olivLaw · US equity research
TransAct Technologies Incorporated TACT
Computer Peripheral Equipment, NEC · SIC 3577 · Vertical: Computer Peripheral Equipment, NEC (SIC 3577)
TransAct Technologies designs and sells thermal printers, terminals and software solutions for food service technology, point-of-sale automation and casino and gaming. The company is in a transition: it acquired the source code of its BOHA! platform, and in August 2026 announced a strategic review of its casino and gaming business while recurring FST revenue grows.
At the close of 04 Nov 2026, TransAct Technologies Incorporated (TACT) stock was 5.27 USD (+0.00% on the day), with market capitalisation 54.4 m USD, dividend yield 0.00%, beta 0.49, 52-week range 3.21–5.84 USD. Latest reported quarter (Q2 2026): revenue of 13.9 m USD (+1.1% YoY), net income of -50.0 k USD, diluted EPS 0.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 55.8
- strong (55–70)
- Bollinger (20, 2)
- 4.11 – 5.87
- in the upper half of the band · %B 0.66 · band width 35.4%
- SMA 50 / 200
- 5.00 / 4.38
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.16 / 0.12
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +16.3% | −2.0% | +18.3 pp | — |
| 3 months | −6.6% | −2.2% | −4.4 pp | — |
| 6 months | +51.0% | +4.3% | +46.7 pp | — |
| Year to date | +31.7% | +10.6% | +21.2 pp | — |
| 1 year | +22.0% | +10.5% | +11.5 pp | −19.6% |
| 3 years | −11.9% | +73.7% | −85.5 pp | +4.5% |
| 5 years | −60.6% | +61.7% | −122.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.9 m | 10.2 m | 13.1 m | 13.8 m | 13.2 m | 11.5 m | 14.4 m | 13.9 m |
| Cost of revenue | 5.6 m | 5.7 m | 6.7 m | 7.1 m | 6.6 m | 6.0 m | 7.2 m | 6.9 m |
| Gross profit | 5.2 m | 4.5 m | 6.4 m | 6.7 m | 6.6 m | 5.4 m | 7.3 m | 7.0 m |
| Research & development | 1.6 m | 1.6 m | 1.6 m | 1.7 m | 1.7 m | 1.7 m | 1.4 m | 1.2 m |
| Operating income | -837.0 k | -1.1 m | -15.0 k | -258.0 k | 14.0 k | -1.2 m | 771.0 k | -54.0 k |
| Depreciation & amortisation | 208.0 k | 193.0 k | 173.0 k | 171.0 k | 163.0 k | 165.0 k | 158.0 k | 138.0 k |
| Pre-tax income | -699.0 k | -1.2 m | 70.0 k | -103.0 k | 40.0 k | -1.1 m | 789.0 k | -20.0 k |
| Income tax | -148.0 k | 6.8 m | 51.0 k | 40.0 k | 25.0 k | 40.0 k | 23.0 k | 30.0 k |
| Net income | -551.0 k | -8.0 m | 19.0 k | -143.0 k | 15.0 k | -1.1 m | 766.0 k | -50.0 k |
| Diluted EPS | -0.06 | -0.79 | 0.00 | -0.01 | 0.00 | -0.11 | 0.07 | 0.00 |
| Operating cash flow | 327.0 k ≈ | 2.4 m | -161.0 k | 3.6 m ≈ | 3.6 m ≈ | 609.0 k | -946.0 k | 2.2 m ≈ |
| Capex | 68.0 k ≈ | 11.0 k | 10.0 k | 19.0 k ≈ | 60.0 k ≈ | 20.0 k | 80.0 k | 57.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 54.6 m | 45.7 m | 30.6 m | 39.4 m | 58.1 m | 72.6 m | 43.4 m | 51.5 m |
| Revenue YoY | −3.1% | −16.2% | −33.1% | +28.7% | +47.6% | +24.9% | −40.3% | +18.7% |
| Net income | 5.4 m | 516.0 k | -5.6 m | -4.0 m | -5.9 m | 4.7 m | -9.9 m | -1.2 m |
| Net income YoY | +69.0% | −90.5% | −1,191.1% | unavailable | unavailable | unavailable | −307.7% | unavailable |
| Diluted EPS | 0.70 | 0.07 | -0.72 | -0.43 | -0.60 | 0.47 | -0.99 | -0.12 |
| Diluted EPS YoY | +66.7% | −90.0% | −1,128.6% | unavailable | unavailable | unavailable | −310.6% | unavailable |
| net % | 9.9% | 1.1% | -18.4% | -10.3% | -10.2% | 6.5% | -22.7% | -2.4% |
| Free cash flow | 4.1 m | 3.8 m | -4.3 m | -3.9 m | -13.5 m | 4.6 m | 1.5 m | 7.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 20.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 31.1 m USD
- Total assets
- 44.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.97x
- ROE
- -4.0%
- ROA
- -2.8%
- FCF margin
- 14.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 30.6 m | 39.4 m | 58.1 m | 72.6 m | 43.4 m | 51.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Cost of revenue | 17.7 m | 24.0 m | 33.7 m | 34.2 m | 21.9 m | 26.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Gross profit | 12.9 m | 15.4 m | 24.4 m | 38.4 m | 21.5 m | 25.0 m | SEC (XBRL)· 12 Mar 2026verified |
| Research & development | 5.7 m | 7.5 m | 8.6 m | 9.4 m | 7.0 m | 6.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Operating income | -8.2 m | -9.4 m | -7.7 m | 5.7 m | -3.6 m | -1.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Depreciation & amortisation | 1.3 m | 957.0 k | 1.3 m | 1.5 m | 1.0 m | 672.0 k | SEC (XBRL)· 12 Mar 2026verified |
| EBITDA | -6.8 m ≈ | -8.4 m ≈ | -6.3 m ≈ | 7.2 m ≈ | -2.6 m ≈ | -743.0 k ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Interest expense | 130.0 k | 157.0 k | 208.0 k | 310.0 k | 322.0 k | 339.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Pre-tax income | -8.2 m | -6.1 m | -7.9 m | 5.9 m | -3.6 m | -1.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Income tax | -2.5 m | -2.0 m | -2.0 m | 1.2 m | 6.3 m | 156.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Net income | -5.6 m | -4.0 m | -5.9 m | 4.7 m | -9.9 m | -1.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Diluted EPS | -0.72 | -0.43 | -0.60 | 0.47 | -0.99 | -0.12 | SEC (XBRL)· 12 Mar 2026verified |
| Weighted average diluted shares | 7.8 m | 9.3 m | 9.9 m | 10.0 m | 10.0 m | 10.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Dividend per share | 0.00 | — | — | — | — | — | SEC (XBRL)· 12 Mar 2021verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 10.4 m | 19.5 m | 7.9 m | 12.3 m | 14.4 m | 20.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Receivables | 3.4 m | 7.6 m | 13.9 m | 9.8 m | 6.5 m | 6.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Inventories | 11.3 m | 7.7 m | 12.0 m | 17.8 m | 16.2 m | 10.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Current assets | 28.2 m | 37.1 m | 36.1 m | 41.0 m | 38.4 m | 38.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Property, plant & equipment, net | 2.0 m | 2.7 m | 2.8 m | 2.4 m | 1.8 m | 1.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Goodwill | 2.6 m | 2.6 m | 2.6 m | 2.6 m | 2.6 m | 2.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Intangibles (excl. goodwill) | 583.0 k | 397.0 k | 242.0 k | 88.0 k | 0 | 1.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Total assets | 42.2 m | 50.9 m | 51.8 m | 54.2 m | 44.0 m | 44.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Accounts payable | 1.7 m | 4.3 m | 7.4 m | 4.4 m | 4.6 m | 3.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Current liabilities | 6.7 m | 9.8 m | 15.9 m | 13.6 m | 12.9 m | 13.0 m | SEC (XBRL)· 12 Mar 2026verified |
| Total liabilities | 12.0 m | 12.0 m | 18.0 m | 14.8 m | 13.4 m | 13.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Equity | 30.1 m † | 39.0 m † | 33.9 m † | 39.4 m † | 30.6 m † | 31.1 m † | SEC (XBRL)· 12 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -3.5 m | -2.5 m | -12.2 m | 5.5 m | 1.9 m | 7.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Capex | 744.0 k | 1.4 m | 1.3 m | 901.0 k | 322.0 k | 109.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Free cash flow | -4.3 m ≈ | -3.9 m ≈ | -13.5 m ≈ | 4.6 m ≈ | 1.5 m ≈ | 7.6 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Investing cash flow | -1.3 m | 222.0 k | -1.3 m | -901.0 k | -322.0 k | -1.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Financing cash flow | 11.0 m | 11.5 m | 2.1 m | -87.0 k | 634.0 k | -119.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Dividends paid | 0 | — | — | — | — | — | SEC (XBRL)· 12 Mar 2021verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 54.4 m USD
Key indicators
Coverage and freshness
Score by group
72% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 49.6% | 24 (on a fixed band) | 15% |
| EBIT margin · Quality | -0.8% | 50 (vs peers) | 12% |
| FCF margin · Quality | 9.9% | 39 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | -4.0% | 0 (on a fixed band) | 24% |
| Revenue growth (YoY) · Growth | 18.7% | 82 (vs peers) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 9% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.6% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth27/100 · 2/2 factors with a value
- Quality37/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partial100/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TRANSACT TECHNOLOGIES INC (TACT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 51.5 m USD in 2025; YoY growth 18.7%; net margin -0.8%; ROE -1.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue growth (YoY): 18.7%
- Current ratio: 2.7x
- FCF yield: 9.6%
What contradicts it
- Gross margin: 49.6%
- Revenue CAGR 3Y: -4.0%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, Shareholder yield (distributions).
Versus the vertical median
Computer Peripheral Equipment, NEC (SIC 3577) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PANWPalo Alto Networks, Inc. | 286.5 bn | 875.5 | 1.7% | 2.7% | +24.5% | +84% / +137% |
| FTNTFortinet, Inc. | 94.1 bn | 41.6 | 153.1% | 29.0% | +14.2% | +58% / +144% |
| LOGILogitech International S.A. | 13.2 bn | 16.7 | 38.2% | 16.4% | +6.3% | −18% / +6% |
| CRSRCorsair Gaming, Inc. | 1.4 bn | 41.4 | 5.8% | 2.5% | +11.9% | +104% / +3% |
| EVLVEvolv Technologies Holdings, Inc. | 871.2 m | — | -4.9% | -3.0% | +40.5% | −25% / +20% |
| MITKMitek Systems, Inc. | 861.4 m | 40.7 | 9.2% | 11.4% | +4.4% | +115% / +69% |
| SSYSStratasys Ltd. | 587.3 m | — | -12.7% | -18.9% | −3.7% | −22% / −38% |
| IMMRImmersion Corporation | 237.8 m | 21.6 | 3.5% | 0.6% | +11.2% | +1% / +10% |
| RDCMRadcom Ltd. | 168.7 m | 14.3 | 11.4% | 16.8% | +17.2% | −22% / +29% |
| XRXXerox Holdings Corp | 155.0 m | — | -128.0% | -11.9% | +12.9% | −58% / −92% |
| MYNDMynd.ai, Inc. | 126.0 m | — | -995.5% | -32.2% | −37.2% | −56% / −97% |
| INVEInve Technologies, Inc. | 64.0 m | — | -10.9% | -62.9% | −19.3% | −22% / −62% |
| TACTTransact Technologies Inc | 54.4 m | — | -1.3% | -0.8% | +18.7% | +22% / −12% |
| LINKInterlink Electronics, Inc | 52.3 m | — | -10.5% | -7.9% | +1.8% | −8% / −39% |
| WETHWetouch Technology Inc. | 11.6 m | 1.2 | 6.0% | 17.6% | +6.8% | −57% / unavailable |
| AIMDAinos, Inc. | 5.4 m | — | -196.3% | -106,283.3% | +499.0% | −65% / −95% |
| YIBOPlanet Image International Limited | — | — | -14.4% | -5.3% | +3.6% | +5% / unavailable |
| VTIXVirtuix Holdings Inc. | — | — | — | -543.2% | +18.4% | unavailable / unavailable |
1- and 3-year price returns: for TACT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
TransAct Technologies designs and sells thermal printers, terminals and software solutions for food service technology, point-of-sale automation and casino and gaming. The company is in a transition: it acquired the source code of its BOHA! platform, and in August 2026 announced a strategic review of its casino and gaming business while recurring FST revenue grows.
SWOT
Strengths
- The company has a growing installed base of online units and a recognized position in specialized thermal printing, and its EPICENTRAL software faces relatively little competition 13.
- FST recurring revenue is growing and could bring more predictable income, and gross margin stayed high in the second quarter of 2026 3.
- The perpetual BOHA! source code license gives more control over the core product without ongoing royalties 1.
Weaknesses
- The company reported net losses in 2024 and 2025 and has high development costs, with no guarantee of future profitability 1.
- Production is concentrated with a single third-party manufacturer in Thailand, and many components lack supply agreements 1.
- Dependence on one major customer, Light & Wonder, and volatile casino and gaming demand make revenue fluctuate 13.
Opportunities
- If the number of online BOHA! units keeps growing, software and label sales into the installed base could accelerate recurring revenue 3.
- The strategic review of casino and gaming could lead to a transaction that unlocks value for shareholders, though no timetable has been set 3.
- Hosting the BOHA! code in its own environment could allow new features and integrations if the transition succeeds 1.
Threats
- Tariffs and instability in trade with Thailand could raise product costs and reduce customer demand 12.
- Competitors with greater financial resources and lower costs could push prices down 1.
- Interruptions in hosting services or errors during code migration could affect customers and the company's reputation 1.
Risks
- Dependence on Thailand for productionhigh
Almost all printers and terminals are made by a single supplier in Thailand without a formal supply agreement. Any interruption or tariff increase could affect deliveries and margins 1.
- Integration of the BOHA! source codehigh
The code transition could run over time or budget, and in-house development could introduce defects. The company remains reliant on the former developer for hosting and support during the transition 1.
- Customer concentration in gamingmedium
One major customer and volatile gaming demand could cause large swings in quarterly revenue. The strategic review does not guarantee any transaction 13.
- Net losses and ongoing investmentmedium
The company has reported net losses in recent years and plans further investment in development and sales. If revenue does not grow enough, profitability could remain weak 1.
- Tariff refunds and administrative complexitylow
Refunding tariff surcharges to customers creates administrative and legal uncertainty, and the company could face litigation or regulatory scrutiny 23.
Investment thesis
What would need to be true (bull case)
- FST recurring revenue has grown in double digits and the online BOHA! base is expanding, which could make the company less dependent on gaming cycles 3.
- The BOHA! source code acquisition could reduce long-term dependence on a third party and allow faster innovation if the transition succeeds 1.
- The strategic review of casino and gaming could unlock value if it results in a favorable transaction for shareholders 3.
What would break the thesis
- The company reported net losses in 2024 and 2025, and in the second quarter of 2026 posted a slightly negative operating result, which could limit future results 13.
- Production concentrated in Thailand and US tariffs could pressure margins, especially if customers do not accept price increases 12.
- Casino and gaming demand fell in the second quarter of 2026, and strong competition could limit growth in the FST segment 13.
What to watch
- Achievement of 2026 net sales guidance of 55 to 57 million dollars2026
- Outcome of the strategic review of the casino and gaming businessnext quarterly report
- Whether in-house hosting of the BOHA! code is completed on timemid-2026
- Development of US tariffs and production in Thailandnext quarterly report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
TransAct Technologies Incorporated, headquartered in Hamden, Connecticut, describes itself as a provider of SaaS software and integrated hardware for high-growth markets: food service technology (FST), POS automation and casino and gaming. Its main products are the BOHA! suite for back-of-house operations, Ithaca printers for POS and printers for gaming machines, combined with the EPICENTRAL platform. It sells through original equipment manufacturers, resellers and directly to end users, and most printers and terminals are made by a third-party manufacturer in Thailand. For 2026 management guides to net sales of between 55 and 57 million dollars 3.
The company reports one operating segment. Net sales in the second quarter of 2026 were 13.9 million dollars, and FST recurring revenue rose 13% 3. The latest figures show 21,790 active online BOHA! units at June 30, 2026, up 33% year over year 3. The net loss in 2025 was 1.2 million dollars, against 9.9 million in 2024, after net income of 4.7 million in 2023 1.
In August 2025 TransAct acquired a perpetual, royalty-free license to the BOHA! source code from Avery Dennison for 2.55 million dollars, plus about 1.0 million for transition services 1. The company plans to host the code in its own environment around mid-2026, and in August 2026 it launched a new BOHA! SaaS platform on Microsoft Azure 3. Its most significant customer, Light & Wonder, represented 9% of 2025 net sales 1.
Segments
Food service technology (FST) and BOHA!
The BOHA! line combines terminals and workstations with thermal printers and SaaS subscriptions to automate food production and food safety. Recurring revenue comes from software, labels, extended warranties and technical support. In the second quarter of 2026 FST recurring revenue was 3.4 million dollars and software revenue was 732 thousand dollars, up 47% 3.
Casino and gaming
The company sells printers used in slot machines, video lottery terminals and sports betting kiosks that print tickets instead of coins, along with the EPICENTRAL software for promotional coupons. In the second quarter of 2026 casino and gaming sales were 7.3 million dollars, down 4% year over year after a 1.0 million reduction tied to tariff surcharge refunds 3. The board has initiated a strategic review of this business with BofA Securities as adviser 3.
POS printing and Ithaca
The Ithaca 9000 printer is used mainly by a large quick-service restaurant chain and, to a lesser extent, by other restaurants and self-service kiosks, sold through distributors and resellers. This segment is smaller than FST and faces strong price competition from larger competitors with higher volumes 1.
Market context
Source 1 describes the market for transaction and specialty printers and FST terminals as extremely competitive, with companies that have greater financial and marketing resources than TransAct 1. In the second quarter of 2026 TransAct reported that its online BOHA! unit base grew 33%, suggesting sustained demand in the FST segment 3. The casino and gaming market has seen weaker periods: in the fourth quarter of 2025 some customers reported slower orders because of excess stock and delayed jurisdictional approvals 1.
The BOHA! platform and the Terminal 2 and Terminal 2 LTE launches are positioned as automation tools for restaurants, convenience stores and food operators, a sector where automation and food safety are becoming more important. The company ties its outlook to external factors such as US tariffs and trade instability with Thailand, so market development remains uncertain 12.
Trends
- Tariffs and manufacturing in Thailandheadwind
Most printers and terminals are assembled in Thailand, and US tariffs have already affected costs. The company partly offset them with price increases but cannot guarantee it will pass on all tariff costs to customers. A US Supreme Court decision changed the tariff framework, and reinstated tariffs could affect future results 12.
- Growth of FST recurring revenuetailwind
FST recurring revenue and the number of online BOHA! units have risen, and management says selling software and labels into the installed base is a priority. If this trend holds, gross margin could become more predictable 3.
- Weaker casino and gaming demandheadwind
After strong demand in 2023, casino and gaming demand fell temporarily because customers had excess inventory. The recovery was partial, and in the fourth quarter of 2025 some customers again reported a slowdown, which the company attributes to ordering dynamics and macroeconomic conditions 1.
- Reliance on third parties for hosting and supportmixed
Until the source code transition is complete, the company relies on third-party providers for hosting and support of its FST software. If these services are interrupted or not taken over on time, customer relationships could be affected. The move to in-house hosting is also an opportunity for greater control of the platform 13.
Competitive position
In FST, TransAct competes with Crunchtime Information Systems, Digi International, Avery Dennison, Ecolab, ITD Food Safety, Daymark Safety Systems, Integrated Control Corp. and Toast. In POS, competition comes from BIXOLON America, Epson America and, to a lesser extent, Star Micronics America and Citizen Systems America. In casino and gaming, competitors include JCM Global, Nanoptix, Custom Engineering SPA and Eurocoin Components 1.
The company argues that competition for EPICENTRAL software is lower because of its high customization, and that BOHA! stands out through purpose-built hardware and technical support 1. The cost advantage of larger competitors remains a vulnerability, since many of them have greater financial resources 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report14 Aug 2026
- Current report11 Aug 2026Results of operations · Financial statements and exhibits
- Current report29 Jun 2026Departure or appointment of officers · Other events · Financial statements and exhibits
- Current report27 May 2026Shareholder vote
- Quarterly report13 May 2026
- Current report12 May 2026Results of operations · Departure or appointment of officers · Other events · Financial statements and exhibits
- Proxy statement13 Apr 2026
- Current report03 Apr 2026Material agreement · Financial statements and exhibits
- Annual report12 Mar 2026
- Current report10 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / TransAct Technologies Incorporated · 12 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / TransAct Technologies Incorporated · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / TransAct Technologies Incorporated · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.