Surface Transforms (AIM:SCE), the high-tech brake manufacturer, dropped again as it warned issues are still hampering production.
Single points of failure and a learning curve on the maintenance of new equipment are affecting the manufacturing line, it said.
Sales expectations for the current year (2023) have been reduced to £8.6 million with full production not now expected until the first quarter of 2024.
Surface Transforms (AIM:SCE) added it has reviewed its cash needs as a result and is in talks about a £13 million loan for capital expenditure and that would be released as it expands capacity.
Currently, the target is to have capacity equivalent to a £50 million sales per year run rate in 2024 and for a £75 million sales run rate in 2025.
By 2027, Surface Transforms wants to have capacity equivalent to £150 million of sales annually.
Kevin Johnson, chief executive, said: "These ongoing production issues are frustrating for all of us, particularly as the issues are not, in themselves, insurmountable.
“The revision to our plan for 2023 both reflects recent performance and provides certainty for our customers over the next six months. Our customers continue to understand the issues we are facing.”
Shares fell 6.75p to 16.75p.