/PRNewswire/ On Track Innovations Ltd. ("OTI") (OTCQX: OTIVF) (the "Company" or "OTI"), a global provider of near field communication (NFC) and cashless.
On Track Innovations Ltd. ( OTI ) (OTCQX: OTIVF) (the
Company or
OTI ), a global provider of near field communication (NFC) and cashless payment solutions, today provided a business update and announced financial results for the first quarter ended March 31, 2021.
Management Comments
Mr. Yehuda Holtzman, OTI s CEO, commented, We are pleased with our results, particularly the 18% growth in our Software as a Service (SaaS) revenues when compared to the first quarter of 2020. We are happy with the increased traction we are gaining in key regions and we have added many new customers in the past few months, all of which have provided us with initial sales. A large portion of them have significant long-term growth and recurring revenue potential for OTI. Our new strategy is beginning to bear fruit and we are starting to successfully capture the new opportunities.
On Track Innovations Ltd. ( OTI ) (OTCQX: OTIVF) (the
Company or
OTI ), a global provider of near field communication (NFC) and cashless payment solutions, today provided a business update and announced financial results for the fourth quarter and full year ended December 31, 2020.
Management Comments
Mr. Yehuda Holtzman, OTI s CEO, commented, During 2020, we grew our continuing core business revenues by 20% year-over-year, and more than 35% in our Retail segment despite significant headwinds from the Covid-19 pandemic. I am pleased with this performance. It suggests that our underlying business remains strong and that our new strategy is gaining traction. This bodes well for 2021, when, like everyone, we hope the major global impact of the pandemic diminishes.