08:50 AM EST, 03/06/2024 (MT Newswires) -- Kits Eyecare Ltd ( KTYCF ) . (KITS.TO), a vertically integrated eyecare provider, which saw its shares lose 3% yesterday, said Wednesday that it narrowed its fourth-quarter net loss to $491,000, or $0.02 per diluted share, from a loss of $1.4 million, or $0.04 per diluted share, a year earlier.

The improvement was mainly because of the higher revenue and gross profit, offset by a rise in foreign exchange loss during the period.

Revenue for the quarter ended Dec. 31, 2023, was $31.7 million, up from $26.2 million a year earlier. The company said the increase was mainly driven by "strong" repeat customer revenue in both contact lenses and eyeglasses, higher average order value, and a growth in repeat eyeglass customers.

Adjusted EBITDA for Q4 was $862,000 versus $441,000 a year ago. The improvement in adjusted EBITDA was primarily attributable to the increase in revenue and gross profit, offset by an increase in foreign exchange loss during the period, the company said.

On Dec. 31, 2023, the company reported cash and cash equivalents of $16 million, as compared with $18.8 million on Dec. 31, 2022.