ecoATM Kiosk Outerwall
EcoATM, a maker of in-store kiosks where shoppers buy used phones, tablets and other electronics, is a failure, according to an analyst who tracks the comp. From kioskindustry.org — ecoATM Kiosk Review – Analyst calls failure
Source: www.geekwire.com
EcoATM News April 2023
- EcoATM “snags” another $50M –In January, ecoATM reached 38 million smartphones and other mobile devices recycled through its kiosks and Gazelle online marketplace — up from 28 million as of June 2021. It operates about 5,000 kiosks nationwide at grocery stores, shopping malls and other locations.The company declined to say who led this latest funding round, which was announced last week, saying only that it involved existing investors. EcoATM employs 374 workers worldwide, including 178 in San Diego, according to a spokesman.
2015 — Outerwall, the parent company of Coinstar and Redbox, purchased ecoATM in 2013 for $350 million in cash.
In its earnings report Thursday, Outerwall announced an $85.9 million impairment charge related to the ecoATM business, driven by what it called “competitive pressures on ecoATM and lowered expectations for future revenue growth.”
“The impairment charge reflects an honest assessment that the company overpaid for the business, and continuing losses two years after acquisition make us question whether the segment will ever be profitable,” wrote Michael Pachter, an analyst with Wedbush Securities.
Outerwall obviously disagrees with that assessment.
About EcoATM
- ecoATM is a service that allows you to sell your old or broken devices for cash at one of its 5,000 kiosks across the U.S. You can find an ecoATM kiosk near you at your local Walmart, Kroger, mall or other location1. ecoATM is a leader in reducing electronic waste and helping the environment by recycling or refurbishing your devices2. To sell your device, you need to prepare it, find a kiosk, and get an instant price offer. If you accept the offer, you receive cash on the spot
EcoATM Statistics
- Approximately 40 million smartphones recycled
- 5000 kiosks nationwide
- Employs 380 workers
- Estimated revenue $500M
- Raised almost $400M over 9 rounds
- Sustainability – saved 3,000 tons of waste
References
ecoATM – Funding, Financials, Valuation & Investors – Crunchbase : ecoATM’s Competitors, Revenue, Number of Employees, Funding … – Owler 3: Our Story | ecoATM – EcoATM 4: ecoATM Gazelle Announces Release of Inaugural ESG Report 5: ECOATM Revenue, Growth & Competitor Profile – IncFact.com