(Reuters) - British nanotechnology company Nanoco Group Plc cut its full-year expectations saying sales have not materialised in the second half.
Shares in the company were down 18 percent at 29.37 pence at 0714 GMT, after falling as much as 22 percent, near an 8-year low.
The company, which specialises in quantum dots, said it is currently engaged with nine OEMs (original equipment manufacturers) on 14 different programmes but is awaiting its first commercial sales.
Quantum dots are semiconductor nanocrystals that are 10,000 times finer than a human hair and can convert electrical energy into light and be manipulated to produce precise colours in display.
Nanoco, whose cadmium-free quantum dots are licensed by Dow Chemical Co and Merck KGaA, is one of the four biggest makers of the product.
Dow and Merck would commence shipping commercial sales in July and November 2017 respectively, Nanoco said on Tuesday.
The company reported revenues of 0.68 million pounds ($845,376.00) for the six months to Jan. 31 and a loss before tax of 6.4 million pounds.
($1 = 0.8044 pounds)
Reporting by Rahul B in Bengaluru; Editing by Sunil Nair