01:58 PM EDT, 03/27/2024 (MT Newswires) -- Pivotree Inc. ( PVTRF ) , a player in frictionless commerce solutions, which saw its shares rise 2% yesterday, said Wednesday that it swung to a fourth-quarter net loss of $1.4 million, or $0.05 per basic share, from net income of $1.5 million, or $0.05 per basic share, a year earlier.

Revenue for the quarter ended Dec. 31, 2023, was $21 million, down from $26.2 million a year earlier.

Adjusted EBITDA for Q4 was $615,565, down from $1.3 million a year ago.

Further, the company said Ted Smith Jr. has stepped down as chief operating officer, effective Jan. 1, and will lead the managed services practice as senior vice president of global managed services.

Pivotree ( PVTRF ) has been actively recruiting other key senior roles, including chief revenue officer and chief technology officer.

The company's stock fell 6.7% on last look on Wednesday.

Price: 1.40, Change: -0.10, Percent Change: -6.67