.5M in 2025
Revenue141516$78.7M in Q3 FY2026−3% since Q1 FY2025Operating income141516-$767.0K in Q3 FY2026Net income141516-$2.2M in Q3 FY2026+135% since Q1 FY2025
Total assets179101112135$381.9M in 2025+65% since 2018Total liabilities179101112135$128.1M in 2025+49% since 2018Shareholders’ equity101112135$251.0M in 2025+76% since 2018Cash179101112135$51.1M in 2025−39% since 2018Long-term debt17101112135$36.7M in 2025+187% since 2019
Total assets141516$389.0M in Q3 FY2026−0% since Q1 FY2025Total liabilities141516$135.9M in Q3 FY2026+1% since Q1 FY2025Shareholders’ equity141516$250.4M in Q3 FY2026−1% since Q1 FY2025Cash141516$60.4M in Q3 FY2026+10% since Q1 FY2025Long-term debt141516$35.1M in Q3 FY2026−4% since Q1 FY2025
Cash from operations9101112135$20.3M in 2025+64% since 2018Capital spending91011$9.3M in 2022+133% since 2018Free cash flow910111213-$18.0M in 2022Share buybacks910$0 in 2021
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
USA Technologies Inc. sits at the top of its group. 11 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of USA Technologies Inc.
Goldman SachsFiled SCHEDULE 13G/A on USA Technologies Inc., latest Aug 11, 2026 (2 filings since May 11, 2026)
Oakland Hills BVFiled SCHEDULE 13G/A on USA Technologies Inc., latest Oct 22, 2025 (6 filings since Jan 25, 2022)
ABRAMS CAPITAL MANAGEMENT, L.P.Filed SCHEDULE 13G/A on USA Technologies Inc., latest Aug 8, 2025 (2 filings since Feb 9, 2024)
Hudson Executive Capital LPFiled SCHEDULE 13D/A on USA Technologies Inc., latest Jun 16, 2025 (2 filings since Feb 21, 2024)
Antara Capital LPFiled SC 13G/A on USA Technologies Inc., latest Nov 14, 2024 (3 filings since Feb 16, 2022)
BlackRockFiled SC 13G/A on USA Technologies Inc., latest Jan 29, 2024 (3 filings since Feb 4, 2022)
ARDSLEY ADVISORY PARTNERS LPFiled SC 13G/A on USA Technologies Inc., latest Jan 25, 2023 (2 filings since Feb 8, 2022)
USA Technologies Inc.Malvern, Pennsylvania, United States
Cantaloupe Bahamas Ltd. Subsidiary · Bahamas
Cantaloupe International, Inc. Subsidiary · Delaware, United States
Cantaloupe Solutions Canada, Inc. Subsidiary · Canada
Cantaloupe Systems, Inc. Subsidiary · Delaware, United States
Cheq Lifestyle Technology, Inc. Subsidiary · Delaware, United States
SB Software, Inc Subsidiary · United Kingdom
Stitch Networks Corporation Subsidiary · Delaware, United States
Tecnologias Melon, S de R.L. de C. V. Subsidiary · Mexico
Three Square Market Limited Subsidiary · United Kingdom
USAT Capital Corp, LLC. Subsidiary · Pennsylvania, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What USA Technologies Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our current headquarters are located at 101 Lindenwood Drive, Malvern, Pennsylvania. All of our current locations are leased and expire in varying years outlined below. All of our leased facilities are used for corporate functions, product development, sales, and other purposes. We believe our existing facilities are sufficient for our current and future needs. The Company also leases other small facilities on a short term basis which are not included in the table below.
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.
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.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
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:
40 open-market trades by officers, directors and large owners since October 2021: 35 buys and 5 sales. Grants, option exercises and gifts are left out.
Where the company's money came from, by calendar year: private offerings filed with the SEC,
federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA.
Each bar links to the records below.
Paycheck Protection Program loans of $150,000 and up, approved April 2020 to July 2021, from the SBA105. Matched to this company by name and state.
Apr 28, 2020$3.1M PPP loan (first draw) from Valley National Bank105To USA TECHNOLOGIES, INC., Malvern PA; $3.1M forgiven Jun 9, 2021
SEC filer profile
How USA Technologies Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Sep 8, 2025 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks USA Technologies Inc. names in Item 1A of its 10-K filed Sep 8, 2025: 35 risks under these headings, as written.18
The risks and uncertainties described below are not the only ones we face. There may be other unknown or unpredictable economic, business, competitive, regulatory or other factors that could have material adverse effects on our future results. The occurrence of any of these risks could materially adversely affect our business, financial condition, results of operations and cash flows. Accordingly, you should carefully consider the following risk factors, as well as other information contained in or incorporated by reference in this Annual Report.
Risks related to our pending Merger with 365 Retail Markets, LLC
The pendency of the Merger may result in disruptions to our business.
The Merger may not be consummated within the intended timeframe, or at all, and the failure to consummate the Merger will adversely affect the market price of our common stock and could adversely affect our business, results of operations and financial condition.
We have in the past, and may again in future, become subject to lawsuits relating to the Merger, which could adversely affect our business, financial condition and operating results.
Risks related to our business
General economic, market or business conditions unrelated to our operating performance, including global supply chain disruptions and inflationary pressures and tariffs could adversely affect our business and results of operations.
Impacts of widespread inflation and tariffs could negatively affect our industry.
We only recently began to be profitable and if we incur losses in the future, the price of our shares can be expected to fall.
If we are not able to implement successful enhancements and new features for our products and services, our business could be materially and adversely affected.
Substantially all of the service contracts with our customers are terminable for any or no reason upon thirty days advance notice.
We may not successfully implement our go-to-market strategy which may adversely affect growth and profitability.
The other 25 risks
We engage in the outsourcing of engineering work, including outsourcing of software work overseas.
The loss of one or more of our key customers could significantly reduce our revenues, results of operations, and reduce net income.
Increases in card association and debit network interchange fees could increase our operating costs or otherwise adversely affect our operations.
Our efforts to expand into international markets may not be successful; our products and services may not gain traction in new markets; and managing international operations may be challenging or may fail.
Geopolitical conflicts, including the conflict between Russia and Ukraine and the conflicts between Israel and Hamas and Israel and Iran, may adversely affect our business and results of operations.
Increased scrutiny from shareholders, customers and other stakeholders regarding our environmental, social, and governance, or sustainability responsibilities, could adversely impact our liquidity, results of operations, reputation, and stock price.
Operational and liquidity
Disruptions to our systems, breaches in the security of transactions involving our products or services, or failure of our processing systems could adversely affect our reputation, business and results of operations.
We depend on our key personnel and, if they leave us, or if we are unable to attract highly skilled personnel, our business could be adversely affected.
The termination of our relationships with certain third-party suppliers upon whom we rely for services that are critical to our products could adversely affect our business and delay achievement of our business plan.
We rely on other card payment processors, and if they fail or no longer agree to provide their services or we fail to operate in compliance with the requirements of those relationships, our customer relationships could be adversely affected, and we could lose business.
Disruptions at other participants in the financial system could prevent us from delivering our cashless payment services.
Any increase in chargebacks not paid by our customers may adversely affect our results of operations, financial condition and cash flows.
We may not fully realize the benefits of acquisitions, it may take longer than we anticipate for us to achieve those benefits, they may be difficult to integrate, may disrupt our business, or divert management attention and may adversely affect our financial condition.
Our dependence on proprietary technology and limited ability to protect our intellectual property may adversely affect our ability to compete.
We may require additional financing or find it necessary to raise capital to sustain our operations and without it we may not be able to achieve our business plan.
Failure to comply with any of the financial covenants under the Company’s debt facilities could result in an event of default which may accelerate our outstanding indebtedness or other obligations and have a material adverse impact on our business, liquidity position and financial position.
Legal, regulatory, and compliance risks
We are subject to laws and regulations that affect the products, services and markets in which we operate. Failure by us to comply with these laws or regulations would have an adverse effect on our business, financial condition, or results of operations.
We are subject to additional risks with respect to our current and potential international operations.
We could be subject to claims and lawsuits, which could require significant additional management time and attention, result in significant additional legal expenses or result in government enforcement actions.
Failure to maintain effective systems of internal control over financial reporting and disclosure controls and procedures could cause a loss of confidence in our financial reporting and adversely affect the trading price of our common stock.
Risks related to our common stock
Director and officer liability is limited and shareholders may have limited rights to recover against directors for breach of fiduciary duty.
An active trading market for our common stock may not be maintained.
If securities and/or industry analysts fail to continue publishing research about our business, if they change their recommendations adversely, or if our results of operations do not meet their expectations, our stock price and trading volume could decline.
Exclusion from the Russell 2000® Index could result in a decline in the price of our stock.
Upon certain fundamental transactions involving the Company, such as a merger or sale of substantially all of our assets, we may be required to distribute the liquidation preference then due to the holders of our Series A Preferred Stock which would reduce the amount of the distributions otherwise to be made to the holders of our common stock in connection with such transactions.
Legal proceedings
We are a party to litigation and other proceedings that arise in the ordinary course of our business. We establish accruals for those matters in circumstances when a loss contingency is considered probable and the related amount is reasonably estimable. Any such accruals may be adjusted as circumstances change. Assessments of losses are inherently subjective and involve unpredictable factors. It is possible that future results of operations for any particular quarterly or annual period could be materially and adversely affected by any developments relating to the legal proceedings, claims and investigations.
Except as set forth in Note 18 - Commitments and contingencies to the consolidated financial statements in Part II, Item 8 of this Annual Report, we are not aware of any material pending legal or governmental proceedings as of the filing date of this Annual Report to which we are party, other than routine litigation incidental to our business.
