05:02 PM EDT, 05/23/2024 (MT Newswires) -- Newtopia Inc. ( NEWUF ) , a wellness company, after trade Thursday reported that it had narrowed its adjusted operating loss for both the fourth quarter of 2023 and the first quarter of 2024, while talking up its prospects for the whole of this calendar year.

The company reported an adjusted operating loss of $65,675 for the three months ended December 31, down from an adjusted operating loss of $713,958 a year earlier. For the same period, it reported revenue of $2.3 million, down from $3.1 million, and gross profit margin of 63%, as compared to 65%.

For the first quarter, covering the three months ended March 31, the company posted an adjusted operating loss of $667,000, compared with an adjusted operating loss of $727,000 in the prior-year period. It ended Q1 with $0.33 million in cash, and with additional access to their revolving line of credit with a Canadian Schedule 1 bank. Of note, the company finalized a bridge equity round of $0.7 million in February.

Also for Q1, the company cited revenue of $1.8 million, down from $2.6 million a year earlier, and gross profit margin of 50%, as compared to 60%. It said the decline in revenue was driven by the change made by a client with a long-standing incentive program. Enrollment fee revenue, or revenue from Welcome Kit sales, totaled 17% of revenue for the quarter.

On 2024 outlook, Newtopia ( NEWUF ) said: "Despite a challenging macro environment, the company remains bullish regarding the outlook of the healthcare industry in 2024. Newtopia ( NEWUF ) will continue to execute on its pipeline to return to EBITDA positive."

The company's shares closed