Australian Securities Exchange (ASX)-listed, New Zealand-headquartered business management app developer 9 Spokes has reported lower revenue and increased losses of the year to 31 March.
The Auckland-based company reported total operating income of NZ$6.6 million down 4 per cent from $6.9 million in 2020.
Total expenditure reported was $11.6 million, up from $11.1 million.
Net losses increased to $5.1 million from $4.9 million in 2020, also down 4 per cent.
The results were further subdued due to a strengthening New Zealand dollar during the period, 9 Spokes reported.
Annual cash outflows increased to $5.2 million from $2.6 million the prior year.
However, the company raised $9.9 million in extra capital from investors last September and October, so still had $8.8 million in funds at balance date, up from $4.7 million.
Grant income, mainly from Callaghan Innovation, was also down, to $0.7 million from $0.9 million.
(Updated on 6 June to correct cash outflows figure in sub-header to A$5.2 million.)