11:58 AM EDT, 05/15/2024 (MT Newswires) -- TERAGO ( TRAGF ) , a provider of managed wireless and wireline connectivity, said Wednesday that its first-quarter loss widened.

The company said its loss swelled to $3.5 million, or $0.18 per share, compared with a loss of $2.5 million, or $0.13.

TERAGO ( TRAGF ) attributed the increased loss to higher interest payments and restructuring costs.

Revenue remained stable at $6.5 million. Adjusted EBITDA increased to $930,000 from $827,000.

"As we revitalize our sales efforts, maintain focus on churn mitigation and further optimize costs, we anticipate favorable improvements in adjusted EBITDA and cash flow from operations," CEO Daniel Vucinic said.

Meanwhile, TERAGO ( TRAGF ) cheered the decision by Innovation, Science and Economic Development Canada to renew the 24 gigahertz (GHz) and 38 GHz bands for existing licensees.

The decision provides certainty and clarity for investment, while noting the potential to repurpose the 24 GHz band prior to the mmWave auction, the company said.

"As a significant owner of 24 GHz and 38 GHz mmWave spectrum, this decision provides increased visibility on the long-term, ensuring fair usage of our wireless spectrum and driving our ability to invest in a diverse and competitive offering for Canadian business customers," Vucinic said.

TERAGO's ( TRAGF ) shares were last seen up $0.25 to $1.95 on the Toronto Stock Exchange.

Price: 1.95, Change: +0.25, Percent Change: +14.71