Insurtech Flamingo Ai has recorded a full-year net loss of $7.2 million, down from $8.3 million a year earlier.

Revenue increased to $769,683 from $526,758.

The business has about $5.02 million in cash and cash equivalents as at June 30, down by more than half from $11.4 million a year earlier.

Its net working capital surplus shrank sharply to $4.7 million from $11.36 million.

During the year the business underwent a restructure and full-time headcount was cut from 42 to 21 at the end of the 2017/18 financial year.

The company’s management has also reviewed the business and changed its strategy, a move that has gained traction with the securing of contracts with two global financial firms, HSBC and Nationwide.