Ocean Power Technologies (OPT) has reported a $0.1 million increase in net loss in the third quarter of fiscal year 2017 compared to the last year’s figures for the same period.
For the three months ended January 31, 2017, OPT filed a net loss of $2.1 million, compared to a net loss of $2 million in the same period a year earlier.
OPT attributed the slight increase in net loss to a lower income tax benefit in the current year, which was mostly offset by a decrease in product development costs in the current year from prior year.
The revenues for the quarter have increased to $221,000 as compared to revenue of $5,000 for the corresponding period last year.
OPT said the increase in revenues was due to contracts with Mitsui Engineering and Shipbuilding and the Department of Defense Office of Naval Research in the current year.
Balance Sheet and Available Cash
As of January 31, 2017, total cash, cash equivalents, and marketable securities of OPT were $11.1 million, up from $6.8 million on April 30, 2016.
The restricted cash was $0.3 million for the period, while net cash used in operating activities was $7.6 million for the nine months ended January 31, 2017, compared with $8.1 million for the same period a year before.