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.

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