Innovative Card Technologies Inc. said that the second quarter was the first time it has tallied revenue of more than $1 million, though it still reported a loss.

The Los Angeles company, which makes one-time password tokens that fit into payment cards, said its revenue rose 62%, to $1.3 million, from the year earlier. It had a net loss of $1.3 million, compared to $800,715 a year earlier. The company stressed that it had reduced operating expenses by 62%, to $844,573, in the quarter.

"We achieved our first million-dollar-plus revenue quarter, while at the same time substantially reducing our operating expenses," Richard Nathan, InCard's president and chief executive, said in a press release.

He also highlighted two patent applications filed this year, and one more it plans to file in connection with its current and planned product line.

InCard's technology is promoted as a security tool for online payments. It is also used by companies to handle employee access to corporate computer systems.