Good morning, ladies and gentlemen. Welcome to TeraGo's second quarter 2024 financial results conference call. Currently, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session with pre-qualified analysts on the call, and instructions will be provided at that time for you to queue up for questions. If anyone has any difficulties hearing the conference, please press star followed by zero for operator assistance at any time. I would like to remind everyone that this conference call is being recorded. TeraGo would like to remind listeners that the company's remarks and answers to your questions today may contain forward-looking statements that are based upon management's current expectations. All such statements are made pursuant to the safe harbor provisions of, and are intended to be, forward-looking statements under applicable Canadian securities legislation.
When relying on forward-looking statements to make decisions with respect to the company, you should carefully consider the risks set forth in the Risk Factors section in the 2023 annual MD&A, which is available on www.sedar.com, and also consider other uncertainties and potential events. Except as may be required by Canadian securities laws, the company does not undertake any obligation to update any forward-looking statement as a result of new information. We would also like to remind listeners that TeraGo uses certain non-GAAP financial measures to arrive at adjusted results to assess its business and to measure overall performance. TeraGo believes that these financial measures provide readers with a better understanding of how management views the company's overall performance. I will now turn the conference over to TeraGo's Chief Executive Officer, Daniel Vucinic. Sir, please proceed.
Good morning, everyone, and welcome to our second quarter 2024 earnings call. Today, we are pleased to share how we are further accelerating our value creation strategy. This marks my first four quarters of my tenure at TeraGo as CEO. Revenue, ARPU, gross margin continued to increase, combined with optimized operating expenses, driving Adjusted EBITDA growth. Our smart growth strategy includes a disciplined approach to capital expenditure, substantially improving profitability. The improvements during these four quarters, compared to the prior four quarters, have resulted in increased cumulative Adjusted EBITDA by CAD 706 thousand, cumulative positive cash flow generated from operations of CAD 4.2 million, and decreased use of debt facility by CAD 7.6 million. From a current operating metrics perspective, our sales pipeline and sales bookings are starting to grow.
Churn bookings are significantly lower as a result of our churn strategy initiatives around client engagement, value creation, and proactive contract renewals. In addition to the strong financials reported, ISED's announcement in May 2024 ensures TeraGo retains and renews its millimeter wave spectrum licenses. This decision provides certainty and clarity on our licenses, allowing TeraGo to continue to drive competition, innovation, and increased investments in its next-generation wireless connectivity offerings for Canadian businesses. Our comprehensive strategy is enhancing value for our clients, employees, and shareholders, delivering exceptional results. As we move forward, our primary focus will be on accelerating revenue growth as Canadian businesses demand an alternative managed service provider who focuses on customer experience, carrier diversity, and being agile and nimble. TeraGo's revived narrative is getting positive reception from the investor community as the business progresses. Now I'm going to pass over to our CFO, Raj Sapra.
Thank you, Dan. Morning, everyone. Turning to slide 4 of our Q2 2024 financial results presentation, which is available on our website, for a look at our key performance indicators for the second quarter of 2024. Our average revenue per customer, or ARPU, as Dan said, for our connectivity business, was CAD 1,200 in Q2 2024, an 8.7% increase compared to CAD 1,104 for the same period in 2023. ARPU levels continue to improve as a result of smart, profitable growth, coupled with changes in customer base and product mix. Our churn was 1%, compared to 1.2% for the same period last year.
Customer churn continues to reduce due to our continuing execution of the company's strategy to focus on mid-market and large-scale customers, as well as implementing new strategies for customer renewals and retention. Turning to slide five to go through our Quarter Q2 2024 financial highlights. Total revenue for the quarter was CAD 6.6 million, as compared to CAD 6.5 million from the same period in 2023. The increase in revenue is a result of increase in sales bookings and lower customer churn as compared to the same period in 2023. Adjusted EBITDA was CAD 0.9 million in the second quarter, an 88% increase compared to CAD 0.5 million from the same period in 2023. The company continues to strive for profitable growth and driving efficiencies in the business.
Since the beginning of Q3 of last year, as a result of these initiatives, the company has increased the cumulative Adjusted EBITDA by CAD 706 thousand, as compared to the four quarters prior to that period. Net loss for Q2 2024 was CAD 3.2 million, a 25% decrease compared to a net loss of CAD 4 million for the same period in 2023. The company's efforts over the past four quarters to optimize its cost structure by reducing costs and operating the business efficiently, has resulted in lower salary and operating expenses, with a partial offset of higher interest costs on the debt facility for the second quarter of 2024, as compared to the second quarter of last year. Turning now to slide six, to the balance sheet.
We ended the second quarter of 2024 with CAD 3.6 million in cash and cash equivalents in short-term investments. In the second quarter of 2024, we generated CAD 0.8 million, or 800,000, in cash flow from operations for the business, as compared to CAD 1.2 million of cash outflow in the same period in 2023. Since the beginning of Q3 of last year, with a focus on managing the operations effectively, the company has generated a cumulative increase in cash flow from business operations of CAD 4.2 million, as compared to the four quarters prior to that period. With that said, I would like to turn the call back over to Dan. Dan?
Thanks, Raj. Our value creation strategy continues to build significant momentum in the business, combined with ISED Spectrum decisions, uniquely positions TeraGo to drive innovation and increase investments in its next generation offerings for our business. That wraps up the prepared remarks for us today, and we can now open up the call for questions. Operator, back to you.
Thank you. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please, while we poll for questions. We have reached the end of the question-and-answer session, and I will now turn the call over to Daniel for any closing remarks.
Thanks again, everyone, for joining us on our call today. I'd like to thank our customers and shareholders who continue to support the company, and would also like to thank everyone at TeraGo who continues to do an outstanding job. We look forward to providing an update on our progress on our next quarterly earnings call. Operator?
Thank you. This does conclude today's conference, and you may disconnect your lines at this time. Thank you for your participation.