Ocean Power Technologies (OPT) has reported a slight decrease in net loss for 2016 in the amount of $0.1 million, compared to a year before.
The net loss for fiscal year ended April 30, 2016, was at $13.1 million, compared to the net loss of $13.2 million at the end of 2015.
The change in net loss reflects lower revenues and higher product development costs in fiscal 2016, offset in part by increased tax benefits and lower selling, general and administrative costs, OPT informed.
For 2016, OPT reported revenue of $0.7 million, 83% less compared to revenue of $4.1 million in 2015.
The decrease in revenue is primarily related to decreased billable work for revenue producing work in fiscal 2016, according to OPT.
For the fourth quarter of fiscal 2016, OPT reported a 17% wider net loss than a year earlier, from $3.3 million in Q4 2015, to $4 million.
According to OPT, 2016 fourth quarter loss included a charge of $1.1 million related to the pending settlement of the class action securities litigation, in addition to reflecting higher gross profit due to a change in project costs related to a Mitsui Engineering and Shipbuilding (MES) utility-focused contract which has been suspended.
OPT reported revenue of $0.1 million in Q4 2016, as compared to revenue of $0.5 million for Q4 2015.
The company said the decrease in revenues is consistent with its strategic refocusing of product development efforts on autonomous PowerBuoys and the decision to transition toward commercial revenues.
George Kirby, President and Chief Executive of OPT, said: “I am excited as we advance our commercialization strategy, as we discuss new opportunities with potential customers, and as we actively look for additional financing to fund our future operations. I believe our PowerBuoy represents a more cost-effective alternative for existing solutions and a disruptive solution for new applications requiring remote offshore power and real-time data communications.”
As reported earlier, OPT recently deployed its first wave energy device designed for commercial use, PB3, off the coast of New Jersey.