Friday, May 16, 2025
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong Q1 results. The company reported 18.5% revenue growth in Q1 to $164.2 million, better than our estimate of $151.0 million. Adj. EBITDA was $20.3 million, significantly better than our estimate of $12.8 million, on the back of strong 20% gross margins (our estimate was 17%).
Ramping in Internationally. Management highlighted that the company deployed roughly 150 kiosks in Australia to date, with approximately 150 additional kiosks ready for deployment. Moreover, the company is evaluating at least 2 additional countries for potential expansion later in 2025.
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