Ocean Power Technologies (OPT) has reported net loss for the first quarter of fiscal 2020 ended July 31, 2019 of $3.0 million, compared to a net loss of $3.2 million for the prior-year period.
The decrease in net loss was mainly attributable to the decrease in selling, general and administrative costs.
Revenue for the first quarter of fiscal 2020 was $202,000, an increase of $171,000 as compared to $31,000 for the prior-year period.
The increase was attributable to revenue recognition from our contracts with Eni, PMO, and the U.S. Navy.
Cost of revenues increased $225,000 to $367,000, compared to $142,000 in the three months ended July 31, 2018. This increase in cost of revenues was due to higher upfront spending and material costs on new customer revenue generating projects compared to the same period in fiscal 2019.
“Our results for the quarter demonstrate our commitment towards achieving commercial success,” said George H. Kirby, president and CEO of OPT. “For the last several years, our company has been focused evolving to a commercial operation that leverages the superior patented technology of the PB3 PowerBuoy in a wide array of markets. As we continue to grow an operational track record, we believe these opportunities will grow and convert at a quicker pace.”
Total cash, cash equivalents, and restricted cash were $13.5 million as of July 31, 2019, down from $17.2 million on April 30, 2019.