TransAct Technologies Inc has reported net sales of $7.3m for the third quarter of 2020, a 38% decrease from the $11.7m for the same period in 2019. 

The casino printer and food-safety technology supplier also reported EBITDA of -$1.1m for Q3 2020, compared to EBITDA of $0.5 million for Q3 2019. 

Despite the decline in sales, TransAct chairman and CEO Bart Shuldman expressed his delight at the company’s current performances amid the ongoing COVID-19 pandemic. 

“We are pleased with our execution in the third quarter and especially pleased with the strong momentum in our Food Service Technology (“FST”) market,” said Shuldman. 

“Our FST revenue increased 20% over Q3 2019, with our recurring FST revenue, which includes software, labels, and service sales, increasing 157% year-on-year.

“In addition, our Casino and Gaming sales increased sequentially despite the very difficult operating market for casinos around the world.” 

The figures come after the company last month completed a $9.8m common stock offering, a decision Shuldman said had provided TransAct with the opportunity to further their reach within the food service technology market. 

“Finally, our recently completed $9.8 million common stock offering provides us with additional operating capital to increase penetration into the FST market and to support our new relationship with Apple,” added Shuldman. 

“All said, despite headwinds to our customers’ businesses, we made significant strides this quarter toward long-term growth and value creation for our shareholders.”