Quadrise Fuels International said full-year losses narrowed after it incurred lower share option charges.
The company booked a net loss from continuing operations of £4.10m, narrowing a loss of £4.76m in the previous year.
Quadrise Fuels said significant work had been undertaken to progress contracts covering a commercial scale project in Saudi Arabia, comprising production of its MSAR fuel product.
"Progress to date has clearly demonstrated Quadrise's ability to coordinate a complex, commercial scale project working with large multinational organisations, demonstrating to them the many benefits that Quadrise's MSAR technology can provide," the company said.
"Quadrise looks forward to providing updates on the KSA commercial scale project in due course."