Moa's 2013 listing and subsequent capital-raising has drawn in more than $21 million from investors.
Moa remains debt-free, holding $6.78 million cash, and booked a 90% production increase from 360,000 litres of beer to 684,000 litres in its half-year to September.
However, analysts were harsh about Moa's present progress. More than a year ago, the company stumbled over soured distribution deals in New Zealand and Australia and yesterday it gave no time frame for profitability.
Moa posted a $3.03 million loss a year ago and a $3.21 million loss for the latest half, the latter including a one-off $438,000 business-project cost.
Following a share high of $1.25 in July-August last year, Moa shares have plunged to trade around 43c yesterday.
Forsyth Barr broker Andrew Rooney said Moa was ''growing solidly'' as a New Zealand brand and had increased its market share to 8.7%.
''While this is relatively impressive, investors should remember that this was sold as an international growth story, which has not come to fruition, and is at the expense of total volumes and margins,'' he said. Investor capital had not been used for the purposes outlined in the prospectus, for brewery expansion and overseas marketing, he said.
While Moa might continue to develop into a ''solid'' New Zealand beer, ''the international growth story appears unattainable currently'', Mr Rooney said.
Forsyth Barr has officially dropped coverage of Moa and Mr Rooney reiterated its previous opinion ''that there are better places to be for investors''.
Moa's revenue grew 71% from $1.44 million to $2.46 million, its New Zealand sales more than tripled from 178,000 to 562,000 litres, and its market share more than doubled from 3.8% to 8.7% during the past year.
Craigs Investment Partners broker Peter McIntyre said the result was ''satisfactory'' but investors would be looking for ''significant growth over the next few quarters''.
''Moa's focus is sales, and they've got distribution and market share, but they've done it off low-hanging fruit,'' he said.
Market share aside, he cautioned the domestic craft beer market was becoming crowded and while Moa had cash in hand, he did not rule out it having to seek more cash in the future.
Moa's interim report said that in translating volume to dollars, its half year grew 71%. That illustrated the impact of the focus on New Zealand sales, which fetched a lower per-case price than export sales, it said.
''This is a deliberate strategy to get the home market up and running profitably, before spreading ourselves too much further afield,'' the report said.
