06:50 AM EST, 11/08/2024 (MT Newswires) -- Quarterhill ( QTRHF ) said its third-quarter net loss widened even as revenue rose.

The net loss from continuing operations widened to US$4.1 million, or US$0.04 per diluted share, from a loss of US$1.7 million or US$0.01 per diluted share, last year.

Revenue rose 12% to US$38 million. The increase was primarily due to the continued strong performance from the enforcement operations, the company said.

"Our enforcement unit had another strong quarter with multiple new contracts, top-line growth and solid margins, while in our tolling unit, we increased our bid activity and expanded mandates with several existing customers," said Chief Executive Chuck Myers. "In Q3, we received our first dividend from our ownership position in Wi-LAN, and after quarter-end, we signed a share purchase agreement to sell our position in the Chinese joint venture, XPCT. Combined, these two developments will generate approximately $8 million in cash, thus strengthening our balance sheet as we head towards 2025."