Ocean Power Technologies (OPT), a New Jersey-based wave energy developer, has reported a decrease in net loss for the second quarter of fiscal year 2016 in the amount of $1.4 million compared to the same period a year earlier.
The net loss for the three months ended October 31, 2015 was $3.0 million as compared to a net loss of $4.4 million for the same period ended October 31, 2014.
The decrease in net loss is primarily due to lower selling, general and administrative expenses including reduced third party consulting, site development and patent amortization costs, according to OPT.
Furthermore, OPT posted a decrease in revenue of $1.2 million in the quarter, from $1.7 million in the corresponding period in fiscal year 2015, to $0.5 million.
The decrease in revenues compared with the prior year was primarily related to decreased billable costs on OPT’s project with Mitsui Engineering & Shipbuilding, and OPT’s contract with the US Department of Energy, OPT states.
In addition, for the six months ended October 31, 2015, OPT reported revenue of $0.6 million, as compared to revenue of $3.3 million for the six months ended October 31, 2014, which represents a fall of $2.7 million.