LONDON (Alliance News) - Shares in HaloSource Corp dropped on Friday as the company guided for a widened annual loss and said it needs further funding to cover its business plans.
Shares in the clean water innovator were trading down 18% at 0.83 pence.
For 2018, HaloSource expects a net loss of between USD7.0 million to USD7.5 million. A year ago, the firm posted a net loss of USD5.7 million.
Revenue is expected in the range of USD2.0 million to USD2.5 million, flat on the prior year when it came in at USD2.0 million.
For 2019, the firm expects revenue between USD7.0 million and USD8.0 million, leading to an expected net loss of USD4.0 million and USD4.4 million. Meanwhile, looking at 2020, HaloSource forecasts revenue of between USD14.0 million and USD16.0 million.
The company said it could become profitable in 2020 as it expects earning ranging from a net loss of USD600,000 to a profit of USD200,000.
The company said it believes that, given intervening trading, it has sufficient working capital to last until the end of 2018.
Looking ahead, HaloSource said it is exploring ways to raise additional capital. It will need at least between USD4.0 million and USD5.0 million to fund its business plan for other 12 months.
