Ocean Power Technologies Inc (NYSE-A:OPTT) has reported a 23% increase in revenues to $0.3 million in the second quarter driven by sales of WAM-V’s and an increase in Strategic Consulting Services.
Losses at the low-carbon marine data, power, and consulting service solutions company fell to $4.8 million in the quarter compared to $5.2 million for the same quarter last year.
Engineering and product development costs were $1.8 million in the second quarter, down slightly from $2.2 million in 1Q due to the timing of projects and programs while selling, general, and administrative costs rose to $4.6 million from $4.1 million for 1Q reflecting increased payroll related expenses in the quarter.
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Combined cash, unrestricted cash, cash equivalents and short-term investments at October 31, 2022 was $46.4 million while the company remained debt free.
Total orders for the quarter were $2.3 million, up from $0.1 million last year, taking orders for the six months to $2.9 million, comparing favorably to total orders of $0.6 million for the same period last year.
CEO Philipp Stratmann said: “We continue to believe we will meet our estimate for $9.0 million in orders for the fiscal year.”
“We are nearly six times where we were with orders as compared to last year and our pipeline of feasibility studies, demonstrations, and commercial orders continues to grow," Stratmann added.
The company said it has partnered with Task Force 59 of the US Navy on a new project in Bahrain to support the Digital Horizon exercise for use of unmanned surface vehicles which is expected to be completed by the end of the year.
Other developments in the quarter included the award of a $0.5 million contract to assist a US government agency, a $1.1 million payment in advance for the development of a next-generation wave energy converter and the second round of field testing of a proprietary next-generation maritime domain awareness solution.
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