USA Technologies Inc. reported on Tuesday that it had narrowed its first-quarter loss to $78,954 from a net loss of $1.9 million a year earlier due to increased license and transaction-fee revenue.
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The Malvern, Pa., company said its total revenue increased about 51% from a year earlier to $6.7 million for its fiscal first quarter, which ended Sept. 30. The payments technology provider also said that recurring license and transaction fees increased to $5.4 million, up 62% from a year earlier.
During the quarter, the company handled 25 million transactions leading to a 75% jump in small-ticket transactions to $42 million. Connections to the company’s ePort Connect Service rose 46%, to 129,000, from a year earlier.
