May 2 (SeeNews) - Bulgarian beehive-monitoring software developer Bee Smart Technologies [BUL:BEE] said it expanded its standalone net loss to 492,000 levs ($275,655/251,555 euro) in 2022 from 253,000 levs a year earlier, due to higher expenses.
The company's total revenue grew to 1.1 million levs last year from 752,000 levs in the prior year, it said in an annual financial report on Friday.
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Expenses in the review year widened to 1.68 million levs from just over 1 million levs in 2021, as costs for materials, hired services and personnel all increased.
Last month, the start-up said it attracted HiPP Romania and Nestle Romania to its beehive adopting programme, expanding its Romanian operations launched in late 2022.
Bee Smart Technologies develops cloud-based technology for remote beehive monitoring and enables honey producers to sell their output on its online platform. The company raised 1.2 million levs in an initial public offering in July 2022. Its shares last traded flat at 19.00 levs on the Sofia bourse on Friday.
(1 euro = 1.95583 levs)