TransAct Technologies Inc 2025年季度报告

orTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 TRANSACT TECHNOLOGIES INC(Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the position, results of operations, or cash flows. Other new accounting pronouncements issued, but not effective until after March 31, 2025, did not and are not expected to have amaterial impact on our financial position, results of operations or liquidity. 3. Revenue We account for revenue in accordance with Accounting Standards Codification (“ASC”)Topic 606: Revenue from Contracts withDisaggregation of revenue Three Months Ended 20252024(In thousands)UnitedStatesInternationalTotalUnited StatesInternationalTotalFood service technology$4,622$286$4,908$3,023$277$POS automation618–618651–Casino and gaming4,8221,8976,7193,2382,458 Contract assets consist of unbilled receivables.Pursuant to the over-time revenue recognition model, revenue may be recognized prior to the customer being invoiced.An unbilled receivable is recorded to reflect revenue that is recognized when such revenue exceedsthe amount invoiced to the customer. Unbilled receivables are separated into current and non-current assets and included within“Accounts receivable, net” and “Other assets” in the Condensed Consolidated Balance Sheets.Contract liabilities consist of customer pre-payments and deferred revenue.Customer prepayments are reported as “Accrued December 31, 2024.Total net contract liabilities consisted of the following:March 31,2025December31, 2024(In thousands) Unbilled receivables, current Deferred revenue, currentDeferred revenue, net of current portion (335)Total net contract liabilities$(1,516)$ monthsfollowing March 31, 2025, $0.2million within the next24 monthsfollowing March 31, 2025 and thebalanceof theseremaining performance obligations recognized within the next36 monthsfollowing March 31, 2025.4. Inventories used by the CODM in making decisions about how to allocate resources and assess performance. We are currently dependent upon one manufacturer located in Thailand for the manufacturing and assembly of substantially all of ourprinters and terminals. The majority of raw components used in the manufacturing and assembly of our printers and terminals aresourced locally in Thailand, and to a lessor extent, from other countries in the region, including China.The following table provides the operating financial results of our segment: 2025(In thousands)$13,053$ Cost of materials sold Compensation costsProfessional services 971Occupancy costs364Marketing expenses244 engineering costs.A reconciliation of net income (loss) to EBITDA and adjusted EBITDA follows: 20252024(In thousands)Net income (loss)$19$Interest income, net(22)Income tax expense (benefit)51 Operating cash outflows from leases The following summarizes additional information related to our leases as of March 31, 2025 and December 31, 2024: March 31,2025December31, 2024 Less imputed interestTotal lease liabilities 9. Income taxesWe recorded income tax expense in the first quarter of 2025 of $51thousand at an effective tax rate of72.9% compared to an incometax benefit in the first quarter of 2024 of $277thousand at an effective tax rate of (21.1%). The effective rate for the first quarter of2025 was unusually high due to (1) a near-breakeven level of pre-tax earnings of $70thousand and (2) tax expense only included taxes net deferred income tax assets in multiple global tax jurisdictions.Valuation allowances are recorded to reduce deferred tax assetswhen it is more likely than not (greater than 50%) that a tax benefit will not be realized.In evaluating the need for a valuationallowance, management considers all potential sources of taxable income, including income available in carryback periods, futurereversals of taxable temporary differences, projections of taxable income, income from tax planning strategies, as well as all available positive and negative evidence.Positive evidence includes factors such as a history of profitable operations and projections of futureprofitability within the carryforward period, including any potential tax planning strategies.Negative evidence includes items such ascumulative losses and projections of future losses.Upon changes in facts and circumstances, management may conclude that deferredtax assets for which no valuation allowance is currently recorded may not be realized, resulting in a charge to establish a valuation In the fourth quarter of 2024, TransAct recognized a $7.3million discrete income tax charge for a valuation allowance on the fullvalue of the net deferred tax assets in the United States.These deferred tax assets have an unlimited life (for net operating losses, c