09:02 AM EDT, 08/08/2024 (MT Newswires) -- lllumin Holdings (ILLM.TO) said Thursday that it narrowed its net loss in the second quarter on lower operating costs and income taxes as well as a foreign exchange gain.

The journey advertising technology company booked a net loss of $1.0 million, compared to a net loss of $5.6 million in the same quarter last year.

Revenue fell to $29.2 million from $33.2 million, reflecting a decline in managed service revenue and programmatic revenue, primarily in Latin America.

Adjusted EBITDA increased 11% to $500,000 due to lower operating costs.

"In the second quarter, we saw good growth both year-over-year and sequentially in illumin self-service, along with a good sequential increase in managed services," CEO Simon Cairns said. "As we listen closely to customers who value our services, we believe there may be untapped potential in creating a complimentary portfolio of products and services including both self-service and managed services."

The company's share price fell 2.7% yesterday to $1.44.