Online search company SLI Systems first-half loss widened as it continued to invest in growth.
The company, whose shares began trading in May, has lost $2.3 million in the six months to December. That's more than the $1.8 million loss in the 12 months to June last year.
SLI helps 445 online retailers recommend further products to customers as they shop, and its new clients include Dick Smith, and British luxury food retailer, Fortnum and Mason.
SLI Systems chief executive Shaun Ryan says the results are as expected and it's released a new learning recommendations product and opened a Japanese office.
He says the company is investing in growing high margin recurring revenue, so eventually that will return a profit.
Mr Ryan says the firm has been building up its sales teams in the markets where it is selling including the US, the UK, Australia, Brazil and Japan, as well as increasing its marketing.
He says currently Brazil is the fastest growing market with 95 percent growth there.
SLI Systems is forecasting 34 percent growth in its annualised recurring revenue in the 12 months to 30 June.
The company says it's not paying dividends for the forseeable future.