Good morning, ladies and gentlemen, and Welcome to the Voxtur Q2 2024 Earnings Call. At this time, all participant lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. And if at any time during this call you require immediate assistance, please press star zero for the operator. Also, note that this call is being recorded on Friday, August 30th, 2024. And I would like to turn the conference over to Mr. Jordan Ross. Please go ahead, sir.
Good morning, everyone. Thank you for joining us for the Voxtur 2024 Second Quarter Earnings Call, where we will discuss our financial results and business highlights. Please note that our results for the three and six months ended June 30, 2024, were released August 29, 2024, and can be accessed on SEDAR+ and on our website at voxtur.com. Joining me today are Executive Chairman Gary Yeoman, CFO Robin Dyson, and where we will begin prepared remarks and then move into a Q&A. If we are unable to get to your question, you are always welcome to contact me directly at jordan@voxtur.com. Robin Dyson will begin by reviewing our financial results. After that, Gary Yeoman will provide updates as to how we are progressing towards our objectives.
Before we get started, please be advised that some of the information that we will share on this call may contain forward-looking statements. We caution you to not place undue reliance on forward-looking statements and undertake no duty or obligation to update any forward-looking statements as a result of new information, future events, or changes in our expectations. Further, on today's call, we will report using both IFRS and non-GAAP financial measures. We use these non-GAAP financial measures internally for financial and operational decision-making purposes, as we believe that they provide a meaningful measurement of financial performance and valuation. These non-GAAP financial measures are presented in addition to, and not as a substitute for, financial measures calculated in accordance with IFRS. To see the reconciliation of these non-GAAP measures, please refer to our management's discussion and analysis, which is available on SEDAR+.
A replay of today's call will also be posted on our website. Finally, please note that all references to amounts or currency during today's call are in CAD, unless otherwise stated. I will now turn the call over to our CFO, Robin Dyson.
Thank you, Jordan. Good morning, everyone, and thank you for joining us today. I will provide an overview of the financial highlights for the three and six months ended June 30th, 2024. In July 2024, the company entered into a definitive agreement to divest 50.5% of the interest of Blue Water Financial Technologies Holding Company, LLC, a subsidiary of the company, for an upfront cash payment of $30 million, plus a $9.5 million earn out, subject to the achievement of certain milestones. This transaction is subject to various closing conditions. Funds from this transaction will be used to reduce the company's credit facilities and provide working capital. In accordance with IFRS standards, as at June 30th, this line of business has been accounted for as a discontinued operation.
As such, all P&L activity related to this business for the current and prior periods has been carved out of the individual revenue and expense line items in the financial statements and have been reflected as a single line item in the presentation of each of net loss and comprehensive loss. The Q2 MD&A presents key financial metrics for both continuing and discontinued operations. The metrics to be discussed on today's call will be based on continuing operations only unless otherwise noted. Revenue decreased to CAD 8.5 million from CAD 9.6 million for the three months ended June 30th, 2024 and 2023, respectively, and decreased to CAD 17.3 million from CAD 20.6 million for the six months ended 2024 and 2023, respectively.
Software and data licensing revenue remained stable on a year-over-year basis for both the three and six months ended June 30th, 2024 and 2023. The decline in revenue was primarily attributable to technology managed services and settlement services. The company is actively pursuing rebuilding these revenue streams through the expansion of our client base and a new product offering. Gross profit decreased to CAD 4.6 million from CAD 5.2 million for the three months ended June 30th, 2024 and 2023, respectively, and decreased to CAD 9.7 million from CAD 11.5 million for the six months ended June 30th, 2024 and 2023, respectively. These decreases are primarily attributable to the decreases in revenue noted.
Gross profit as a percentage of revenue remained stable for both the three and six months ended June 30th, 2024 and 2023, at 54.4% and 56%, respectively. Adjusted EBITDA from continuing operations remained stable at CAD -3.2 million for the second quarter of 2024, as compared to CAD 3.3 million for the same period of the prior year. Year to date, to the end of the second quarter, Adjusted EBITDA improved from CAD -7.9 million in 2023 to CAD -5.4 million in 2024. We continue to remain focused on revenue growth, cost containment, and debt reduction.
I will now turn the call over to our Executive Chairman, Gary Yeoman, to provide business updates.
Thank you, Robin. Good morning, everyone, and thank you for joining us today. I'm here to discuss the progress we've made operationally and goals of improving our balance sheet. More specifically, reducing our corporate debt even as we continue to navigate a challenging landscape. Before I discuss the company's strategic focus in Q2 results, I want to welcome and formally introduce Ryan Marshall as Voxtur's new CEO, who is here with us today to answer any questions you may have during the Q&A. On a going-forward basis, Ryan will be conducting these calls and highlighting his strategy behind the One Voxtur vision, but I will also be readily available to answer any of your questions. The second quarter presented a few challenges, including a continued high mortgage rate environment, a delayed transaction with the university that was finally announced in late July, and an unexpected proxy contest.
Despite these headwinds, we remain steadfast in our commitment to our shareholders, clients, and employees of delivering long-term value and innovation within the mortgage industry. This strategy is a cornerstone of our growth plans, ensuring that we're not just reacting to current market conditions, but actively shaping our future in a way that drives sustained success. One of the few key takeaways from this quarter's results is the emphasis we've placed on operational improvement. We have intensified our focus on efficiency and cost management, which has allowed us to identify areas where we can streamline operations. These efforts are not just about cutting costs, they are about making our operations more agile, more responsive, and better aligned with market demands. We are also actively exploring new strategic distribution points to broaden our reach and enhance our market presence.
By diversifying our distribution channels, we are positioning ourselves to better serve our customers and capitalize on emerging opportunities in the marketplace. This includes leveraging a single client onboarding platform that we have developed internally. In addition to these efforts, we are implementing targeted measures to enhance profitability. This includes refining our product offerings, optimizing our pricing strategies, evaluating staffing gaps, and aligning our operations more closely with the evolving needs of our clients. These steps are essential as we work to ensure that every aspect of our business is geared towards delivering value, both for our clients and our shareholders. Our investment in technology and customer experience remains a top priority. We believe that by continuing to innovate and improve the ways we engage with our customers, we can lay out the groundwork for future growth. This investment is not just about today's results.
It's about building a foundation for long-term success and ensuring that we are well-positioned to capture growth opportunities as they arise. While Q2 has undoubtedly been challenging, I'm confident in our strategic direction and our ability to navigate the current environment successfully. Our commitment to innovation, operational excellence, and client centricity will continue to guide us as we move forward. I believe that with these foundations in place, we are well equipped to overcome challenges and create meaningful value for our shareholders in the quarters and years to come. Thank you for your continued support and trust in Voxtur. I look forward to answering your questions. Operator, I'll turn it over to you now.
Thank you, Mr. Yeoman. Ladies and gentlemen, if you would like to ask a question, please press star followed by one on your touch-tone phone. You will then hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by two. And if you are using a speakerphone, you will need to lift the handset before pressing any keys. One moment please for our first question. Once again, ladies and gentlemen, if you do have any questions, please press star followed by one on your touch-tone phone. And at this time, Mr. Yeoman, it appears we have no further questions. Please proceed.
Well, thank you very much, everyone. I realize it is a Friday morning on a long weekend, and as a result of this report being recorded, I expect, you know, we will have lots of questions in the coming days, ahead. But thank you for those that have dialed in. Only know that we are working extremely hard and, we'll continue to show why you have supported us. Thanks very much and have a great long weekend, everyone. This ends our meeting. Thank you.
Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending, and at this time, we do ask that you please disconnect your lines.