Ocean Power Technologies (NASDAQ: OPTT) had a terrible run at the market this year, with the stock losing 74% of its value. As the company publishes its fourth-quarter and full-year financial results on Monday, July 22, after the regular trading hours, it will be hoping to reverse the trend.
During the quarter, the ocean energy solutions firm also regained its Nasdaq compliance after it received a notice for not adhering to the minimum shareholders’ equity rule.
In the third quarter, the company had reported a wider third-quarter net loss, mainly due to higher upfront spending and material costs on new customer contracts, besides the costs associated with the development of new products.
Revenues were $0.3 million, which comprised the new contracts initiated with Eni S.p.A. and Premier Oil.
There are no analyst estimates for the current quarter.
The company, which provides power generation devices, services, and related equipment for the extraction of energy from ocean waves, would be pinning its hope on the new deals that it had signed during the quarter.
In April, the company announced that it has inked a contract with a leading oil and gas exploration firm.
As part of the contract, the Pennington, New Jersey-based company would undertake a 12-week paid feasibility study on the effect of its services and products in monitoring subsea wells during decommissioning activities.
It will also study other technical issues including customer equipment power demands, as well as power generation during continuous and intermittent operations.
Separately, in June, Ocean Power received a US patent for its Power Take-Off (PTO) System. The company claims to have 237 such patents around the globe from 13 countries.