Wednesday, August 14, 2024
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q2 beats expectations. The Company reported Q2 revenue of $163.1 million, beating our estimate of $147.6 million by 10.5%, and adj. EBITDA of $12.7 million, 37.1% above our estimate of $9.2 million. While revenue and adj. EBITDA were down 17.4% and 36.1% from the prior year period, respectively, we view 2024 as a transitional year and the Q2 results favorably.
Kiosk deployment ahead of schedule. Importantly, the company had 8,068 kiosks deployed at the end of Q2, surpassing its goal of having 8,000 kiosks deployed by year end. With more than 10,000 total owned kiosks (deployed and warehoused) and a strong pipeline of potential new partners, we are estimating the number of kiosk deployed at year end to be 9,000.
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