VirtualArmour International Inc. said its normalized net income for the first quarter was a loss of $1.7 million, compared with a loss of $16,980 in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to negative 104.3% from negative 1.6% in the year-earlier period.
Total revenue grew 53.8% on an annual basis to $1.7 million from $1.1 million, and total operating expenses increased 74.7% year over year to $1.9 million from $1.1 million.
Reported net income totaled a loss of $2.6 million, or a loss of 5 cents per share, compared to a loss of $27,160, or a loss of 0 cents per share, in the prior-year period.