Ocean Power Technologies Inc (NYSE-A:OPTT) has announced a 52% increase in its fiscal third quarter 2023 revenue to $0.7 million, which was driven by sales of WAM-V autonomous vehicles and an increase in strategic consulting services.
The company said total orders for the quarter rose to $0.8 million from $0.7 million during the same period last year.
“We continue to make meaningful progress towards our commercial efforts, including increasing our pipeline of feasibility studies, demonstrations, and platform sales activity,” Ocean Power Technologies CEO Philipp Stratmann said in a statement.
READ: Ocean Power Technologies cuts losses as orders and revenues grow
“We are pleased to be well ahead of our order and revenue performance as compared to last year, however, we remain keenly focused on achieving our $9.0 million order target,” he added.
Stratmann also noted that, despite the challenging current macro environment and Ocean Power’s involvement in multi-party contracting, the level of commercial activity is the highest that it has been in the company’s history.
Ocean Power added that it ended 3Q with combined cash, unrestricted cash, cash equivalents and short-term investments of $41.1 million as of January 31, 2023.
As well, the company said it has begun work on the US Department of Energy (DOE) Phase II development of a next-generation wave energy converter program award, in which Ocean Power had announced previously that it will receive up to $1.1 million to develop and test a modular and scalable Mass-on-Spring Wave Energy Converter (MOSWEC) PowerBuoy for reliable powering of autonomous ocean monitoring systems, bringing an entirely new PowerBuoy into the company’s offering.
Ocean Power also saw its net loss for the quarter widen to $6.1 million from $5.5 million a year earlier, which the company attributed to increased operating expenses due to the timing of projects and programs as well as incremental investments in people and systems to support its growth.
Ocean Power Technologies, a leader in innovative and cost-effective, low-carbon marine data, power, and consulting services, provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defence and security, oil and gas, science and research, and offshore wind markets.
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