Mobile phone firm 2degrees is confident it can start turning a profit in a few years.
The company reported a loss of $76.8 million in the year to December, as it continues to spend heavily on expanding its network to catch up with its larger rivals, Vodafone and Telecom.
Launched less than two years ago, 2degrees has more than 600,000 customers, and demand for high-value data services helped boost revenue to $108 million.
Chief executive Eric Hertz says telecommunications is a capital intensive business, but people like its prices and products.
He says revenue growth is faster than expenses and that needs to continue.
Mr Hertz says if the company stays on track it should be making a profit within a few years.