Applied Graphene Materials (AGM) saw its sales dip as a result of the coronavirus pandemic but has said it expects to grow after boosting its distribution network.
The Redcar firms specialises in making graphene, a wonder material that is incredibly strong as well as being a conductor of heat and electricity.
AGM has developed its own dispersal method, which allows it to spray the graphene over surfaces.
The company has struggled to turn a profit in recent years and saw its sales further hit by the coronavirus crisis.
Speaking in the company's accounts, CE0 Adrian Potts said: "We have seen a solid year of progress despite the global impact of coronavirus. Whilst we have been able to maintain continuity of our long term testing and materials development, we have seen a slowing of customer volumes in our second half of the year.
"We anticipate this to rebound as restrictions begin to be removed."
Revenue for the year ending July 31 2020 increased to £83,000, up from £50,000 during the previous year.
The company made an operating loss of £3.7m during the year, an improvement of the £4.8m loss it made in 2019.
Despite failing to make a profit Mr Potts was optimistic about the future due to the company signing a number of new distribution agreements. The agreements cover distribution agreements in US, Canada, theº£½ÇÊÓƵ, Germany, France, Spain, Portugal, Scandinavia, the Benelux countries and Greece.
Mr Potts added: "I am particularly excited about the appointment of high-quality distribution partners for our business. This will enable the presentation of the possibilities of graphene materials to a more comprehensive audience.
"I see the combination of expanded geographical presence, technical excellence and commercial astuteness through our distributor platform as a recipe for successful engagement with the broad set of opportunities anticipated.
"We are starting to see graphene come of age. It is my firm belief that the means of realising the remarkable performance benefits that graphene nanoplatelets have to offer is in the successful integration of these materials into a range of host products to make them even better."
