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Ocean Power Technologies Inc. (OPTT-9.29%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $2.4 million from $0.9 million in the same quarter the previous year. This increase is primarily attributed to higher sales and leases of WAM-Vs.
Cost of revenues for the quarter was $1.6 million, compared to $0.4 million in the same quarter of the previous year. This increase is due to a change in product mix and higher levels of revenue.
The company reported an operating loss of $3.9 million for the quarter, compared to $7.5 million in the previous year, reflecting significant cost reduction activities.
Interest income for the quarter was $3,000, down from $270,000 in the previous year, primarily due to lower investment balances.
Net loss for the quarter was $3.9 million, compared to $7.2 million in the previous year. The company continues to focus on cost reduction and operational efficiencies.
Ocean Power Technologies has entered into several agreements to expand its market presence, including a distributor agreement with Remah International Group in the UAE and a reseller agreement with Geos Telecom in Costa Rica.
The company has also completed offshore testing of its Next Generation PowerBuoy in the Atlantic Ocean, showcasing its capabilities in maritime domain awareness and renewable energy production.
Ocean Power Technologies' backlog as of October 31, 2024, was $3.8 million, reflecting unfilled firm orders for its products and services.
The company acknowledges its dependence on additional funding and positive operating results to meet future obligations, with current cash balances potentially insufficient to fund planned expenditures through December 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ocean Power Technologies Inc. quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.