Vancouver's CounterPath Solutions Inc. has reported a 35% increase in its annual revenue for the year ending January 31, 2008.
Annual revenue for the voice over Internet protocol (VoIP) provider rose to US$4.5 million from US$3.3 million last year. Total expenses, however, more than doubled, resulting in a net loss of US$6.4 million compared with a loss of US$1.6 million in 2006.
The company said that research and development costs and administrative expenses, which doubled, were among the main increases for the year.
CounterPath completed its acquisition of FirstHand Technologies Inc. and BridgePort Networks Inc. in the third quarter.