Ocean Power Technologies (OPT) has reported net loss for the second quarter of fiscal 2020 ended October 31, 2019 of $3.2 million, compared to a net loss of $3.9 million for the prior-year period.
The decrease in net loss was mainly attributable to lower cost of revenues and decrease in engineering and product development costs.
Revenue for the second quarter of fiscal 2020 was $204,000, an increase of close to 45 percent as compared to $141,000 same time last year.
The increase was attributable to revenue recognition from our contracts with Enel, Premier Oil, and the U.S. Navy.
Cost of revenues decreased $349,000 to $288,000, as compared to $637,000 during the three months ended October 31, 2018. Cost of revenues for the three months ended October 31, 2018 included higher upfront spending and material costs on new customer projects.
“As we deliver on our first PowerBuoy sale, our current showcase deployments are providing baseline opportunities for strategic growth and further capability expansion into these and other new markets,” said George Kirby, OPT President and CEO. “Our focus now is to deliver transformative offshore power, digital information and communications solutions to customers around the world.”
Total cash, cash equivalents, and restricted cash were $11.4 million as of October 31, 2019, down from $17.2 million on April 30, 2019.
Revenue for the first six months of fiscal 2020 was $406,000, an increase of $234,000 as compared to $172,000 for the prior-year period. The net loss for the first six months of fiscal 2020 was $6.2 million, compared to a net loss of $7.1 million for the prior-year period.