Nanoco, which develops quantum dot lighting, saw its share price fall almost six per cent after announcing losses had widened in the last year.
The firm was £4.35m in the red in the year to the end of July, from £3.22 the year before.
It posted a loss in terms of earnings per share of 1.8p, compared to 1.3p in 2011, saying there would be no dividend.
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The loss came on revenues that were up to £2.95m from £2.64m the previous year.
The firm said the wider loss reflected costs associated with completing the company's Kilo Lab facility, together with higher staffing costs.
The firm also warned that it remained difficult to predict the exact timing and scale of orders particularly as it was seeing an emerging preference in the display industry towards its quantum dots being used in films.
Nanoco's shares were trading down 5.7% at 62p by 1415 on Monday.
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