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Ocean Power Technologies Inc. (OPTT-5.70%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing revenues of $825,000, down from $1,792,000 in the same quarter the previous year. The decrease is attributed to the timing of deliveries on current year projects versus prior year contracts.
Cost of revenues for the quarter was $628,000, compared to $979,000 in the same quarter of the previous year. This decrease is related primarily to revenue decreases and changes in product mix.
The company reported an operating loss of $5,875,000 for the quarter, compared to $7,705,000 in the previous year, with the decline attributed to significant cost reduction activities.
Net loss for the quarter was $6,720,000, compared to $6,509,000 in the previous year.
Cash used in operating activities was $14,628,000 for the nine months ended January 31, 2025, a reduction from $24,711,000 in the previous year.
Ocean Power Technologies had a cash and cash equivalents balance of $10,180,000 as of January 31, 2025. The company acknowledges substantial doubt about its ability to continue as a going concern through March 2026.
The filing also details various financial agreements, including an At-the-Market Offering Agreement and a Convertible Debt Offering.
Ocean Power Technologies continues to focus on expanding its market reach and developing new products and solutions, with an emphasis on defense and security applications.
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 March 17, 2025. To report an error, please email earnings@qz.com.