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Revenues at Bsquare tumbled 15 percent during the fourth quarter after the Bellevue company’s third party software sales were hurt by the loss of a significant Microsoft Windows Embedded licensing customer and lower purchasing volumes from several other customers.

Bsquare, which helps mobile device makers test their equipment, reported revenues of $23.3 million and a net loss of $502,000 for the quarter. It marks the second straight quarterly loss. The company finished the year with $19 million in cash, and noted that more than nearly half of its employees are now located overseas.

The company’s Beijing and Taipei design centers employ about 90 people, with the company saying that it plans to add more staff in Asia this year. Noted CEO Brian Crowley in a press release:

“In the last year, we have transformed from a company with a presence primarily in North America, to one with engineering capabilities on three continents. Nearly half our employees now work outside of North America. This enables us to match the requirements of a broader base of potential customers and allows us to better service our existing customers by providing our products and services at various price points with local support to customers around the globe. This transformation, coupled with important advancements in our TestQuest and Handset Certification Platform solutions, has set the foundation for growth in 2012 and beyond.”

Shares of Bsquare — which have fallen 63 percent in the past year — were up four percent in trading earlier today.

Previously on GeekWire: Bsquare buys MPC Data for $4 million

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