OPT Net Loss Increases Due to Higher Costs
Ocean Power Technologies has begun deployment of the mooring system and is waiting for a suitable weather window for final buoy deployment, said George H. Kirby, President and Chief Executive of the company.
He also expects their APB-350 A1 buoy to achieve fully permitted status for deployment soon followed by the deployment this summer.
Additionally, OPT has reported an increase in net loss of USD 2 million for the fiscal year ended April 30, 2015, compared to the year before.
The company named increase in estimated project costs associated with contract with Mitsui Engineering & Shipbuilding (MES), an increase in legal fees, as well as higher consulting and patent amortization costs as the cause for OPT underperformance.
On the other hand, OPT reported revenue of USD 4.1 million, as compared to USD 1.5 million for the previous year.
“The increase in revenue is primarily related to increased billable work for the removal of anchor and mooring equipment from the seabed off the coast of Oregon, increased billable work under the current phase of our project with MES, and the completion of our WavePort contract with the European Union. These increases were partially offset by decreased revenue on other billable development projects,” the company said.