Adgorithms reports revenues of $8.7m for the six months to the end of June - down from $12.3mlast time.
Gross profit fell to $2.2m (H1: $4.2m) and the reports an adjusted loss before interest, tax, depreciation and amortisation of $2.7m against adjusted earnings of $2.6m a year ago.
R&D expenses totalled $2.1m (H1 2015: $1.1m) and sales and marketing expenses totalled $1.5m (H1 2015: $0.3m).
The group said the results reflect a period in which it accelerated its strategy following material disruption across the ad tech industry during H2 2015.
It said significant progress made on key strategic priorities in the period, namely:
- Established presence in U.S market with relocation of CEO and CTO to New York and recruitment of a 13 person sales and marketing team, including Chief Revenue Officer & Chief Marketing Officer
- Successful launch of Albert 2.0 with enhanced capabilities and new channels
- Indirect business continues to diversify with over 50 partners added during the period
Chief executive Or Shani said: "During this period we have worked hard to realign our business and focus on our core strategic priorities following the disruption witnessed throughout the online advertising market during the second half of 2015.
"We believe there is a significant market opportunity for Adgorithms with Albert at the heart of our business as the marketing industry continues to seek out data-driven solutions in an increasingly cluttered data world. The collection and aggregation of data from multiple sources is only useful if you are able to draw correlations, such as the conversion of a Facebook ad versus an email campaign, and ultimately improve your customer offering.
"Albert 2.0 offers a single end-to-end digital marketing solution - from media buying to execution, optimisation and analysis. Its AI capabilities enable Albert to offer proactive insights and recommendations from the information gathered.
"Real AI marketing systems, as opposed to automated programmatic software, thrive off experimentation - just like human marketers - and can run thousands of variables in micro-seconds thus enabling brands to drive revenue, reduce costs and make more informed investment decisions at a pace and scale not previously possible.
"We believe there is a huge market opportunity for Albert and look forward to reporting progress in due course."