Behavioural advertising firm Phorm expects to lose an average of £1.1m a month until ISPs start deploying its Webwise technology. Phorm lost £30.4m in 2008, and £20m the previous year.
The company that took the UK into a heated debate on behavioural advertising released its financial results for 2008 (PDF) today, just ahead of the London Stock Exchange's end-of-the-month deadline.
Phorm currently has no revenue model, and has continued to benefit from investor support. The company raised £39.7m in March last year, and a further £14.8m earlier this month.
Phorm is waiting on ISPs to deploy its Webwise technology before it can earn money. The company has signed contracts with UK ISPs Virgin, BT and Talk Talk, but consumer concerns have held back the roll outs. The technology is also being tested in South Korea under the ISP KT.
"The group's cash flow forecasts are subject to a number of uncertainties including, but not limited to, the timing of commercial deployment of the group's services, take-up rates by consumers, publishers and advertisers, and the net revenue per advert that will flow to the group," said Phorm chief executive Kent Ertugrul in a statement.
"In evaluating going concern, the directors have taken into account such uncertainties. The group's forecasts show that the group should be able to operate within its existing cash resources."
Phorm is headquartered in London but registered in the US.
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