USA Technologies Inc. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of $3.1 million, compared with a loss of $268,130 in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to negative 15.2% from negative 1.7% in the year-earlier period.
Total revenue increased 32.6% on an annual basis to $20.4 million from $15.4 million, and total operating expenses increased 39.4% on an annual basis to $20.4 million from $14.6 million.
Reported net income totaled a loss of $5.8 million, or a loss of 16 cents per share, compared to a loss of $1.1 million, or a loss of 3 cents per share, in the prior-year period.