The cash-strapped company that received WA government funds despite not meeting targets attached to a wave power project has been suspended from trading on the Australian stock exchange.

Carnegie Clean Energy was on Friday suspended for failing to lodge its half-year financial report in time.

In a statement to the ASX, the company said it regretted missing the deadline and was working closely with auditors to have the accounts lodged as soon as possible.

It emerged in parliament in September that Carnegie had not cleared any hurdles connected to the Albany project, but the following month it still got a $2.625 million payment, described as being part of a “variation” to the first $5.25 million milestone.

Carnegie was also given a nine-week deadline to submit its detailed funding plan for the project to the state government, but was granted an extension to February after citing uncertainty around changes to federal R&D tax incentives.

Premier Mark McGowan said the funding plan was being reviewed by cabinet.

“Clearly it’s a concerning situation,” Mr McGowan told reporters.

The company posted a $63.34 million net loss for 2017-18, revealing it paid $2.12 million in wages and fees to its executive team and consultants during the period.