Education technology firm, EduFocal, has reported a loss of $12.19 million for its second quarter ended June 2024.
In the similar period last year, the company made a profit of $23.45 million.
EduFocal's revenues were also lower, coming in at $30.45 million.
That's a 69 per cent decline, compared to the $98 million made in the comparable period ended June 2023.
The company says this was a result of a strategic shift towards what it considers "more predictable recurring revenue streams".
EduFocal says its investments in the "Amigo" platform, expected revenue growth, cost management, and technological innovation should boost profitability in the quarters to come.
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