OPT books $3.4M quarterly loss

Ocean Power Technologies (OPT) has recorded around 13 per cent increase in net loss for the first quarter of fiscal 2021 as compared to the same period last year.

The Q1 of FY21 net loss was $3.4 million, against $3 million in the prior-year comparable period.

According to OPT, the loss was specifically attributable to product development and administrative costs.

The Us-based company generated revenue of $169,000 for Q1 of fiscal 2021.

The result is slightly down form $202,000 in the first quarter of fiscal year 2020.

OPT revenue for the three months ended July 31, 2020, primarily came from the Enel Green Power project.

Revenue for the same period in the prior year was mainly from projects with Premier Oil and the U.S. Navy.

George H. Kirby, president and chief executive officer of OPT, said:

“We are fielding strong demand for proposals of OPT solutions from diverse markets.

“With new products and solutions, and an expanding sales and business development presence, we believe that we are well-positioned to deliver on our commitment to grow our revenue.”

As of July 31, 2020, OPT had $12 million of total cash, cash equivalents, and restricted cash.

Net cash used in operating activities decreased by $0.9 million during the first quarter of fiscal 2021 to $2.7 million, as compared to the first quarter of fiscal 2020.

In addition, on May 5, 2020, the company received $0.9 million from the Paycheck Protection Program made available by the Coronavirus Aid, Relief and Economic Security Act, commonly referred to as the CARES Act.