The graphene product specialist posted negligible revenues in the year to July, while losses rose slightly to £4.55mln.
Adrian Potts, chief executive, said the adoption of its graphene by JBL, Brit Tipp, Airbus and Puraglobe was evidence customers are beginning to recognise the significant benefits the product can offer.
He added, however, that at JBL and Airbus completion of the testing regime required to meet customer expectations has taken longer than originally expected.
As a result, the ramp-up in sales is likely to be later than previously anticipated.
"The launch of our Genable product range combined with our test results earlier in the year has been well received across the coatings sector and this has enabled us to accelerate a number of programmes," he added.
Cash at the year-end was £10.4mln.