U.S.-based marine energy company Ocean Power Technologies (OPT) has increased its net loss in the second quarter of fiscal 2022, as compared to the same period a year earlier.
According to the company’s financial report for the second quarter of 2022, it widened the net loss to $5.2 million, compared to a net loss of $3 million recorded in the same period in 2021.
The reason for this, OPT said, was due to increase of $2 million in engineering and product development costs, as well as additional selling, general, and administrative (SG&A) costs which rose by $200,000 in the current fiscal year.
The company’s revenues grew to $247,000 in the second quarter of 2022, compared to $118,000 for the second quarter of fiscal year 2021, driven by growth in strategic consulting services as the company further integrates the acquisition of 3Dent Technology completed earlier in 2021.
OPT’s total unrestricted cash and cash equivalents were $72.6 million as of 31 October 2021, the company informed.
Commenting on the financial report, Philipp Stratmann , OPT’s president and chief executive officer, said: “We had another quarter of progress executing our strategy to become the global leader in data- and power-as-a-service within our oceans and seas. We are reinforcing the building blocks of our services’ technology design, including static data capture through our PowerBuoy platforms, as well as autonomous vehicles through our acquisition of Marine Advanced Robotic s.
“We also partnered with experienced developers to bolster our proprietary Maritime Domain Awareness (MDA) platform that will feature advanced analytic capabilities and military-grade cybersecurity. We believe this will result in larger MDA project scoping and a strong subscription business”.