05:12 PM EDT, 05/09/2024 (MT Newswires) -- Copperleaf Technologies ( CPLFF ) on Thursday said its first-quarter loss narrowed as revenue hit a record..

The software company said it lost $2.6 million, or $0.04 per share, in the period, compared with a loss of $11.8 million, or $0.17, in the year-prior quarter. The company said the improved results was primarily due higher revenue and lower headcount.

Revenue rose 29% to a record $25.8 million, driven by an increase in new clients and the expansion of existing clients, while Annual Recurring Revenue (ARR) was 32% higher, to $64.6 million.

As of March 31, Copperleaf's ( CPLFF ) revenue backlog grew 32% to $145.5 million, from $110.5 million, in the prior year period.

"We anticipate continued robust growth in ARR and pipeline development throughout 2024 with our traditional Q4 weighting. These factors, combined with accelerating revenue growth and disciplined approach to managing costs, position us for significant progress back towards profitability," said Paul Sakrzewski, chief executive officer of Copperleaf ( CPLFF ).

The company's shares closed up C$0.02 to C$7.27 on the Toronto Stock Exchange.