10:34 AM EDT, 08/07/2025 (MT Newswires) -- Illumin Holdings ( ILLMF ) , an advertising technology platform, was down 15% at last look on Thursday after saying its net loss widened in the second quarter on restructuring costs, even as its revenues rose, and it flagged further expenses while decreasing its real estate footprint by the end of 2025.

The company reported a net loss of $5.8 million, swelling from a year-ago net loss of $1.0 million. It said this was primarily a result of lower Adjusted EBITDA, a net foreign exchange loss versus a gain in the prior year period, and higher severance expenses as part of the organizational restructuring completed near the end of the quarter.

Revenue increased to $33.1 million from $29.2 million, driven by revenue growth in exchange service and self service. partially offset by a decrease in Managed service.

Adjusted EBITDA showed a loss of $981,000, compared to a profit of $515,000 in the prior year period.

Illumin ( ILLMF ) said the actions associated with its cost reduction and restructuring initiatives, net of planned growth within the salesforce and other critical areas, will have reduced its North American workforce by 10%. In addition, the company will be decreasing its real estate footprint, reorganizing sales, marketing, and administrative activities to lower expenses "while identifying efficiencies to drive sales and conduct operations more effectively". The company expects to complete these initiatives by year end.

"As we enter the second half of the year, we're focused on a clear product differentiation strategy, pursuing our client acquisition strategy and expansion, and further streamlining operations to support our cost controls as we navigate a shifting market," CEO Simon Cairns said.

"Partly due to the changes we see in Managed service, we implemented a number of cost reduction and restructuring initiatives late in the quarter to enhance our profitability in the near term. These include changes throughout our management team, a reduction in our total workforce, and reprioritized planned investments in research and development, and marketing. We expect these initiatives will improve our financial profile, generate higher margins, and drive towards positive cash flow while still enabling us to focus on enhancing the customer lifetime value of our platform and our ability to generate platform returns over time."

Price: 1.75, Change: -0.40, Percent Change: -18.60