Phorm, the behaviourally targeted online advertising firm, has posted a loss before tax of $15.6 million in the six months to the end of June – and continues to burn through its cash reserves at $1.8 million a month.

The company, which has refocused its strategy to Latin America, failed to report any revenue for the six-month period. The company’s cash balance is dwindling, and it stood at just $5.7 million on June 30th. It said it has successfully completed a number of test advertising campaigns and is “currently taking orders for our first commercial advertising campaigns”.

Phorm has a deal with Brazilian firm Oi, although more recently the company has also struck a deal with Telefonica in Brazil.

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