Inspirit Energy (LON:INSP), the group commercialising a micro combined heat and power (mCHP) boiler, saw shares dip, despite it saying it made extremely positive progress over the last year and reported a narrowing of the pre-tax loss.
The loss was £779,000 for the 12 months to June 30, 2015, compared to a loss of £1.4mln a year earlier, due to the booking of a £663,000 one-off charge against goodwill.
The gas boiler is designed to produce hot water and a simultaneous electrical output that can be used locally or fed back to the grid.
The period saw several key agreements struck, including for the future installation of test products with a utility company and other organisations and a letter of intent with a large scale manufacturer.
In addition, sales and marketing staff were appointed for the next phase of sales and distribution.
John Gunn, chairman and chief executive, said: "We are well positioned at the forefront of mCHP boiler technology and I firmly believe we will continue to make great progress in 2016 and beyond, in achieving our goal of technological commercialisation."
Shares eased 4.6% to 0.415p.