US-based wave energy developer Ocean Power Technologies (OPT) has reported a decrease in net loss of 19% in the third quarter of fiscal year 2018 when compared to the same period a year before.
The net loss booked by OPT for the third quarter which ended on January 31, 2018, was $1.6 million, against the net loss of $2.1 million reported for the corresponding period last year.
The decrease in net loss is mainly attributable to a higher income tax benefit recorded in the current year, partially offset by current year period higher product development costs as a result of the two additional PB3 units in process of being completed, OPT said.
The company recorded no revenue for the period, compared to the revenue of $221,000 filed in the third quarter of fiscal year 2017.
OPT said the decrease in revenues over the prior year was due to the expected completion of contracts with Mitsui Engineering and Shipbuilding and Department of Defense Office of Naval Research during the second quarter of the current fiscal year.
George H. Kirby, President and Chief Executive Officer of OPT, said: “Our initial work with companies and national and international governments has helped us develop a variety of new opportunities around the world, and has also led to expansion, both in our facilities and on our management team.
“During the quarter, management authorized the construction of two additional PowerBuoys and we completed our move to a new facility, expanding both our corporate headquarters and our manufacturing operations. This new facility will support the completion of the four additional PB3 units, two of which we announced last quarter.
“The third fiscal quarter was an opportunity for further investment in our organization, as we took several strategic steps to ensure that we can meet the emerging demand for our technology.
“Our recent contract with Premier Oil to study the feasibility of deploying our PB3 PowerBuoy for site decommissioning operations in the North Sea is a leading indicator in expanding our capabilities into the oil and gas sector.”
OPT has developed PowerBuoy device that harvests the energy of the waves, and can act as both power and communication platform for remote offshore applications.