About 18 months ago, Moa stumbled over soured distribution deals in New Zealand and Australia and launched into new strategies, including bottling, packaging, corking and distribution deals.
Moa's 2013 listing and subsequent capital-raising has drawn in more than $21 million capital from investors and it is yet to make a profit.
Moa chief executive Geoff Ross said in a market update yesterday, the full-year result to March would be similar to last year's loss and the benefits of the new strategies would be realised during the ''coming financial year'' 2015-16.
''New Zealand and Australia continue to be the focus markets,'' he said in a statement yesterday.
Moa shares touched a high of 55c 11 months ago, but over the past year were overall down 26%.
They traded up slightly at 38c after yesterday's announcement.
Last August, Moa raised $5.25 million in a rights issue and had $6.78 million in cash at hand as at September, down from $8 million a year earlier.
Forsyth Barr broker Andrew Rooney said after Moa's original resource consent application to establish premises in Marlborough was contested, it outsourced higher-volume production to McCashins, in Nelson, but was now refocusing its efforts on the expansion of the Blenheim brewery.
''They have focused on repackaging their product, which has increased their gross margin to 19.7%,'' Mr Rooney said.
Mr Ross said it had been ''the right move'' to implement direct distribution models in New Zealand, which was continuing with growth, while in Australia relationships with liquor chains Dan Murphy's 190 stores and 1300 BWS outlets would prompt an expansion of beer ranges.
In the US, Moa was continuing to work with its importer, but with much lower growth expectation, as was the case with exports to China, Singapore and Brazil.
In November, Moa's half year result booked increased revenue and beer-sale gains of, respectively, 70% and 90%, but posted a loss of more than $3 million.
