04:12 PM EDT, 03/12/2024 (MT Newswires) -- Copperleaf Technologies ( CPLFF ) on Tuesday said its fourth-quarter loss widened despite revenue gains.

The software developer said it lost C$5.52 million, or C$0.08 per share, in the period, compared with a loss of C$2.37 million, or C$0.03, in the year-prior quarter.

Revenue rose 11% to C$21.2 million, while its order backlog stood at C$139.5 million at the end of the quarter, up from C$107.3 million a year earlier.

"Copperleaf's ( CPLFF ) ability to generate substantial client value drove sustained demand for our solutions in 2023. This was highlighted by our strong financial performance during the fourth quarter where Copperleaf ( CPLFF ) delivered a 30% YoY increase in Annual Recurring Revenue and a 21% YoY increase in subscription revenue. Additionally, we ended the quarter with a record backlog," chief executive Paul Sakrzewski said in a release.

Copperleaf ( CPLFF ) shares closed up C$0.17 to C$6.50 on the Toronto Stock Exchange.