Ocean Power Technologies (OPT) has reported revenue for the third quarter of fiscal 2020 of $725,000, an increase of $457,000 as compared to $268,000 for the prior-year period.
The increase was attributable to revenue generated from the Enel Green Power (EGP) project in Chile project.
OPT shipped a PB3 PowerBuoy to Chile under a pair of contracts including the company’s first product sale and the installation of a turn-key ocean-based laboratory power and communications solution. Anticipated FY2020 revenues from the project are said to be close to $1.8 million.
“We delivered substantial revenue growth in the quarter as the result of our first PowerBuoy®sale, demonstrating our commitment to commercializing OPT’s unique, wave-power based renewable energy solution,” said George Kirby, OPT President and CEO. “Our primary focus at this time is on converting multiple groundbreaking technologies into commercial opportunities. At the same time, we continue to dedicate substantial resources to developing new applications and partnering with customers and symbiotic technology providers focused on autonomous offshore power and communications solutions.”
Net loss for the third quarter of fiscal 2020 of $2.9 million, as compared to a net loss of $2.6 million for the prior-year period.
According to OPT, the increase in net loss was mainly attributable to a delay in receipt of funds from the sale of net operating losses credits and was partly offset by lower spending in engineering and product development costs.
Fiscal First Nine Months 2020 Financial Review
Revenue for the first nine months of fiscal 2020 was $1,131,000, an increase of $691,000 as compared to $440,000 for the prior-year period. The increase was attributable to revenue generated from the EGP project.
The net loss for the first nine months of fiscal 2020 was $9.1 million, compared to a net loss of $9.7 million for the prior-year period. The decrease in net loss was mainly attributable to higher revenues and decreased spending in engineering and product development costs as well as a decreased spending in selling, general and administrative costs, which were partly offset by a delay in receipt of funds from the sale of net operating losses credits.
Balance Sheet and Cash Flow
Total cash, cash equivalents, and restricted cash were $10.8 million as of January 31, 2020, down $6.4 million from April 30, 2019. Net cash used in operating activities during the nine months ended January 31, 2020, was $8.6 million, a decrease of $1.3 million compared to $9.9 million during the nine months ended January 31, 2019.