Online accounting software company Xero has slipped further into the red despite tripling it's revenue.
The four-year-old company lost $8.45 million in the year to the end of March - 25% more than it lost the previous year.
Revenue tripled, to $3.2 million as customer numbers grew from 6000 to more than 17,000.
But operating expenses jumped by more than half to $12.87 million as the company's workforce grew from 56 staff to 90.
Xero chief executive Rod Drury says a $30 million capital-raising during the year has allowed the company to grow quickly, and it's been focussing on recruiting accountancy firms to use the products with customers.
Mr Drury says the firm now has more than 1000 accountancy firms on board, and he's confident the company will break even next year.
Shares in Xero have fell 1 cent to $1.57 during Friday morning trading.