Ocean Power Technologies (OPT) has reported a $2 million decrease in net loss in the second quarter of fiscal year 2017 compared to the same period a year before.
The net loss for the three months ended October 31, 2016 was $1.0 million as compared to the loss of $3.0 million for the same period in 2015.
The US-based wave energy developer has attributed the decrease in net loss to lower selling, general, and administrative costs, and the decline in the fair market value of the common stock warrants liability, partially offset by higher product development costs.
OPT’s revenue for the quarter is at $0.2 million, which represents a decrease of $0.3 million on the last year’s figures for the same period.
The decrease in revenues over the prior year was primarily related to lower revenue from Mitsui Engineering and Shipbuilding, with whom OPT has a lease agreement for its PB3 PowerBuoy, the company said.
For the first six months of fiscal year 2017, OPT reported revenue of $0.4 million, as compared to revenue of $0.6 million in the same period last year, and the net loss of $4.8 million, on $7.2 million of net loss reported for the first six months of fiscal year 2016.
Balance Sheet and Available Cash
As of October 31, 2016, total cash, cash equivalents, and marketable securities were $12.5 million, up from $6.8 million on April 30, 2016, OPT informed.
The restricted cash was $0.3 million, while the net cash used in operating activities was $5.6 million million during the first six months of FY 2017, compared with $7.0 million for the six months a year earlier.
In addition, during the quarter, OPT completed a public offering of common stock raising $6.9 million net proceeds.