Struggling mobile money firm Monitise said full-year 2015 revenue is expected to be between £88 million and £90 million, down from its previous forecast of between £90 million and £100 million.

The firm, whose financial year ended 30 June 2015, is battling with a shift in business model from licensing its technology on an individual basis to selling subscriptions to a cloud-based platform, a more standardised approach.

Monitise expects to be lossmaking in FY2015, although the second half of the year is likely to be sunnier than the first when it lost £30.8 million.  However, the firm said it was still on target to be Ebitda profitable in FY2016.

Meanwhile, the firm continues to burn through its cash reserves, down to £88.6 million at end–June, from £129 million at end-December 2014.

Despite its troubles, and some potential takeover interest, Monitise opted earlier this year to stay independent, although it did dispense with Alastair Lukies, founder and co-CEO.

It is also casting around for means of generating additional revenue, including joining forces with shareholder Banco Santander to target fintech start-ups.

Full-year 2015 results are scheduled to be published on 9 September.