NCR Atleos posts $1.1Bn Q4 revenue despite big loss
ATLANTA, UNITED STATES — Self-service banking experiences provider NCR Atleos Corporation recently unveiled its financial outcomes for the fourth quarter of 2023, revealing a mix of challenges and significant growth.
Despite a net loss of $161 million, the company’s revenue rose to $1.1 billion, marking a 3% increase year-over-year. Its recurring revenue also notably surged by 10% to $777 million, underscoring the company’s robust business model.
Following its separation from NCR Corporation on October 16th, Atleos demonstrated a strong performance, with over 20,000 ATM-as-a-Service (ATMaaS) units active by the year’s end.
The company’s adjusted EBITDA for Q4 stood at $178 million, a 7% increase from the previous year, after adjustments for delayed legal entity transfers and separation dis-synergies.
President and CEO Tim Oliver expressed satisfaction with the company’s trajectory, stating, “The fourth quarter was a strong start for Atleos as a separate company and a great finish to the year. Our core businesses performed exceptionally well, with financial results in line with the projections made for the separation transaction.”
He highlighted the company’s success in achieving its operational objectives while completing the split from legacy NCR Corporation.
Atleos has set ambitious financial targets for the full year 2024, aiming for revenue between $4.2 and $4.4 billion and adjusted EBITDA of $770 to $800 million.
Oliver also remains optimistic about the future, emphasizing the growing appeal of Atleos’ self-service banking solutions among banks, consumers, and commercial partners.
“Looking beyond 2024, we are energized by the opportunity to lead a transformation in self-service banking solutions and the potential to create significant value for shareholders,” he added.
NCR Atleos provides ATM-as-a-Service for outsourcing ATM fleets that cater to the evolving needs of financial institutions. Their ATMaaS model is designed to streamline operations, reduce costs, and enhance customer experiences by outsourcing the complexities of ATM fleet management.
