Superscape's full-year results to January served up an all too familiar cocktail of tantalising business developments and depressing figures. Losses hit £9.6m on just £1.9m sales. This compares with a £4.3m loss from £1.4m of revenue in the six months to January 2001. Even more worryingly, cash reserves fell by more than £10m to £11.3m, sparking concerns over whether the company has enough capital to reach profitability. Superscape has tapped investors for more than £31m since January 1998 and has yet to make a profit. Results aside, its management remained upbeat. The company seems to have carved a niche in the provision of 3-D technology for mobile phones and PDAs. A strong partnership with chip giant ARM was formed, meaning next generation mobile phones will be able to run its software. In addition, it offers a set of 'authoring tools' that enable third parties to develop applications and games for these handsets. The quality of Superscape's technology is not in doubt. But as one market insider put it: 'It's all very well to be blown away by the software, but the bottom line of the accounts is really all that matters'. House broker Investec Henderson Crosthwaite forecasts a £6.4m loss for the current year. As such, the company remains speculative at best.