MALVERN, PA -- USA Technologies Inc. said revenue increased 51% to $6.7 million from $4.4 million in the first quarter of 2011. Revenue from recurring license and transaction fees during the quarter, ended Sept. 30, increased 62% to $5.4 million from $3.3 million in the year-ago period.
It was an important quarter for the company as it narrowed its loss to $78,954 from a net loss of $1.9 million a year earlier.
During the quarter, the Malvern, PA, payments technology provider said it handled 25 million transactions, up 79% from 14 million transactions a year earlier. The dollar value of transactions processed grew 75% from to 42 million from $24 million in the 2010 first quarter.
Connections to USAT's ePort Connect Service increased 46% to 129,000 from 88,000 at the same point a year ago.
USAT has achieved several milestones over the past several months, including the signing of a joint marketing alliance with Verizon Wireless. It also expanded its JumpStart program to include standalone wireless telemetry.