OPT reports net loss of USD 9.9 mln

Ocean Power Technologies has announced results for the nine months period, ended with January 31, 2015.

The net loss for the nine months period ended January 31, 2015, amounted to USD 9.9 mln, compared to the same period a year earlier, when the net loss for OPT was USD 7.9 mln.

The company said that the higher net loss reflects increased estimated project costs with MES, increased legal fees, and higher consulting and patent amortization costs.

For the nine months concluded with January 31, 2015, OPT reported revenue of USD 3.6 mln, compared to the revenue of USD 1.1 for the nine months ended January 31, 2014.

The increase in revenue is primarily related to increased billable work for the removal of the anchoring and mooring equipment from the seabed off the coast of Oregon, increased billable work under the current phase of our project with MES and the completion of our WavePort contract with the European Union, OPT’s report reads.

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Image: OPT