07:28 AM EDT, 06/14/2024 (MT Newswires) -- POSaBIT Systems ( POSAF ) , which jumped 12% in Canada yesterday, on Thursday reported a 30% narrower loss for the first quarter while revenue fell 67%.

The company reported a first-quarter loss of US$1.9 million ($2.6 million), narrower than a loss of US$2.8 million a year earlier.

Revenue for the quarter ended March 31 was US$3.8 million, down from US$11.6 million a year ago. Gross profit for Q1 was US$1.5 million, down 38% from US$2.4 million a year ago.

As of March 31, 2024, the company reported cash and cash equivalents of US$0.9 million, as compared with US$1.5 million as of Dec. 31, 2023.

The results for the first quarter of 2023 have been restated.