Shares of Xeros Technology Group PLC (AIM:XSG) fell 40% in early trading following a significant downgrade in revenue expectations.
The company announced that delays in launching its laundry technology with Indian partner IFB Industries, now pushed to 2025, and uncertainties surrounding French microfibre filtration regulations have impacted its financial outlook.
Xeros now projects revenues of £0.5m for FY24 and £3.8m for FY25, down from previous expectations, with an adjusted EBITDA loss of £4.2m for FY24.
In early trading, the stock was down 0.48p at 0.74p.