Israel-based NFC and contactless technology supplier On Track Innovations reported revenue for the third quarter increased by 27% to $6.8 million, driven by a more than doubling in sales of such payments products as contactless readers of point-of-sale terminals in the U.S. and expansion of equipment for transit-ticketing in Poland.
OTI also saw its operating income grow by $2.4 million for the quarter, but that was due primarily to a gain from a lower severance package that the company paid out to ousted chairman and CEO, Oded Bashan, and his son, Ohad.
OTI had budgeted $4.3 million more than it paid. The company still showed an operating loss of $2.9 million for the first nine months of the year, even with the $4.3 million gain.