Categories Earnings, Other Industries

Ocean Power Technologies narrows Q4 loss

Ocean Power Technologies (NASDAQ: OPTT) reported its fourth quarter and full-year 2019 financial results after the bell today. The company’s loss in Q4 narrowed to $2.5 million from $3.3 million in the year-ago quarter. Ocean Power stock ended flat at $1.97 today.

Revenue for the fourth quarter ended April 30, 2019, stood at $191,000 compared to $222,000 in the prior-year period. The decrease in net loss was mainly attributable to lower cost of revenue as a result of timing on new contracts and the decrease in selling, general and administrative costs.

On May 21, the ocean energy solutions provider received a notification from Nasdaq that the company has regained compliance with the minimum shareholders’ equity rule and can be continued as a Nasdaq listed company.

Read: Halliburton reports mixed Q2 results

The Monroe Township, New Jersey-based firm, which provides power generation devices, services, and related equipment for the extraction of energy from ocean waves, reported that it has roughly 80 opportunities in the pipeline at varying stages of development with a potential value that is greater than $50 million.

Shares of Ocean Power, which plunged to a 52-week low during the end of the May, has been struggling in both year-to-date and the past 12 months periods with a negative return of 71% and 88%, respectively.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Key highlights from Box (BOX) Q4 2021 earnings results

Box Inc. (NYSE: BOX) reported fourth quarter 2021 earnings results today. Revenues rose 8% year-over-year to $198.9 million. GAAP net loss was $4.9 million, or $0.03 per share, compared to

Infographic: Highlights of Hewlett Packard’s (HPE) Q1 2021 earnings report

Technology firm Hewlett Packard Enterprise Company (NYSE: HPE) reported higher earnings for the first quarter of 2021, despite a decrease in revenues. The numbers surpassed the consensus forecast. First-quarter earnings,

MercadoLibre (MELI): Here is a stock to have on your investment radar

MercadoLibre Inc. (NASDAQ: MELI) is one of the stocks that benefited from the COVID-19 pandemic. The Argentine ecommerce company has caught the attention of market experts as it garnered growth

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top