Photo: Illustration/OPT's PB3 operating in the North Sea for Premier Oil (Courtesy of OPT)

OPT deepens third quarter loss

US-based marine energy company Ocean Power Technologies (OPT) has increased its net loss by $0.3 million in the third quarter of fiscal 2021 as compared to the same period a year earlier.

Illustration/OPT's PB3 operating in the North Sea for Premier Oil (Courtesy of OPT)
Illustration/OPT’s PB3 operating in the North Sea for Premier Oil (Courtesy of OPT)

The net loss for the company in the third quarter of 2021 amounts to $3.2 million, as opposed to the loss of $2.9 million OPT recorded in the third quarter of 2020.

Revenue for the third quarter of fiscal year 2021 was $0.3 million compared to $0.7 million for the same period in the prior year, according to OPT.

Revenue for the first nine months of fiscal year 2021 was $0.6 million compared to $1.1 million for the same period in the prior year, and the net loss for the first nine months of fiscal 2021 increased by $0.5 million as compared to the same period a year before.

The decrease in revenue and increase in net loss for the third quarter and first nine months of fiscal 2021 were mainly attributable to pandemic-related delays of the company’s revenue-generating projects, OPT said.

Total cash, cash equivalents, and restricted cash was $80.4 million as of January 31, 2021.

George H. Kirby, OPT’s President and Chief Executive Officer, said: “OPT’s third quarter brought dramatic change to our company. We acquired 3Dent Technology, which we believe is an important step for our long-term growth strategy and for expanding our offerings of autonomous clean ocean energy and data solutions.

“Additionally, we planned our first remote installation of a turnkey wave energy-powered subsea data collection system in Chile, which we believe offers flexibility and cost-reduction to our customers. We also welcomed three new directors to our board who bring valuable expertise in offshore energy, safety, finance and governance.

“We believe that the company’s unrestricted cash balance of approximately $79.8 million as of January 31, 2021, in addition to continued prudent cost management, will provide us with the capital necessary to fund ongoing operations as well as the financial flexibility to execute on our growth strategy, consisting of market expansion, sales cycle acceleration, development of new products and solutions, and strategic acquisitions”.