Haydale Graphene Industries has more than doubled its revenues from £1.92m to £3.91m in a "year of considerable developments".
The Carmarthenshire-based graphene specialist has also revealed plans to raise £6m to support further growth.
According to the listed company's results for the year ended 30 June 2017, total income has grown to £3.9m from £1.92m.
Despite this, however, pre-tax losses increased to £5.6m from £4m the year before.
During the year, New York-based Everpower International Holdings invested £3.6m in Haydale, acquiring a 9.9% stake.
Haydale also acquired
Alongside its financial results, the company has also revealed plans to raise £6m through an accelerated bookbuild.
The investment will be used to fund general working capital and the development of commercial opportunities.
Ray Gibbs, chief executive of Haydale, said: "This has been a year of considerable developments at Haydale as the Group has moved from being R&D focused to a commercial entity with a focus on repeatable revenues of our advanced materials in both Graphenes and our specialist Silicon Carbide micro fibre product.
"We are at the inflexion point in our evolution
“We have grown total income by 100% and with the recent overseas investments and emphasis on increasing sales, we look at the current financial year with much optimism having built the foundations for the Group to achieve its long-term strategic objectives."
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