Monitise has posted a 31% rise in full year revenue but the mobile money firm's Ebitda losses widened as it took a short term hit on a decision to overhaul its business model.
Revenue for the year was £95.1 million, up from £72.8 million the previous year. But there was an Ebitda loss of £31.4 million, up from £19.3 million in 2013.
Monitise had already warned back in July that revenue growth would only be between 31% and 33%, not the 50% predicted earlier in the year. In July, Ebitda losses were expected to be between £32 million and £36 million.
The firm blames the figures on an overhaul of its business model, as it ditches big upfront license fees in favour of a subscription-based system designed to cut costs for banks and boost its own long-term annuities.
Last month it outlined plans to transfer its UK professional services staff - hundreds of employees - to IBM as part of a partnership aimed at boosting adoption of its technology.
The new approach is designed to rapidly build Monitise's base of registered users to 200 million over the next four years. By the end of June the company had hit 30 million registered users, up from 23 million a year earlier. Meanwhile, the value of transfers and payments across its platforms rose 120% to $88 billion.
For 2015, the firm says it expects to see revenue growth of at least 25% while it continues to assert that it will become Ebitda profitable in full year 2016.
Alastair Lukies, co-CEO, Monitise, says: "This past year was an important and transformational period for Monitise. Our underlying performance reflects the proactive and bold steps we have taken to transition to a product-led subscription-based business operating in the global mobile banking, payments and commerce industry."
Shares in Monitise were down 1.25 pence, or 2.6%, to 45.25 pence, in mid-morning trading.