Newcastle tech firm ZeroLight saw losses widen to £7.9m, new documents reveal, amid major disruption across the automotive market.
The Quayside based company allows people to customise cars through its cloud-based, 3D interactive technology, and the first year of lockdown saw it accelerate deals with a number of car manufacturers, keen to keep launches on track despite the pandemic. However, accounts for the firm - which works with the likes of MW, Audi, Lamborghini, Porsche, Volkswagen, Skoda and Nissan - show its revenue fell for the first time since its launched in 2014, dropping from £8.3m to £6.7m.
The firm, which was born out racing game developer Eutechnyx, said the sudden drop in activity by some brands had been offset by its work with emerging electric vehicle companies such as Lucid Motors which rely heavily on digital marketing. While operating losses in the year to the end of March 2022, grew from £4.5m to £7.9m, ZeroLight continued to invest in research and development activity - recording £5.2m spend during the period.
