Ocean Power Technologies (OPTT) Reports Q3 Loss of $1.05/Share

Ocean Power Technologies (NASDAQ: OPTT) reported Q3 EPS of ($1.05), versus ($1.25) reported last year. Revenue for the quarter came in at $5 thousand, versus $328.5 thousand reported last year.

The net loss for the three months ended January 31, 2016 was $2.0 million as compared to a net loss of $2.2 million for the three months ended January 31, 2015.

As of January 31, 2016, total cash, cash equivalents, and marketable securities were $9.5 million, down from $17.4 million on April 30, 2015. As of January 31, 2016 and April 30, 2015, restricted cash was $0.4 million and $0.5 million, respectively. Net cash used in operating activities was $8.1 million during the nine months ended January 31, 2016, compared with $14.8 million for the nine months ended January 31, 2015. The prior year period reflects the return of $4.7 million related to an advance payment received from Australian Renewable Energy Agency while the current year period reflects costs related to increased deployment activity.

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

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