Joy Spreader Group (HKG:6988) expects a net loss between HK$1.05 billion and HK$1.15 billion in 2024, 34% to 47% wider than HK$784.2 million from 2023, a Friday bourse filing said.

The company's expected revenue for the year is HK$110.0 million, 98% lower than HK$5.08 billion from 2023.

The technology company attributed the expected increase in loss and the decrease in revenue to its shift to an asset-light business model and the shift of its focus to its own e-commerce platform MARTOP as a transaction-matching platform.

Due to providing free transaction-matching trading leads to the suppliers and distributors, the company recorded nil operating revenue from MARTOP during the reporting year compared with HK$4.59 billion in 2023.