Phorm has confirmed it lost $29.7 million (19.8 million) last year following the postponement of its UK launch.
The company is now set to pull many of its operations out of the UK and move them over to Brazil in an attempt to save cash and rejuvenate the company.
The technology the company is famed for tracks internet user activity, allowing advertisers to target their products more effectively.
It came under a lot of scrutiny in the UK after it was discovered BT was secretly trialling the tech and there are still rumblings that a court case may appear against them.
In its preliminary results statement, the chairman and chief executive (CEO) Kent Ertugrul, said the company had "learnt a number of important lessons" from their experiences and were positive about their move to Brazil and partnership with sole ISP Oi.
"We have implemented a full opt-in approach in Brazil and have adapted our technology in such a way as to make it impossible to damage the browsing experience," he said.
"As a result, we believe that technical trials such as those undertaken by BT in 2008 are no longer necessary."
Despite its financial failings, Phorm is still able to bring in the bucks from investors to keep the company afloat.
Last year it received 15 million from private investors but the firm admitted it will need more over the next year to make up for delays in "commercial deployment" of its technology.
