Enteq Technologies PLC (AIM:NTQ) chief executive Andrew Law told investors the company is well placed to commercialise its SABER system, which has performed beyond expectations in initial field trials.
"Enteq's game-changing SABER has the potential to significantly increase Enteq's addressable market,” Law said in the company's interim results.
SABER is progressing to North American field-trials in early 2022, where the company said "there is strong customer and partner interest and good market potential".
Enteq reported US$2.3mln of revenue for the six months ended September 30 and a US$1.2mln loss for the period. It ended the half with US$5.3mln of cash.
Revenue in the year to date amounted to US$3.2mln and the order book stood at US$2mln, which the company said gives confidence in the board's expectations for the full year.
“It has been encouraging to see the North American market recover during this first half of the financial year, with Enteq's customers already starting to increase capacity,” Law said.
“The international market has seen a slower response to the oil price relating to COVID, which is to be expected. Despite this challenging international market, sales were made to new customers in two new markets.”
The Enteq chief executive added: “The combination of improving market conditions, a strengthened team and progress of SABER continues to give the board grounds for optimism regarding the short, medium and long-term outlook for Enteq."