Ocean Power Technologies (OPTT) Reports Q2 Loss of $0.25/Share

Ocean Power Technologies (NASDAQ: OPTT) reported Q2 EPS of ($0.25), versus ($0.31) reported last year. Revenue for the quarter came in at $1.75 million, versus $463.6 thousand reported last year.

Financial Review

OPT's fully-funded backlog as of October 31, 2014 was $1.7 million, compared with $4.9 million as of April 30, 2014, and $5.8 million as of October 31, 2013. Given the relocation of the WavePort project PowerBuoy from Spain to New Jersey, we have reduced our backlog by $1.0 million related to the grant from Ente Vasco de la Energia ("EVE") a Basque regional energy agency that was to provide partial funding for the deployment of the PowerBuoy off the coast of Spain. However, we remain in communication with EVE in regards to potentially utilizing the grant on a future beneficial project, although there can be no assurance that the EVE grant will ever be utilized, and if so, on what terms. Some of the Company's backlog consists of cost-sharing contracts to support product development.

For earnings history and earnings-related data on Ocean Power Technologies (OPTT) click here.

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