Payment software group Trintech has reported a net loss of $2.1m for its first quarter to the end of April. Lower product and licence revenues meant total revenues dropped to $11.1m, down 16% on the same period a year earlier.
CEO Cyril McGuire said Trintech's business was solid despite a 'challenging quarter'. He said the company was aiming to move more towards a software and business services mix.
Product revenue fell 40%, software licence revenue was down 15%, while service revenue increased 8%. Operating costs grew by 16% to $9.4m.
The company also received $1.7m during the quarter due to a legal settlement.
