i-nexus Global PLC tumbled 16% as the cloud specialist said it was told yesterday afternoon that a contract worth around £54,000 a month in recurring revenues had been cancelled.
Action is being taken to cut costs, preserve cash flows and maintain an adjusted EBITDA breakeven position, said the statement.
i-nexus added it ended the year to end September 2023 with cash of £267,000 and has sufficient working capital for at least 12 months.
Simon Crowther, chief executive, commented: "While it is always unfortunate to part ways with a valued customer, especially one with whom we have enjoyed a strong working relationship, this was our last remaining client using the older, highly customised version of the i-nexus software, and supporting their unique requirements was resource and cost intensive.
“We are pleased to have secured a steady number of new logos whilst delivering on our land and expand strategy with record customer growth. The board has every confidence our customer strategy is working, with a further £5k of MRR delivered since the year-end.”
Shares fell 0.75p to 3.75p.