Exhibit 99.1

USA Technologies Reports Third Quarter Fiscal Year 2020 Results


MALVERN, Pa -- June 24, 2020
-- USA Technologies, Inc. (OTC:USAT) (“USAT” or the “Company”), a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market, today reported results for the third quarter fiscal year 2020 ended March 31, 2020.

“Capitalizing on its deep user base and industry leading technology, USA Technologies has begun to reestablish a foundation for growth in the midst of a challenging economic environment,” said Sean Feeney, Chief Executive Officer, USA Technologies. “As we all begin to recover from the COVID-19 shutdown, our priority continues to be the safety and well-being of all of our employees, as well as our customers, partners and shareholders. While the world gets back to business as usual USA Technologies has a new board and new management, and as part of this renaissance, we are focusing on the stability, growth and competitive positioning of our Company.”

As part of the new management initiatives, the Company has been re-organized into three different groups: Finance and Administration, Revenue and Customer Success; and Product, Technology, and Operations. Finance and Administration is led by Michael Wasserfuhr. Anant Agrawal, has been named Chief Revenue Officer, and as such will lead the Revenue and Customer Success organization. Jeff Vogt has been promoted to Chief Operating Officer and will lead Product, Technology and Operations.

Third quarter Fiscal 2020 Financial Highlights:

Revenue of $43.1 million, increased 14.3% year-over-year
o
License and transaction fee revenue of $35.0 million, increased 10.9% year-over-year
o
Equipment revenue of $8.1 million, increased 31.5% year-over-year
Net new connections of 34,000 bring total connections to 1,289,000
Gross margin of 25.5% compared with 26.4% in the prior year period
o
License and transaction gross margin of 36.4% increased from 35.6% in the prior year period
o
Equipment gross margin of (21.1)% compared with (20.3)% in the prior year period
Operating loss of $(10.2) million compared to operating loss of $(3.7) million in the prior year period
Net loss of $(9.6) million, or $(0.15) per basic share compared to net loss of $(4.6) million, or $(0.08) per basic share in the prior year period
Non-GAAP net loss of $(7.0) million, or $(0.11) per share compared to non-GAAP net loss of $(1.5) million, or $(0.02) per share in the prior year period
EBITDA of $(7.4) million compared to $(1.8) million in the prior year period
Adjusted EBITDA of $(5.9) million compared to $0.2 million in the prior year period
Ended the quarter with $25.9 million in cash and cash equivalents

Fiscal Year 2020 Outlook:
As previously disclosed on May 7, 2020 on Form 8-K, given the uncertainty surrounding the magnitude and duration of COVID-19 on our business, management has withdrawn its guidance and will not be issuing further guidance until the full impact of COVID-19 is better understood.

Webcast and Conference Call
USA Technologies will host a conference call and webcast at 4:30 p.m. Eastern Time today. To participate in the conference call, please dial (866) 393-1608 approximately 10 minutes prior to the call. International callers should dial (224) 357-2194. Please reference conference ID # 2281328.  A live webcast of the conference call will be available at https://usatechnologiesinc.gcs-web.com/events-and-presentations. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software.

A telephone replay of the conference call will be available from 7:30 p.m. Eastern Time on June 24, 2020 until 7:30 p.m. Eastern Time on June 26, 2020 and may be accessed by calling +1 (855) 859-2056 (domestic dial-in) or +1 (404) 537-3406 (international dial-in) and reference conference ID # 2281328.

An archived replay of the conference call will also be available in the investor relations section of the company's website.

The following information was filed by Usa Technologies Inc (USAT) on Wednesday, June 24, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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