Shares in Pipehawk PLC traded down 11% on Monday after the company said production of the Ventive Home system, which was scheduled to begin in June 2022, is now expected to start in September 2023.
The U.K.-listed technology company said that Ventive Ltd. needs to raise additional development capital, which has taken longer than originally expected.
On March 10, the company won a contract with Ventive via its subsidiary QM Systems. Production of the Ventive Home system was expected to deliver revenue of around 7.5 million pounds ($8.4 million) in the 12 months to June 30, 2023, the company said.
Shares at 0749 GMT were down 0.02 pence at 0.14 pence.