Exhibit 99.1

USA Technologies Reports Fourth Quarter and Fiscal Year 2020 Results


MALVERN, Pa -- September 10, 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 fourth quarter and fiscal year 2020 ended June 30, 2020.

“We have worked very hard this quarter to put all the pieces in place that are necessary to move the company forward towards delivering the right financial results and growing the core business,” said Sean Feeney, Chief Executive Officer, USA Technologies. “Despite the fact that COVID-19 is still having an impact, we have been able to control costs, and make organizational and operational changes needed to position USAT for long-term growth and profitability. With a completely new executive team now in place, a reorganized business structure, a realigned salesforce and redesigned customer service team, as well as a stronger capital structure, we have an unbelievable opportunity to build something great on this strong foundation during fiscal year 2021, and beyond.”

Fourth Quarter Financial Highlights:

Revenue of $32.6 million, decreased 15.2% year-over-year
o
License and transaction fee revenue of $27.8 million, decreased 15.6% year-over-year
o
Equipment revenue of $4.8 million, decreased 13.0% year-over-year
Net new connections of 35,000 bring total connections to 1,320,000
Gross margin of 34.0% compared with 25.3% in the prior year period
o
License and transaction gross margin of 42.3% increased from 33.8% in the prior year period
o
Equipment gross margin of (14.1)% compared with (25.6)% in the prior year period
Operating loss of $(10.4) million compared to operating loss of $(9.5) million in the prior year period
Net loss applicable to common shares of $(11.4) million, or $(0.18) per basic share compared to net loss of $(9.9) million, or $(0.16) per basic share in the prior year period
EBITDA* of $(8.6) million compared to $(7.9) million in the prior year period
Adjusted EBITDA* of $(0.1) million compared to $(4.6) million in the prior year period

Fiscal Year 2020 Financial Highlights:

Revenue of $163.2 million, increased 12.9% year-over-year
o
License and transaction fee revenue of $133.2 million, increased 8.3% year-over-year
o
Equipment revenue of $30.0 million, increased 39.1% year-over-year
Added approximately 3,600 new customers and ended the year with approximately 23,000 total customers
Gross margins of 28.4% increased from 27.8% in fiscal year 2019
o
License and transaction gross margin of 37.7% increased from 34.9% in fiscal year 2019
o
Equipment gross margin of (13.1)% decreased from (12.7)% in fiscal year 2019
Operating loss of $(39.6) million compared to $(28.2) million in fiscal year 2019
Net loss applicable to common shares of $(41.3) million, or $(0.66) per share compared to $(30.6) million, or $(0.51) per share in fiscal year 2019
EBITDA* of $(32.6) million compared to $(20.7) million in fiscal year 2019
Adjusted EBITDA* of $(8.3) million, compared to $(1.5) million in fiscal year 2019
Ended the year with $31.7 million in cash and cash equivalents

Subsequent Events:

On August 14, 2020, the Company repaid all amounts outstanding to Antara Capital Master Fund LP under a senior secured term loan facility and entered into a credit agreement with JPMorgan Chase Bank, N.A. (the “Credit Agreement”). The Credit Agreement provides for a $5 million secured revolving credit facility and a $15 million secured term facility, which includes an uncommitted expansion feature that allows the Company to increase the total revolving commitments and/or add new tranches of term loans in an aggregate amount not to exceed $5 million.

Fiscal Year 2021 Outlook:
For full fiscal year 2021, the Company expects revenue to be between $170 million to $180 million and Adjusted EBITDA to be between $2 million and $5 million.
* Note: EBITDA and Adjusted EBITDA are non-GAAP measures. See discussion of non-GAAP measures below.



The following information was filed by Usa Technologies Inc (USAT) on Thursday, September 10, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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