07:30 AM EDT, 05/10/2024 (MT Newswires) -- Optiva ( RKNEF ) overnight Thursday said its first-quarter net loss more than doubled.

The telecommunications company booked a net loss US$6.0 million, or US$0.98 per share, compared to US$2.8 million, or US$$0.45 per share.

Revenue slipped to US$11.7 million from US$12.7 million. Adjusted EBITDA sank to a loss of US$2.3 million from a gain of US$1.0 million.

Optiva ( RKNEF ) said the revenue drop was partly driven by run-off of a few customers who had previously notified the company of their intentions to replace Optiva ( RKNEF ).

"Customer retention continues to be positive, including the win back of two operators in the first quarter, serving as another data point for the technical leadership that Optiva's ( RKNEF ) products have re-established after the recent investments," Chairman and CEO Robert Stabile said.

Optiva ( RKNEF ) said it remains confident that it will achieve its revenue growth target of at least 10% in 2024.