08:33 AM EDT, 08/27/2024 (MT Newswires) -- Emerge Commerce ( EMCMF ) , an e-commerce brand portfolio, on Tuesday said its second-quarter net loss narrowed while revenue rose.

The net loss declined to $0.5 million, or $0.01 per share, from $2 million, or $0.02 per share, last year. The majority of the net loss was due to a one-time non-cash modification expense related to a restructured convertible note. Excluding the one-time charge, net loss would have been $0.25 million.

Total revenue increased 9.4% to $5.2 million, compared with $4.8 million in the prior-year period.

Emerge said it is seeing strong sales momentum through the third quarter to date. Recent interest rate cuts, and anticipated upcoming rate reductions, are expected to result in meaningful cash savings for the business, it added.

The company also said that Fazal Khaishgi will step down as chief operating officer by November. Emerge has no plans to find a replacement.