What Cantaloupe, Inc. told the SEC could break it.

A single customer was ~10% of FY2025 revenue ($28.8M), and substantially all customer service contracts are terminable on 30 days' notice — concentrating and destabilizing revenue.

“Approximately $ 28.8 million, $ 24.6 million, and $ 28.7 million of the Company's revenue for the years ended June 30, 2025, 2024 and 2023, respectively, were concentrated with one customer, which represented 10 %, 9 % and 12 % of the Company's revenues for each of the years.”

Cantaloupe outsources engineering work to third parties in jurisdictions including Russia, Ukraine, India, Bangladesh, Romania, Colombia and Sweden, exposing development to geopolitical and oversight risk.

“we have worked, and expect to work in the future, with companies located in jurisdictions outside of the U.S., including, but not limited to Sweden, Romania, Columbia, Russia, Ukraine, India and Bangladesh.”

Cantaloupe's expansion into Europe, Mexico and other markets exposes it to new/changing tariffs, FX, sanctions, repatriation restrictions and political instability.

“risks and uncertainties associated with our expansion into and our operations in Europe, Mexico and other foreign markets, including general economic conditions, policy changes affecting international trade (including the imposition of new tariffs, or changes and adjustments to existing tariffs), political instability, inflation rates, recessions, sanctions, foreign currency exchange rates and controls”

Cantaloupe relies on agreements with large payment-processing organizations for card authorization, data capture, settlement and merchant accounting; termination of those arrangements could cause it to lose business.

“We rely on agreements with other large payment processing organizations to enable us to provide card authorization, data capture and transmission, settlement and merchant accounting services for the customers we serve. The termination by our card processing providers of their arrangements with us or th”