Biofuel researcher-turned-pot stock Algae.Tec isn’t yet delivering the green stuff — either cash or cannabis.

In the March quarter Algae.Tec took in $5157 in customer receipts. That followed $1791 in the previous quarter.

Back in the September quarter it pulled in $226,000 from its algae food products.

Algae.Tec (ASX:AEB) started as an algae-based biofuel researcher with aims to supply biodiesel and bio-jet fuel. It later pivoted into nutraceuticals and then medical cannabis.

Five months ago new chairman Mal James told Stockhead the company would start making money by the end of June this year.

He said first sales would come from the algae-for-nutraceuticals in the March quarter, and first cannabis revenue would come in the first half of 2018.

But although the company is beginning to find its feet as an algae powder and oil supplier in the US, those plans have hit delays.

In December, Mr James said they were supposed to start making sales by the end of that quarter, depending on how long it took a US processing plant to extract the oils that sales partner Gencor Pacific wanted from algae powder.

In January, the company said it still expected to make about $US2 million this year from the agreement with Gencor but that it had been delayed.

Today it didn’t mention that deal.

The first spike last year was on the back of no real news, and the second came after the government said it would allow medical cannabis exports.

Instead, Algae.Tec said it had started selling algae-based fish food through US “aquarist supplier” Seachem Laboratories.

The first Uruguayan cannabis crop harvest has also been delayed until after June.

Algae.Tec and its joint venture partner Jardine de Inverno set up a commercialisation company called Auberna, and as a result the Uruguayan government required all licences to be swapped over.

So instead of a March harvest, as hoped for by Mr James, that will slip back.

“Plans are now being finalised for the first crop to be harvested during the remainder of calendar 2018 once the transfer of the licences is completed,” the company said.

The first crop was planted in September.

Mr James said last quarter was a period of consolidation — and promised growth after June.

“This consolidation has been underpinned by the robust response to the placement announced in January, and these funds have already been deployed to key areas of the business,” he said.

“We thank our loyal shareholders for their support during the quarter.”

Algae.Tec shares dipped on the news by almost 4 per cent to 2.5c.

Algae.Tec has been contacted for comment.