Software provider Stream recorded a $3.52 million net loss for the year to June 30 as the business suffered a non-cash $2.9 million impairment charge.

The business made a net loss of $127,902 in the previous year.

Revenues from continuing operations declined to $1.25 million from $1.45 million in 2017/18.

Stream says the impairment charge included a $2.7 million writedown in the carrying value of a core software product the business is targeting at insurance brokers and other industry participants.

The business is developing a modified version of the product and expects to have it ready by the end of November.