05:21 PM EST, 11/11/2024 (MT Newswires) -- TeraGo ( TRAGF ) said Monday afternoon its third-quarter loss rose year-over-year mainly due to increased interest costs on term debt from additional borrowings, partly offset by lower depreciation and operating expenses.

The company said it lost $3.34 million, or $0.17 per share, in the quarter, compared with a loss of $3.09 million, or $0.16, a year ago.

Revenue for the quarter ended Sept. 30 stood at $6.54 million, up from $6.50 million a year prior.

"Our latest quarter of strong results is a clear affirmation that TeraGo's ( TRAGF ) strategy is delivering", said Chief Executive Daniel Vucinic, adding that his focus now is to boost revenue by energizing the company's sales efforts.

The company said it achieved a "strong" quarter that included a 1.2% increase in gross margin, a 31% reduction in customer churn, a 2.8% rise in adjusted earnings before interest, taxes, depreciation, and amortization, an 8.1% increase in average revenue per account, and a 56% growth in cash flow from operations.

TeraGo ( TRAGF ) shares closed up $0.01 to $1.77 on the Toronto Stock Exchange.