Categories Analysis, Other Industries

Ocean Power Technologies to report Q4 earnings on July 22

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.

ocean power
Image courtesy: Ocean power technologies

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.

READ: Ocean Power Technologies Q3 2019 earnings conference call transcript

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.

READ: Honeywell Q2 profits jump 22%

It will also study other technical issues including customer equipment power demands, as well as power generation during continuous and intermittent operations.

Also Read:  Is MongoDB stock a buy right now?

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.

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

Most Popular

Novavax (NVAX) tops Q2 2020 bottom line targets, misses revenue views

Novavax (NASDAQ: NVAX) reported a loss of $17.5 million or $0.30 per share for the second quarter of 2020. Revenue jumped to $35.54 million in Q2 from $3.36 million in

Tilray Q2 loss widens despite revenue growth; results miss Cannabis company Tilray, Inc. (NASDAQ: TLRY) Monday reported a wider net loss for the second quarter of 2020, despite a marked increase in revenues. Revenues of the Canada-based company

Infographic: Duke Energy Q2 2020 Earnings Results

Duke Energy (NYSE: DUK) reported second-quarter financial results before the market opened on Monday.  The energy holding company surpassed earnings expectations by 5 cents per share during the quarter. DUK