U.S.-based Identive Group reported growing NFC and smart card reader business, but fell back into the red during for the first quarter, a loss it largely blamed on U.S. federal government budget cuts.
Identive, which released its first quarter 2013 financial results Thursday, reported revenue of $21.1 million, flat from the same period a year ago, and a net loss of $4.8 million. The company in early March had projected sales of $22 million to $24 million for the first quarter.
CEO Ayman Ashour noted that the net loss was an improvement from a year ago, in which the company lost $6.2 million. The first quarter is generally the weakest for the company, the vendor added.