U.S.-based marine energy company Ocean Power Technologies (OPT) has reported a revenue of $0.3 million for the first quarter of fiscal year 2022, an increase from the $0.2 million in the first quarter of fiscal year 2021.
The increase is primarily said to be the result of additional Strategic Consulting Services driven by the acquisition of 3Dent Technology, which was completed at the beginning of the year.
The net loss for Q1 of fiscal year 2022 was $3 million as compared to $3.4 million for the same quarter in 2021.
According to the company, this decrease was mainly attributable to a $0.9 million gain on the extinguishment of its PPP loan, after the SBA granted its forgiveness during the quarter and an income tax benefit of $1 million. These gains were partially offset by increases in the quarter for product development and administrative costs.
Total cash, cash equivalents, and restricted cash was $78.3 million as of 31 July 2021. Net cash used in operating activities was $5.3 million during Q1 of FY 22, representing an increase of $2.6 million over Q1 of FY 21, mainly as a result of higher project and employee-related costs and the settlement of litigation during the current fiscal year period.
“We made great progress during the quarter as we continue our strategic transformation from a research and development product-based company to a data and power services’ and solutions’ provider,” said Philipp Stratmann , OPT’s president and CEO. “I am excited about OPT’s future. Not only have our Strategic Consulting Services seen steady growth since the acquisition of 3Dent, but we have also made substantial progress on the data and power services’ and solutions’ front.”
In June, OPT received a U.S. Department of Energy Small Business Innovation Research award to study a modular and scalable next-generation autonomous wave energy device.
Shortly after, the New Jersey-headquartered company announced it had teamed up with Greensea Systems to use the OPENSEA platform for its next-generation Maritime Domain Awareness System (M-DAS).
OPT also recently underwent top management changes as the board of directors named Philipp Stratmann as the new president and CEO, replacing George H. Kirby, who held the position since 2015.