US-based marine energy company Ocean Power Technologies (OPT) has increased its net loss for the fiscal year 2022, compared to the same period a year earlier, recording also a slight rise in revenues for the period.
OPT’s net loss for the fourth quarter and fiscal year 2022 was $20.7 million, compared to $14.8 million recorded in 2021.
Total revenues for 2022 increased to $1.76 million for OPT, due primarily to its subsidiary Marine Advanced Robotics (MAR) and the growth of strategic consulting services.
In the fourth quarter of 2022, OPT also increased its revenues to $756,000, driven by growth of strategic consulting services, while the net loss for the quarter of $5.2 million was similar for the same period a year before.
As of April 20, 2022, OPT had $57.5 million of combined cash, unrestricted cash, cash equivalents and short-term investments, with no bank debt, according to the company.
Net cash used in operating activities for the fiscal year 2022 was $21.3 million, compared to $11.7 million for 2021, primarily due to increase program expenses, acquisition expenses, and associated headcount.
Philipp Stratmann , OPT’s president and CEO, said: “Fiscal 2022 was a year of significant progress for our company. We implemented a robust strategy that expanded our revenue generation capability, as reflected in our meaningful growth in revenue for the year.
“We broadened our strategic partnership base, grew our consulting services, and completed our acquisition of MAR. I am pleased with the continued integration of MAR.
“We expect execution of our strategy to deliver a record $9 million in orders in fiscal 2023, much of which should be revenue in the year. I am pleased with the progress we have made and remain keenly focused on becoming the technology leader for offshore Data-as-a-Service and Power-as-a-Service.”
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