Adgorithms Ltd. announced audited consolidated earnings results for the year ended December 31, 2016. For the period, the company reported revenues of $16,403,000 compared from $22,076,000 for the same period last year. Operating loss of $9,121,000 compared to $6,654,000 for the same period last year. Loss before taxes on income was $9,164,000 compared to $6,174,000 for the same period last year. Net loss was $9,214,000 or $0.15 per diluted share compared to $6,855,000 or $0.15 per diluted share for the same period last year. Net cash used in operating activities was $8,136,000 compared to net cash provided by operating activities of $1,145,000 for the same period last year. Purchase of property and equipment was $195,000 compared to $51,000 for the same period last year. Adjusted LBITDA was $7.9 million compared to $2.2 million for the same period last year.

Revenue in 2017 and therefore the company anticipates that the company will remain loss making in 2017.