Innovative Card Technologies Inc. said that it is reducing costs, and that several customers have started deploying its one-time-password generating cards.
The Los Angeles company said Monday that its revenue rose to $840,098 in the third quarter, from $159 a year earlier. It also reported a loss of $1.6 million, citing the revaluation of warrant liability and interest; a year earlier it lost $4.4 million.
InCard's product, which is shaped like a credit card, and features a screen that displays numbers that can be used as one-time passwords. The company said the revenue jump came from the completion of test programs for its authentication cards and the beginning of full rollouts to end users.
"We are now fulfilling deployments by customers who have fully vetted the utility and market appeal of our product, and who are now committing marketing dollars and personnel to their expanded rollout efforts," Steven R. Delcarson, InCard's president and chief executive, said in a press release.
InCard's third-quarter operating expenses fell 59% from a year earlier, to $1.8 million. It spent less on administrative expenses, research and development, and payments to suppliers.