The stock trades 7% lower at 61p as broker Cannaccord Genuity once again cuts its price target on the stock, this time from 99p to 84p.
Revenue at Tungsten gained 20% in the first four months of the year driven by an increase in invoices processed. Management believes it can bring Tungsten's invoicing business to break-even by the financial year ending June 2017 without the need for more shareholder cash.
Those targets do not include any contribution from Tungsten's fledgling Early Payment invoice finance business, which many investors believe to be the business's unique selling point.
Early Payment posted solid growth albeit from a low base in the first four months of the year.
Suppliers actively using the platform increased from 38 to 89 and the total number of invoices financed increased from £32 million to £62 million.
Adding new suppliers and buyers to the Tungsten Network, securing buyer renewals at improved pricing and adding suppliers to Early Payment are all key factors if Tungsten is to meet its targets, chief executive Richard Hurwitz says.