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Nayax has announced a binding term sheet to acquire On Track Innovations Ltd. (OTIVF) for approximately $4.5 million in cash. This acquisition aims to enhance Nayax's market share and growth opportunities, particularly in Japan. The transaction involves an initial loan of $5.5 million to OTI for debt repayment, with a subsequent merger expected within 21 days. OTI, which operates in 55 countries, reported $10.7 million in revenue for the first nine months of 2021. The acquisition supports Nayax's strategy to integrate complementary technologies.
On Track Innovations Ltd. (OTIVF) reported a robust third-quarter revenue of $5.0 million, marking a 69% increase year-over-year and a 77% sequential growth. The new CEO, Amir Eilam, emphasizes strong traction in the U.S. market with new customer acquisition. However, gross profit decreased to 26% of revenues from 39% last year, and operating loss reduced to $1.1 million from $1.3 million. As of September 30, 2021, cash and cash equivalents stood at $1.3 million, accompanied by a going concern note due to loan repayment uncertainties.
On Track Innovations Ltd. (OTIVF) will announce its third-quarter financial results for the period ending September 30, 2021, on November 15, 2021. The company will host a live investor conference call at 9:00 a.m. ET to discuss these results, provide a corporate update, and engage in a Q&A session. Participants can submit questions up until 4 p.m. ET on November 12, 2021. OTI specializes in secure cashless payment solutions utilizing NFC technology, with its innovations deployed globally in various markets.
On November 4, 2021, On Track Innovations Ltd. (OTI), a provider of NFC and cashless payment solutions, announced Amir Eilam as its new Chief Executive Officer (CEO), effective immediately. Eilam, who has been with the company since 2005 and VP of Research and Development since 2012, takes over from Yehuda Holtzman, who resigned for personal reasons. Holtzman led a successful shift towards a recurring revenue model. Eilam aims to leverage OTI's technology to accelerate growth.
On Track Innovations Ltd. (OTIVF) reported Q2 2021 revenues of $2.9 million, down from $4.0 million in Q2 2020. SaaS revenues increased to $405,000 from $286,000. Gross profit dropped to $1.0 million (34% of revenues) compared to $1.7 million (42%). The net loss widened to $2.7 million, or $0.04 per share, from $1.1 million, or $0.02 per share. Increased electronic parts prices and scarcity led to revenue backlogs. As of June 30, 2021, cash and equivalents stood at $2.6 million.
On Track Innovations Ltd. (OTIVF), a leader in NFC and cashless payment solutions, is set to release its financial results for Q2 2021 on August 12, 2021, before market opens. A live investor conference call will follow at 9:00 a.m. ET to discuss the results and provide corporate updates. Investors can submit questions ahead of the call. OTI's cashless payment technologies have been successfully deployed globally, impacting sectors like automated retail and petroleum.
On Track Innovations Ltd. (OTIVF) announced the successful closing of its Rights Offering, which concluded on May 19, 2021, generating $3.3 million in gross proceeds. The offering was oversubscribed, with 18,965,517 ordinary shares issued at $0.174 per share, primarily to support working capital and operations. The controlling shareholder, The Jerry Ivy, Jr. Descendants' Trust, now holds 35.9% of shares, with an option for further share acquisition. OTI aims to leverage this funding for future growth and product development.
On Track Innovations Ltd. (OTIVF) reported a Q1 2021 revenue of $2.8 million, down from $3.7 million in Q1 2020. SaaS revenues grew by 18% to $382,000. Despite a net loss of $3.2 million compared to $0.7 million in the prior year, management anticipates continuous growth and potential profitability in H2 2021. Operating expenses decreased to $2.2 million, while gross profit improved to 51% of revenues. The company is launching a rights-offering to strengthen its balance sheet.
On Track Innovations Ltd. (OTIVF) will announce its financial results for Q1 2021 on May 13, 2021, before market opens. A live investor conference call will occur at 9:00 a.m. ET to discuss the results and provide a corporate update, including a Q&A session. Investors can submit questions by 4 p.m. ET on May 12. OTI specializes in cashless payment solutions using NFC technology, with a focus on automated retail and petroleum markets. For more details, visit their website.
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