Online accounting software Xero says it is gaining traction overseas, particularly in the lucrative US market.
Xero lost $3.7 million in the six months to the end of September, compared with $4.7 million in the same period last year.
But it more than doubled its revenue and customer numbers.
Xero had intended to break-even this year, but it changed its focus to pursue further growth.
Chief executive Rod Drury says the approach is paying off, with more than 40% of the company's revenue now coming from offshore.
And he expects that to grow as the brand becomes established in large overseas markets.
"We started this company as a global company from day one. We've got New Zealand pretty much locked in. Obviously it takes time to flip everybody over, and we've still got lots more things to do in regards to the product but all those things look pretty good."
Former Kiwibank chief executive Sam Knowles took over as Xero's chairman on Friday, replacing Phil Norman, who plans to step down from the board before the next annual meeting.
Xero's co-founder, Hamish Edwards, will also leave the board before the end of the year, but will remain involved with the company as an executive.
