On Track Innovations reports higher revenue on Japan, other sales gains

On Track Innovations Ltd., an Israel-based provider of cashless payment and near field communications systems, reported a surge in revenue during the third quarter as it made successful sales improvements in Japan and the United States and other markets, according to a press release

The company said it delivered more than 3,000 advanced payment systems to Japan during the quarter and about 8,000 contactless readers to Russia for its widely used self-service retail market.

OTI said it received MIR National Card Payment System certification in Russia, which will help it gain widespread acceptance in that market. The company also received Interbank Network Interac certification in Canada, which allows it to integrate its cashless payment solutions into vending machines, kiosks and other unattended devices.

The company reported a loss from continuing operations of $158,000, or zero cents a share during the quarter, compared with $573,000 or 1 cent per share in the year-ago quarter.

Revenue surged 39 percent to $6.5 million in the quarter, compared with year-ago revenue of $4.7 million. The current figure represents OTI's best third-quarter performance since 2013.

Source: Kiosk Marketplace