Fintech Flamingo Ai’s financial position worsened in the December half as sales and cash receipts came in below expectations.

The machine learning company, which serves the insurance industry, says its net loss widened to $5.46 million from $3.17 million in the corresponding period of 2017.

Revenue increased 45% to $351,319.

“It proved to be a challenging year… and the financial goals the business had set at the beginning of the calendar year were not met,” Flamingo Ai says.

“Based on the work performed by the group during the half-year to December 31, the group is now focused on implementing its revised strategies to commercialise its technology assets, and to improve its financial performance during [this year].”

Flamingo Ai says its commercial prospects remain bright, citing “qualified discussions” at senior level with current and prospective clients locally, in the US and in Asia.