New Jersey-based wave energy developer, Ocean Power Technologies (OPT), has reported a decrease in net loss for the first quarter of fiscal year 2017 in the amount of $0.3 million compared to the same period a year earlier.
The net loss for the three months ended July 31, 2016 was $3.8 million as compared to a net loss of $4.1 million for the same period in 2015.
The decrease in net loss is primarily due to lower product development costs and lower selling, general and administrative costs, according to OPT.
OPT reported revenue of $0.2 million in the quarter, as compared to revenue of $0.1 million for the three months ended July 31, 2015.
The increase in revenues compared with the prior year was primarily related to the commercial contract announced in June 2016 with Mitsui Engineering and Shipbuilding, OPT informed.
Balance Sheet and Available Cash
As of July 31, 2016, total cash, cash equivalents, and marketable securities of OPT were $9.1 million, up from $6.8 million on April 30, 2016, the company said.
The restricted cash was $0.3 million, while net cash used in operating activities was $2.9 million during the quarter, slightly down from $3.1 million for the same quarter a year before.
During the first fiscal year 2017 quarter, OPT also completed two common stock and warrant capital raises wherein a combined net $5.3 million was raised.