Notable News Spotlight: Ocean Power Technologies (NASDAQ:OPTT) reports financial results

On Friday, Ocean Power Technologies (NASDAQ:OPTT) stock traded volume of 131902 shares during its last trading session as compared to its average volume of 381701 shares over the recent month. OPTT ended its day with the negative stream along the move of -1.29% and closed at the price of $0.87 before opening at $0.9. It has total market capitalization is $6568785. 52week range of the stock remained $ 0.74 – 16.2 while its day lowest price was $0.87 and its hit its day highest price at $0.91.

On Dec. 09, 2019, Ocean Power Technologies (NASDAQ:OPTT) a leader in innovative and cost-effective ocean energy solutions, disclosed financial results for the second quarter of fiscal year 2020 ended October 31, 2019.

  • First PB3 PowerBuoy® Sale – Two new contracts signed with Enel Green Power Chile for a spring 2020 installation of a turn-key ocean-based laboratory solution using a PB3 PowerBuoy® power and communications platform off the coast of Chile with anticipated FY20 revenues of nearly $2 million.
  • Gulf of Mexico front-end engineering design study – OPT autonomous power and communications system solution approved for operational use by leading offshore oil and gas customer to monitor deep water wells during decommissioning in the Gulf of Mexico.
  • North Sea Deployment – Exclusion Zone Monitoring™ surveillance solution deployed in August for Premier Oil relaying real-time video, radar, and data to customer operations in Aberdeen, Scotland.
  • One-Year Milestone in Adriatic Sea – PB3 PowerBuoy® leased by Eni, S.p.A. and deployed in the Adriatic Sea marked a full year of continuous operation aligning with our customer’s goal to decarbonize its operations through renewable technologies.

Management Commentary on Recent Operational Highlights

As we deliver on our first PowerBuoy® sale, our current showcase deployments are providing baseline opportunities for strategic growth and further capability expansion into these and other new markets, said George Kirby, OPT President and Chief Executive Officer. Our focus now is to deliver transformative offshore power, digital information and communications solutions to customers around the world.

Second Quarter FY 2020 Financial Review

Revenue for the second quarter of fiscal 2020 was $204,000, an increase of $63,000 as compared to $141,000 for the prior-year period. The increase was attributable to revenue generated from our contracts with Enel Green Power Chile, Premier Oil, and the U.S. Navy. Cost of revenues decreased $349,000 to $288,000, as compared to $637,000 during the three months ended October 31, 2018. Cost of revenues for the three months ended October 31, 2018 included higher upfront spending and material costs on new customer projects. The net loss for the second quarter of fiscal 2020 was $3.2 million, as compared to a net loss of $3.9 million for the prior-year period. The decrease in net loss was mainly attributable to lower cost of revenues and decrease in engineering and product development costs.

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