Elumeo SE said its first-quarter normalized net income amounted to a loss of 32 euro cents per share, compared with 6 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €1.8 million, compared with income of €235,630 in the year-earlier period.

The normalized profit margin dropped to negative 14.9% from 1.2% in the year-earlier period.

Total revenue decreased 23.3% year over year to €14.9 million from €19.5 million, and total operating expenses decreased 7.5% year over year to €17.6 million from €19.1 million.

Reported net income totaled a loss of €3.9 million, or a loss of 71 cents per share, compared to a loss of €658,000, or a loss of 16 cents per share, in the prior-year period.