Ocean Power Technologies Inc (NYSE-A:OPTT) posted revenues of $2 million in its fiscal second quarter, more than double the $0.9 million recorded during the same period last year, preliminary figures revealed.
Operating expenses dropped by 40%, driven by improved cost efficiencies and lower third-party spending, while cash used in operations fell to $4.7 million from $7.5 million.
This meant the advanced maritime solutions group reduced its net loss to around $4 million from $7.2 million a year earlier. These unaudited results will be finalized in the company’s mid-December filing.
During the quarter, OPT advanced key initiatives, including deploying autonomous WAM-V surface vehicles for the U.S. Navy’s Project Overmatch and delivering vehicles for commercial survey work in Latin America. Additionally, it secured its first multi-year service contract for vehicle support.
Since the quarter’s close, OPT received permits to deploy its PowerBuoy with AT&T’s 5G technology in Monterey Bay. Reaffirming its aim for profitability by the fourth quarter of 2025, the company pointed to strong demand, strategic progress, and robust cost management as driving forces behind its outlook.
“We believe our preliminary results underscore the success of our strategic initiatives, such as focusing on national security and critical infrastructure solutions, coupled with targeted international expansion and our ability to execute for our customers,” OPT CEO Philipp Stratmann commented.
“We have seen a recent uptick in demand for our services domestically and overseas and will continue to convert our pipeline to bookings and ultimately to revenue through future deliveries and additional opportunities to deploy our assets, and we remain committed to delivering long-term value for our shareholders. The success of our most recent quarter leads us to reconfirm our pathway to profitability in late calendar 2025.”