Ocean Power Technologies (OPT) has reported net loss for the third quarter of fiscal 2019 of $2.6 million, compared to a net loss of $1.7 million for the prior-year period.
The increase in net loss in the current year period as compared to the same period of the prior year is mainly attributable to higher upfront spending and material costs on new customer contracts, costs associated with development of new products, and personnel costs related to the growth of the business – the company said in its earnings report.
The company generated revenues of $0.3 million in the three months ended January 31, 2019, which was comprised of the new contracts initiated with Eni and Premier Oil.
There was no revenue during the three months ended January 31, 2018 as the previous contracts with the Office of Naval Research and Mitsui Engineering and Shipbuilding had been completed during the first half of fiscal 2018.
First Nine Months Overview
Revenue for the first nine months of fiscal 2019 was $0.4 million, compared to revenue of $0.3 million for the same period in fiscal 2018. The increase in revenue is due primarily to the mix in customer contracts.
During the nine months ended January 31, 2019 revenues were derived from new projects with Eni, Premier Oil and Enel Green Power whereas projects with Mitsui Engineering and Shipbuilding and Office of Naval Research were completed during the nine months ended January 31, 2018.
The net loss for the first nine months of fiscal 2019 was $9.7 million, compared to a net loss of $6.9 million for the same period in fiscal 2018. The increase in net loss is mainly attributable to higher upfront spending and material costs on new customer contracts, costs associated with building additional PowerBuoys and development of new products, and personnel costs related to the growth of the business.