08:18 AM EDT, 09/12/2024 (MT Newswires) -- GURU Organic Energy ( GUROF ) , an organic energy drink brand company, on Thursday announced a narrower loss for the third quarter despite a drop in net revenue.

The net loss narrowed to $2.23 million, or $0.07 per share, from $3 million, or $0.09 per share. The improvement was due to lower sales and marketing expenses, the company said.

Net revenue of $7.9 million, compares with $8.9 million last year. Sales in Canada fell to $6.4 million from $7.5 million in the prior year period, due to lower shipments and the timing and execution of promotional activities in stores. U.S. sales grew by 10.3% to $1.5 million from $1.4 million in the same period.

"Despite a decline in net revenue in the third quarter, mainly due to reduced shipments and decreased convenience store traffic, we achieved retail scan growth in our key channels. Notably, we delivered double-digit growth in our retail and untracked channels in Quebec, on Amazon in both Canada and the US, and at Whole Foods, while making significant progress in reducing our net loss," said Carl Goyette, president and chief executive of GURU.