The company’s B2B operations are facing increasing headwinds, as evidenced by a significant 30% YoY decline in revenues, which now stand at $9.9m. Despite this setback, CEO Dermot Smurfit remains optimistic, highlighting the “continued strength” in the company’s international B2C segment. This segment reported a 15% increase in revenue, bringing the figure to $23.9m. As a result, the overall revenue decline for the company was limited to just over 3%, with total revenues amounting to $33.8m.

However, the financial challenges are further underscored by the company’s adjusted EBITDA. The latest figures reveal a loss of $2m, a stark contrast to the profit of $1.3m reported during the same period last year.

In light of these financial results, the company has indicated that it has received “indications of interest” for either a portion or the entirety of its business operations. A board committee has been established to assess these non-binding offers, signaling potential strategic shifts or restructuring in the company’s future.