Israeli-based NFC and contactless vendor On Track Innovations reported increased revenue, but also failed to cut losses for the first quarter, though CEO Ofer Tziperman predicted positive adjusted EBITDA by the first quarter of 2015.

The company reported a quarterly net loss of $3 million, a year-over-year increase from net losses of $2.8 million in the first quarter of 2013. CFO Shay Tomer attributed the increased losses primarily to higher operating expenses. The vendor's shares traded up by more than 8%, to US$2.49, Wednesday following release of the quarterly results, but the price is down substantially from earlier highs this year.

OTI has never turned a yearly profit since its founding in 1990, and a group of dissident shareholders and their backers waged a successful proxy battle in late 2012 to oust the company’s top board members and management. The backers have been buying up shares hoping for a sharp turnaround in the share price.