Applied Graphene Materials PLC (AIM:AGM, OTCQX:APGMF) said it remained upbeat on growth despite Coronavirus (COVID-19) and supply chain challenges.
The producer of specialty graphene materials continues "to make excellent progress" in developing its graphene nanoplatelet dispersion technology.
But added the impact of external industry-wide factors meant “commercial revenues have been slower to develop than we would have liked”.
Revenue increased to £46,000 in the six months to January 31, up from £42,000 the year prior.
Applied Graphene did however report a loss before tax of £1.9mln.
“Many of our customers have been challenged to source the raw materials needed for their standard products and have temporarily refocused resources away from research and innovation, which has led to a slowing of customer evaluation, formulating and testing of our products,” said Adrian Potts, chief executive officer.
Operationally, the producer of specialty graphene materials said that pipeline engagements grew to 192, up from 135 the year before, with a resulting revenue potential of £3.2mln.
The car sector continues to grow, with several customer products set to come to the market, as well as the launch of its chemical-resistant coatings portfolio this month.
London-listed Applied Graphene believes it has a “strong product range” and continues to commit to further developing industrial coating opportunities.
Strategically, it said that technology development continues with growing its IP platform.