Newly listed brewer Moa Group increased its revenue by 81% in the last year, but the company is still to make a profit.
Moa's sales rose to $4.3 million in the 12 months to the end of March.
The company made an overall loss of more than $3.5 million in the period.
Despite that, Moa chief executive Geoff Ross says the firm has achieved growth targets set out in its prospectus last year, and he's confident they can double sales this year.
Mr Ross says Moa's sales in New Zealand increased by 50% and exports have tripled in the last year.
He says Moa will not pay a dividend, nor will there be any payments made for the forseeable future, as it reinvests any cash to fund its growth.