OPT’s net loss widens as costs grow

Ocean Power Technologies (OPT) has reported an increase in net loss of $2 mln for the fiscal year ended April 30, 2015, due to the increase in the project costs.

The net loss for the fiscal year was $13.2 million, as compared to a net loss of $11.2 million for the year ended April 30, 2014.

According to OPT, the increase in the company’s net loss reflects an increase in estimated project costs associated with OPT’s contract with Mitsui Engineering & Shipbuilding (MES).

In addition, an increase in legal fees, as well as higher consulting and patent amortization costs contributed to the net loss, the company said.

OPT reported the revenue of $4.1 million for the fiscal year ended April 30, 2015, as compared to revenue of $1.5 million for the previous fiscal year.

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

Recently, OPT received final permit approval for the deployment of its PB40 power buoy off New York City. The device will be deployed approximately 55 km southeast of the New York City Harbour.

George Kirby, President and Chief Executive of OPT, said: “As we begin fiscal 2016, we continue to aggressively drive the deliverables that we set out earlier this year. In addition to achieving fully permitted status for deployment of our PB40 buoy, we have begun deployment of the mooring system and we are currently monitoring for a suitable weather window for final buoy deployment. We will soon achieve fully permitted status for deployment of our APB-350 A1 buoy, which we also expect to deploy this summer.”

Ocean Power Technologies is a New Jersey-based wave energy developer that has designed their proprietary PowerBuoy technology based on a modular design.

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Image: OPT