09:10 AM EST, 11/08/2024 (MT Newswires) -- illumin Holdings (ILLM.TO) swung to a net loss for the third quarter due to a net foreign exchange loss versus a gain in Q3 2023 and higher income tax expense.

The company reported a third quarter 2024 net loss of C$1.1 million, or $0.02 per share, compared to a net income of $0.8 million, or $0.01 per share, in the same quarter last year.

Revenue for the quarter ended Sept. 30, was $36.3 million, up 23% from $29.6 million a year earlier, the company said Friday. This increase was driven by a 64% rise in self-service revenue, reaching $8.4 million, and a 39% growth in programmatic revenue to $10.1 million, according to its statement.

Self-service revenue now makes up 23% of total revenue, up from 17% in Q3 2023. The company added 29 new self-service clients during the quarter. Managed service revenue rose 3% to $17.8 million.

In the quarter, the company repurchased 819,698 shares at an average price of $1.59 per share, totaling $1.3 million. Cash and cash equivalents remained stable at $51.4 million, reflecting cash generated from operations offset by share repurchases.

ILLM was unchanged at $1.70 yesterday on the TSX.