Revenue growth has slowed to 4.3% in 2026Q3 while gross margins have contracted significantly from a 41.7% peak in 2025Q2 to 33.2%.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 320.82M | 302.55M | 268.6M | 243.64M | 205.2M | 166.94M | 163.15M | 143.8M | 132.51M | 104.09M | 77.41M | 58.08M | 42.34M | 35.94M | 29.02M | 22.87M | 15.77M | 12.02M | 16.1M | 9.16M | 6.41M | 4.68M | 5.63M | 2.85M | 1.68M | 1.45M | 2.05M | 3.89M | 1.83M | 607.77K | 84.85K |
| Revenue Growth % | 9.63% | 12.64% | 10.24% | 18.73% | 22.92% | 2.32% | 13.46% | 8.52% | 27.3% | 34.47% | 33.28% | 37.15% | 17.82% | 23.86% | 26.89% | 45% | 31.21% | -25.36% | 75.84% | 42.76% | 37.13% | -16.95% | 97.43% | 69.55% | 15.97% | -29.37% | -47.2% | 113.15% | 200.31% | 616.32% | - |
| Cost of Goods Sold | 202.28M | 178.72M | 165.94M | 162.41M | 141.01M | 112.91M | 116.88M | 105.68M | 96.83M | 77.45M | 55.42M | 41.25M | 27.27M | 21.84M | 19.06M | 15.12M | 10.91M | 9.17M | 12.68M | 7.81M | 4.4M | 3.48M | 4.33M | 2.97M | 918.95K | 816.24K | 1.26M | 2.96M | 1.26M | 525.09K | 0 |
| COGS % of Revenue | - | 59.07% | 61.78% | 66.66% | 68.72% | 67.64% | 71.64% | 73.49% | 73.08% | 74.4% | 71.6% | 71.03% | 64.4% | 60.78% | 65.67% | 66.12% | 69.18% | 76.29% | 78.77% | 85.3% | 68.66% | 74.36% | 76.87% | 104.15% | 54.61% | 56.25% | 61.27% | 76.16% | 69.13% | 86.4% | - |
| Gross Profit | 118.54M | 123.82M | 102.65M | 81.24M | 64.19M | 54.03M | 46.27M | 38.12M | 35.68M | 26.65M | 21.98M | 16.82M | 15.07M | 14.1M | 9.96M | 7.75M | 4.86M | 2.85M | 3.42M | 1.35M | 2.01M | 1.2M | 1.3M | -118.38K | 763.75K | 634.76K | 795.55K | 927.59K | 563.5K | 82.68K | 84.85K |
| Gross Margin % | 36.95% | 40.93% | 38.22% | 33.34% | 31.28% | 32.36% | 28.36% | 26.51% | 26.92% | 25.6% | 28.4% | 28.97% | 35.6% | 39.22% | 34.33% | 33.88% | 30.82% | 23.71% | 21.23% | 14.7% | 31.34% | 25.64% | 23.13% | -4.15% | 45.39% | 43.75% | 38.73% | 23.84% | 30.87% | 13.6% | 100% |
| Gross Profit Growth % | - | 20.63% | 26.36% | 26.55% | 18.82% | 16.75% | 21.39% | 6.85% | 33.89% | 21.2% | 30.69% | 11.61% | 6.93% | 41.52% | 28.55% | 59.44% | 70.56% | -16.65% | 153.96% | -33.03% | 67.62% | -7.97% | 1200.84% | -115.5% | 20.32% | -20.21% | -14.24% | 64.61% | 581.53% | -2.55% | - |
| Operating Expenses | 101.88M | 101.49M | 88.48M | 80.48M | 66.85M | 62.73M | 85.86M | 66.94M | 37.85M | 25.61M | 23.02M | 16.61M | 14.64M | 13.38M | 16.96M | 12.85M | 16.46M | 16.77M | 20.57M | 16.45M | 13.79M | 13.59M | 18.77M | 14.94M | 16.08M | 8.8M | 7.62M | 4.33M | 4.24M | 3.22M | 2.53M |
| OpEx % of Revenue | - | 33.55% | 32.94% | 33.03% | 32.58% | 37.58% | 52.63% | 46.55% | 28.57% | 24.6% | 29.74% | 28.6% | 34.56% | 37.24% | 58.45% | 56.21% | 104.34% | 139.49% | 127.72% | 179.68% | 215% | 290.5% | 333.23% | 523.69% | 955.64% | 606.78% | 370.71% | 111.37% | 232.3% | 529.45% | 2982.77% |
| Selling, General & Admin | 67.92M | 67.15M | 61.7M | 49.35M | 39.43M | 42.69M | 46.65M | 62.51M | 34.65M | 23.68M | 22.37M | 16M | 14.04M | 12.07M | 15.46M | 11.43M | 14.89M | 15.18M | 18.64M | 14.71M | 12.09M | 11.99M | 17.14M | 12.17M | 12.64M | 8.59M | 7.5M | 4.24M | 2.21M | 2.04M | 1.51M |
| SG&A % of Revenue | - | 22.19% | 22.97% | 20.26% | 19.21% | 25.57% | 28.6% | 43.47% | 26.15% | 22.75% | 28.9% | 27.55% | 33.15% | 33.58% | 53.28% | 49.98% | 94.39% | 126.32% | 115.77% | 160.58% | 188.51% | 256.29% | 304.25% | 426.48% | 751.43% | 592.33% | 365.32% | 109.01% | 121.3% | 335.68% | 1781.18% |
| Research & Development | 18.49M | 17.45M | 16.53M | 20.73M | 21.88M | 15.94M | 15.09M | 4.6M | 1.3M | 445K | 1.4M | 1.5M | 1M | 901K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 5.77% | 6.16% | 8.51% | 10.66% | 9.55% | 9.25% | 3.2% | 0.98% | 0.43% | 1.81% | 2.58% | 2.36% | 2.51% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.7M | 16.89M | 10.24M | 10.4M | 5.55M | 4.11M | 24.12M | 0 | 3.2M | -1.63M | 647K | 52.18K | 600.49K | 1.31M | 1.5M | 1.42M | 1.57M | 1.58M | 1.92M | 1.75M | 1.7M | 1.6M | 1.63M | 2.77M | 3.44M | 209.65K | 110.55K | 91.77K | 2.03M | 1.18M | 1.02M |
| Operating Income | 16.66M | 22.33M | 14.17M | 760K | -2.66M | -8.71M | -39.59M | -28.82M | -9.22M | 135K | -1.47M | 209.7K | 436.33K | 713.92K | -7M | -5.69M | -11.6M | -13.92M | -17.15M | -15.11M | -11.78M | -12.39M | -17.47M | -15.06M | -15.32M | -8.17M | -6.82M | -3.41M | -3.68M | -3.14M | -2.45M |
| Operating Margin % | 5.19% | 7.38% | 5.28% | 0.31% | -1.29% | -5.21% | -24.27% | -20.04% | -6.96% | 0.13% | -1.9% | 0.36% | 1.03% | 1.99% | -24.12% | -24.87% | -73.52% | -115.79% | -106.48% | -164.98% | -183.67% | -264.86% | -310.1% | -527.84% | -910.25% | -563.04% | -331.98% | -87.52% | -201.42% | -515.85% | -2882.77% |
| Operating Income Growth % | - | 57.6% | 1764.34% | 128.6% | 69.48% | 78.01% | -37.39% | -212.46% | -6931.85% | 109.2% | -799.58% | -51.94% | -38.88% | 110.2% | -23.07% | 50.95% | 16.68% | 18.84% | -13.5% | -28.24% | 4.91% | 29.07% | -15.99% | 1.68% | -87.48% | -19.79% | -100.29% | 7.38% | -17.26% | -28.18% | - |
| EBITDA | 34.97M | 40.13M | 26.37M | 9.57M | 2.67M | -3.19M | -32.58M | -21.31M | -1.42M | 5.75M | 3.75M | 5.94M | 5.92M | 5.29M | -3.56M | -3.1M | -9.78M | -12.24M | -15.22M | -13.36M | -10.08M | -10.79M | -14.79M | -12.32M | -10.37M | -7.96M | -6.71M | -3.31M | -3.56M | -3.04M | -2.37M |
| EBITDA Margin % | 10.9% | 13.26% | 9.82% | 3.93% | 1.3% | -1.91% | -19.97% | -14.82% | -1.07% | 5.53% | 4.85% | 10.23% | 13.99% | 14.73% | -12.27% | -13.55% | -62% | -101.87% | -94.54% | -145.9% | -157.17% | -230.66% | -262.58% | -431.7% | -616.12% | -548.59% | -326.6% | -85.16% | -195.05% | -499.85% | -2797.9% |
| EBITDA Growth % | -6.94% | 52.16% | 175.67% | 258.58% | 183.56% | 90.2% | -52.83% | -1397.82% | -124.73% | 53.21% | -36.8% | 0.32% | 11.88% | 248.72% | -14.83% | 68.3% | 20.15% | 19.57% | -13.94% | -32.52% | 6.56% | 27.05% | -20.09% | -18.8% | -30.24% | -18.64% | -102.5% | 6.93% | -17.19% | -27.97% | - |
| D&A (Non-Cash Add-back) | 18.31M | 17.8M | 12.2M | 8.81M | 5.33M | 5.51M | 7.02M | 7.5M | 7.8M | 5.62M | 5.22M | 5.73M | 5.49M | 4.58M | 3.44M | 2.59M | 1.82M | 1.67M | 1.92M | 1.75M | 1.7M | 1.6M | 2.68M | 2.74M | 4.95M | 209.65K | 110.55K | 91.77K | 116.25K | 97.25K | 72.02K |
| EBIT | 14.81M | 24.95M | 15.91M | 3.14M | -993K | -4.32M | -38M | -26.63M | -8.28M | -873K | -6.82M | -498K | 532.1K | 1.04M | -5.11M | -6.42M | -11.51M | -13.63M | -17.15M | -15.11M | -11.78M | -12.39M | -17.47M | -15.06M | -15.32M | -8.17M | -6.82M | -3.41M | -3.68M | -3.14M | -2.45M |
| Net Interest Income | -1.3M | -1.21M | -965K | 189K | 1.36M | -2.85M | -1M | -1.44M | -2.16M | -1.75M | -280K | -219K | -227K | -100.08K | -11.93K | 46.28K | 24.2K | 185.94K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.35M | 1.56M | 1.97M | 2.52M | 1.88M | 1.16M | 1.59M | 1.55M | 943K | 482K | 320K | 82.69K | 30.34K | 57.12K | 72.06K | 82.23K | 85.14K | 282.93K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.65M | 2.77M | 2.93M | 2.33M | 524K | 4.01M | 2.6M | 2.99M | 3.1M | 2.23M | 600K | 301.77K | 256.84K | 157.21K | 83.99K | 35.95K | 60.94K | 96.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -9.41M | -149K | -1.19M | 54K | 1.14M | 370K | -1M | -2.77M | -2.16M | 2.37M | -5.95M | -560.34K | -161.08K | 167.84K | 1.8M | -768.85K | 24.2K | 185.94K | 729.96K | -2.67M | -3.07M | -3.11M | -3.96M | -3.47M | -26.39K | -40.1K | -65.42K | -119.35K | 98.36K | 0 | 0 |
| Pretax Income | 7.25M | 22.18M | 12.98M | 814K | -1.52M | -8.34M | -40.59M | -31.77M | -11.38M | -1.76M | -7.42M | -350.34K | 275.25K | 881.77K | -5.2M | -6.46M | -11.57M | -13.73M | -16.42M | -17.78M | -14.85M | -12.43M | -16.43M | -18.53M | -15.34M | -8.21M | -6.89M | -3.52M | -3.58M | 0 | 0 |
| Pretax Margin % | 2.26% | 7.33% | 4.83% | 0.33% | -0.74% | -4.99% | -24.88% | -22.09% | -8.59% | -1.7% | -9.59% | -0.6% | 0.65% | 2.45% | -17.92% | -28.24% | -73.37% | -114.24% | -101.95% | -194.17% | -231.45% | -265.77% | -291.77% | -649.38% | -911.82% | -565.8% | -335.16% | -90.59% | -196.03% | - | - |
| Income Tax | 3.57M | -42.35M | 985K | 181K | 186K | 370K | 1K | 262K | -101K | 87K | -615K | 469.14K | -27.26M | 27.65K | 12.6K | 35.95K | 0 | 0 | 0 | 0 | 0 | 3.11M | 3.96M | 6.91M | 2M | 2.79M | 1.58M | 246.51K | -108.14K | -14.48K | 5.75K |
| Effective Tax Rate % | 49.21% | -190.94% | 7.59% | 22.24% | -12.26% | -4.44% | -0% | -0.82% | 0.89% | -4.93% | 8.29% | -133.91% | -9901.91% | 3.14% | -0.24% | -0.56% | 0% | 0% | 0% | 0% | 0% | -25.01% | -24.09% | -37.27% | -13.02% | -33.94% | -23.01% | -6.99% | 3.02% | - | - |
| Net Income | 3.68M | 64.53M | 11.99M | 633K | -1.7M | -8.71M | -40.59M | -32.03M | -11.28M | -1.85M | -6.81M | -819.48K | 27.53M | 854.12K | -5.21M | -6.46M | -11.57M | -13.73M | -16.42M | -17.78M | -14.85M | -15.5M | -21.43M | -21.97M | -17.31M | -10.96M | -8.4M | -3.65M | -3.57M | -3.12M | -2.45M |
| Net Margin % | 1.15% | 21.33% | 4.47% | 0.26% | -0.83% | -5.21% | -24.88% | -22.27% | -8.52% | -1.78% | -8.79% | -1.41% | 65.02% | 2.38% | -17.96% | -28.24% | -73.37% | -114.24% | -101.95% | -194.17% | -231.45% | -331.32% | -380.38% | -769.89% | -1028.99% | -755.08% | -409.11% | -93.86% | -195.5% | -513.47% | -2889.55% |
| Net Income Growth % | -93.85% | 438.09% | 1794.63% | 137.17% | 80.44% | 78.56% | -26.75% | -183.84% | -509.29% | 72.79% | -730.52% | -102.98% | 3123.27% | 116.39% | 19.29% | 44.2% | 15.73% | 16.36% | 7.67% | -19.77% | 4.21% | 27.66% | 2.46% | -26.86% | -58.04% | -30.36% | -130.16% | -2.34% | -14.34% | -27.29% | - |
| Net Income (Continuing) | 3.68M | 64.53M | 11.99M | 633K | -1.7M | -8.71M | -40.59M | -29.88M | -11.28M | -1.85M | -6.81M | -1.09M | 27.53M | 854.12K | -5.21M | -6.46M | -11.57M | -13.73M | -16.42M | -17.78M | -14.85M | -15.5M | -21.43M | -21.97M | -17.31M | -9.27M | -8.4M | -3.65M | -3.57M | -3.12M | -2.45M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.05 | 0.86 | 0.15 | 0.00 | -0.03 | -0.14 | -0.64 | -0.53 | -0.22 | -0.05 | -0.19 | -0.02 | 0.77 | 0.01 | -0.16 | -0.23 | -0.52 | -0.90 | -1.16 | -2.04 | -2.99 | -3.98 | -7.43 | -19.65 | -48.10 | -65.48 | -82.92 | -83.97 | -89.21 | -148.72 | -164.46 |
| EPS Growth % | -94.11% | 473.33% | - | 100.33% | 78.57% | 78.13% | -20.75% | -140.91% | -373.12% | 75.53% | -729.69% | -102.97% | 7600% | 106.25% | 30.43% | 55.77% | 42.22% | 22.41% | 43.14% | 31.77% | 24.87% | 46.43% | 62.19% | 59.15% | 26.54% | 21.03% | 1.25% | 5.87% | 40.01% | 9.57% | - |
| EPS (Basic) | - | 0.87 | 0.16 | 0.00 | -0.03 | -0.14 | -0.64 | -0.53 | -0.22 | -0.05 | -0.19 | -0.02 | 0.77 | 0.01 | -0.16 | -0.23 | -0.52 | -0.90 | -1.16 | -2.04 | -2.99 | -3.98 | -7.43 | -19.65 | -48.10 | -65.48 | -82.92 | -83.97 | -89.21 | -148.72 | -164.46 |
| Diluted Shares Outstanding | 73.9M | 74.68M | 74.17M | 72.51M | 79.03M | 66.95M | 62.98M | 60.06M | 51.84M | 39.86M | 36.31M | 35.72M | 35.01M | 33.61M | 32.42M | 27.67M | 22.37M | 15.26M | 14.16M | 8.7M | 4.97M | 3.89M | 2.88M | 1.12M | 359.94K | 167.32K | 101.36K | 43.49K | 40K | 20.98K | 14.91K |
| Basic Shares Outstanding | 73.9M | 73.16M | 72.82M | 71.98M | 79.03M | 66.95M | 62.98M | 60.06M | 51.84M | 39.86M | 35.59M | 35.14M | 34.67M | 32.79M | 32.42M | 27.67M | 22.37M | 15.26M | 14.16M | 8.7M | 4.97M | 3.89M | 2.88M | 1.12M | 359.94K | 167.32K | 101.36K | 43.49K | 40K | 20.98K | 14.91K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Hardware-less payment competition
According to recent quarterly filings, Cantaloupe's revenue growth has decelerated significantly, falling from double-digit year-over-year increases in early 2025 to a modest 4.3% expansion by 2026Q3, suggesting that the company's core market penetration may be reaching a point of saturation within its primary domestic vending segments.
The transition from 14.1% growth in 2026Q1 to low single digits indicates that the company's ability to capture new active connections is slowing. Investors should monitor whether this deceleration reflects a broader industry slowdown or a specific loss of competitive positioning against emerging mobile-centric payment alternatives.
As reported in financial statements, Cantaloupe's gross margin experienced a notable contraction to 33.2% in 2026Q3, down from a peak of 41.7% in 2025Q2, which highlights the company's vulnerability to shifts in product mix and potential increases in hardware-related costs relative to high-margin software services.
The inability to maintain gross margins above the 40% threshold suggests that the company may be forced to subsidize hardware to maintain its installed base. This margin compression warrants further investigation into whether the company possesses sufficient pricing power to pass through rising component costs to its operator base.
Based on the company's reported figures, operating income has failed to scale consistently with revenue, with operating margins compressing to 5.6% in 2026Q3, indicating that the firm's fixed cost structure remains heavy relative to its current ability to generate incremental profit from its existing network.
Despite efforts to pivot toward a SaaS-heavy model, the persistence of significant SG&A and R&D expenses suggests that the company is not yet achieving the operating leverage typical of a mature software platform. This lack of scalability may imply that the business requires continuous, high-level investment just to maintain its current operational footprint.
Analysis of recent income statements reveals that Cantaloupe's net income has turned negative in recent periods, with a net loss of $2.2M in 2026Q3, a sharp reversal from the $49.2M profit reported in 2025Q3, which appears to be heavily influenced by non-operating items and accounting fluctuations.
The extreme variance in net income suggests that investors should focus on operating cash flow rather than headline EPS, which is currently distorted by non-recurring items. The consistent presence of stock-based compensation further complicates the assessment of true economic profitability for shareholders.
Data from recent filings suggests that the company's reliance on physical ePort hardware creates a significant risk, as the 2026Q3 gross margin decline may indicate that the market is shifting toward mobile-centric payment solutions that bypass the need for Cantaloupe's proprietary telemeter infrastructure entirely.
Short-term investors should consider that the company's 'sticky' ecosystem may be less defensible than previously assumed if operators find cheaper, software-only alternatives. The current trend of margin compression may be an early indicator that the company's hardware-centric moat is being eroded by technological obsolescence.
Quick answers to the most common questions about buying CTLP stock.
For fiscal year 2025, Cantaloupe, Inc. (CTLP) reported total revenue of $302.5M. This represents a 356480.7% increase compared to $0.1M in 1996.
Cantaloupe, Inc. (CTLP) is profitable, generating $64.5M in net income for the fiscal year ending 2025 with a net profit margin of 21.3%.
Cantaloupe, Inc. (CTLP) reported an operating income of $22.3M, resulting in an operating profit margin of 7.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Cantaloupe, Inc. (CTLP) generated $123.8M in gross profit for the year, representing a gross profit margin of 40.9%. This demonstrates the company's core pricing power and production efficiency.