Kintera, the San Diego-based provider of software and services to nonprofits, said its net loss for the three months ended March 31 fell to nearly $9.3 million, or 26 cents a share, from nearly $11.7 million, or 39 cents a share, in the same period last year.
Net revenues for the quarter grew to nearly $10.7 million from over $9.3 million last year.
The company said in documents filed with the U.S. Securities and Exchange Commission that while its revenues had grown year to year, it had sustained significant net losses and negative cash flows from operations every fiscal period since it started, and that it had a $104 million accumulated deficit as of March 31.
It said clients using its products handled online donations totaling roughly $51.7 million for the three months ended March 31, down from $82.2 million in the same period last year.
But it said the first quarter of the year historically resulted in limited growth, and that online donations had grown in the first quarter of 2005 because of tsunami in southeast Asia.
The company also said that it historically had funded operations mainly through the sale of equity securities, with four sales totaling $84.4 million, starting with an initial public offering in December 20o3 that raised $36.1 million.
Kintera said it believed its cash, cash equivalents and short-term investments would be “sufficient to meet our planned working capital requirements and contractual commitments for at least the next 12 months.”
But if it cannot increase its revenue and substantially decrease its expense, the company said, it will need to raise additional funds to finance future capital needs.
And it “may need additional financing earlier than we anticipate,” the company said, and “cannot assure you that we will be able to raise additional funds on terms favorable to us or at all.”