Windar Photonics has posted a FY pretax loss of €3.3m, against a loss of €3.9m a year previously, and said it was pleased with the progress already made in 2017.
CEO Jorgen Korsgaard Jensen said 2016 was a year with many challenges but at the same time many opportunities.
"We added important new capabilities to our product range opening up even further wind turbine optimisation opportunities using our products, and even though not contributing to our overall revenue growth in 2016, we made significant progress within several OEM test programmes in the year," he said.
"These programmes are essential to supporting our long term revenue targets. Within the IPP market segment we also made important progress in 2016 which has continued into 2017 where we have seen strong growth especially in Asia.
"In the second half of 2016 we reviewed our overall operating expenses in the Group, which is the primary reason for the improved operational performance in the second half of 2016 which improvements have continued in 2017."
Jensen said Windar was now looking to build upon its proven technology and pipeline of opportunities, and was pleased with the progress made already in 2017.