TransAct Technologies Incorporated (NASDAQ:TACT) Q2 2024 Earnings Conference Call August 8, 2024 4:30 PM ET

Company Participants

Ryan Gardella - Investor Relations
John Dillon - Chief Executive Officer
Steve DeMartino - President and Chief Financial Officer

Conference Call Participants

George Sutton - Craig-Hallum
Rick Fearon - Accretive Capital Partners

Operator

Greetings and welcome to the TransAct Technologies Second Quarter of 2024 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] This conference is being recorded.

It is now my pleasure to introduce your host, Ryan Gardella, Investor Relations. Thank you, sir. You may begin.

Ryan Gardella

Thank you. Good afternoon. Welcome to TransAct Technologies’ second quarter 2024 earnings call. Today, we will be discussing the results announced in our press release issued before market open.

Joining us from the company is CEO, John Dillon; President and CFO, Steve DeMartino. Today’s call will include a discussion of the company’s key operating strategies, the progress on those initiatives and details on our second quarter financial results. We will then open the call to participants for questions.

As a reminder, this conference call contains statements about future events and expectations, which are forward-looking in nature. Statements on this call maybe deemed as forward-looking and actual results may differ materially. For a full list of risks inherent to the business and the company, please refer to the company’s SEC filings, including its reports on Forms 10-K and 10-Q. TransAct undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances that occur after the call.

Today’s call and webcast may include non-GAAP financial measures within the meaning of SEC Regulation G. When required, reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP can be found in today’s press release as well as on the company website.

And with that, I’d like to turn the call over to John.

John Dillon

Thank you, Ryan. Good afternoon, everyone, and thank you for joining us today.

I'm pleased to announce positive results for the quarter. Total sales of $11.6 million, FST, food service technology, recurring revenue up sequentially, little over 15%, despite the loss of a large customer early in the quarter and continued signs of stabilization in our casino and gaming market.

So let's go through some of the highlights for FST, again, that food service technology. It had a strong quarter and it's showing early signs of building momentum. We generated total FST revenue of $4.2 million, up 7% year-over-year and 27% sequentially, that would be last quarter to this quarter.