Libertine Holdings PLC (AIM:LIB) chief executive Sam Cockerill told shareholders in a year-end trading update that the company "made good technical and commercial progress in the year, but the time taken to deliver on our commercial and grant-funded projects has been longer than expected".
In the update on trading and operations for the year ended 31 March 2023, the boss of the developer of Linear Generator technology added: "Commercial interest in our technology for the decarbonisation of heavy-duty vehicles and distributed power remains strong, as demonstrated by announcements made in the period.
"Our funding position is expected to be improved by cash receipts in Q1 2023/24 and we have aligned our technology investment and operational scale up plans with the pace of our commercial progress."
During the year, Libertine said it has continued to support the integration of its electrical linear generator technology with Hyliion Holdings Corp and develop its technology platform through grant-funded operations with the Department for Business, Energy and Industrial Strategy (BEIS), alongside a number of other commercial projects.
Whilst good technical progress has been made in the year with a number of these projects now in dyno testing, the company added, development to reach this stage has taken longer than previously expected impacting the timing of follow-on revenues, such that full-year revenues are expected to be between £200,000-£400,000 below the current guidance, dependent on agreement in relation to certain revenues for work completed in the year ended 31 March 2023.
Delays in the delivery of development milestones with key customers have also resulted in cash receipts of around £0.8mln now expected to fall into the first quarter of the following financial period.
The contracted work with Hyliion is continuing and the company's management expect to enter a second phase agreement with Hyliion, in line with the multi-phase Joint Development Framework Agreement.
Libertine said it remains committed to developing its technology platform for OEM customers and continues to receive interest from a number of customers across different applications.
The company added that its management remain of the view that the company has sufficient funding to continue its operations broadly in line with the plans set out at IPO and are focused on partnering with OEMs to support the development of its technology.