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Acquiring a Houston consulting firm helped boost revenue for fledgling Maui software developer Code Rebel Corp. in the third quarter, though the Kahului-based company also suffered a bigger net loss in the period.
Code Rebel said in a financial report filed Monday that its revenue made a nearly fivefold jump to $249,912 in the July-September period from $51,335 in the same quarter last year. Nearly all the increase was due to the addition of a technical engineering company called ThinOps Resources LLC.
ThinOps, which Code Rebel bought July 31 for $9.25 million, contributed $194,237 of revenue during two months in the quarter. That compared with $55,675 for Code Rebel.
Code Rebel’s net loss grew to $516,198 in the third quarter, up from $165,320 a year earlier.
Code Rebel was founded in 2007 and produces software connecting PC and Mac computer systems. The firm became a publicly traded company by selling 1 million shares of stock for $5 apiece in May and raising $5 million. The company issued more shares to buy ThinOps.
Shares of Code Rebel stock fell to an all-time low of $4.30 on Tuesday from $4.79 on Monday. Shares in the company peaked at $38.80 on June 11.