08:16 AM EDT, 05/15/2024 (MT Newswires) -- Aimia ( AIMFF ) on Wednesday reported that its first quarter loss fell sharply as revenue soared, both boosted by acquisitions.

The financial services company reported a consolidated net loss of $4.2 million, or $0.09 per share, compared with a loss of $20.7 million, or $0.29 per share, last year.

Revenue from contracts with customers jumped to $122 million, from $2 million, in the prior year quarter.

Aimia ( AIMFF ) said its financial results for the three months ended March 31, 2024, reflect the acquisitions of Bozzetto and Cortland completed in 2023, and the acquisition of StarChem completed in early January.

"Given our performance in Q1 and confidence in our near-term outlook, we anticipate generating adjusted EBITDA in 2024 for our core businesses in the range of $80 to $85 million on a combined basis and anticipate corporate operating costs for the year to be approximately $13 million, exclusive of one-time expenses of $13 to $14 million," said Tom Finke, executive chair