Video search specialist Blinkx PLC (LON:BLNX) plunged deeper into the red as revenues tumbled.
Losses in the year to March climbed to US$94.2mln (US$24.8mln) on sales of US$167mln (US$215mln).
The former Autonomy susidiary is trying to reinvent itself as a specialist in programmatic ads and huge write-downs wrecked the numbers. Approximately US$81mln of the statutory loss were one-off charges.
Last month, the group flagged full year revenues of between US$165mln and US$170mln and between US$10mln to US$11mln of underlying losses.
“The group has continued to optimise its cost structure and has eliminated over US$40mln in annualised operating expenses,” it said in the statement.
Programmatic advertising is automated or ‘live’ advertising directed at individual users.
This form of ad spending accounts for 59% of total digital display ad spend and the rising trend is expected to continue.
Blinx’s programmatic revenues rose 68% last year and the company reaffirmed it should be back in the black in 2017.
Paul Richards, analyst at Numis Securities, expects the group to reach earnings breakeven by the second half of 2017.
“The group achieved profitability in Q3 and continues to drive strong growth in programmatic and video while accelerating the planned drawdown of its non-core product lines.”
Shares were up over 7% to 18p.