Phorm, the controversial web-habit tracking service has posted a $29.7 million loss for last year, bringing total losses for the company to over $105 million since its launch in 2005.
The only silver lining with the $29.7 million loss is that it is a significant reduction to 2008's figure of $49.8 million.
Phorm is currently seeking more funding in Brazil as this is the only place where an ISP is using the technology at the moment.
"2009 was a difficult year for Phorm, Inc and its subsidiaries, given the postponement of our UK launch and the delays experienced in Korea," says the report.
"Nevertheless, we have learnt a number of important lessons from our experiences. These lessons have caused us to adapt our approach and we are pleased that this has resulted in great progress in many markets where we are engaged."
The most important lesson was going to Brazil with its relaxed regulatory controls. Phorm believes that it has changed its software for Brazil "in such a way as to make it impossible to damage the browsing experience".
Via The Register