OPT narrows quarterly loss

Ocean Power Technologies (OPT) has reported a decrease in net loss for the second quarter of the fiscal year 2021, compared to the same period a year earlier.

The net loss for the second quarter of fiscal 2021 decreased by $0.2 million to $3.02 million as compared to the second quarter of fiscal 2020, which was mainly attributable to decreased spending on product development costs, OPT said.

Revenue for the quarter was $0.1 million, compared to $0.2 million for the same period in the prior year.

The decrease of $0.1 million was primarily due to lower revenue from a project with Enel Green Power, while the same period in the prior year included revenue from projects with Premier Oil and the U.S. Navy.

The 2021 half-year net loss increased by $0.2 million to $6.4 million, which was mainly attributable to higher spending on selling, general, and administrative costs partly offset by decreased spending on product development costs, according to OPT.

Revenue for the first six months of fiscal year 2021 was $0.3 million, compared to $0.4 million for the same period in the prior year.

The decrease of $0.1 million was primarily due to lower revenue from projects with Premier Oil and the U.S. Navy, partially offset by higher revenue generated from the project with EGP in the current year, OPT noted.

George H. Kirby, President and Chief Executive Officer of OPT, said: “We are seeing long-evolving projects come to fruition with two recent PB3 PowerBuoy-related contracts with ACET and DeepStar. Our expanded sales footprint, coupled with our product and solution suite and cash balance, positions OPT to be able to deliver on anticipated market demand”.