OPT sinking with £3.2m loss
Ocean Power Technologies (OPT), which has its UK headquarters in Warwick, has reported an operating loss of $5.1m (£3.2m) in its latest quarterly results.
The company uses offshore buoys to capture wave energy.
New Jersey, US-based OPT's operating loss for the three months ended 31 July was a reduction on its comparable 2010 result of a $6.3m (£3.9m) loss.
The improvement was due primarily to a decrease in product development costs and an increase in gross profit, said the company.
Receipt of funding for the development of the company's next PowerBuoy also boosted revenues.
Through the three-month period, OPT reported revenues of $1.9m (£1.1m), an increase on its result of $1.4m (£881,000) in 2010. The increase was attributed in part to revenues from the company's involvement in the US Navy’s maritime security programme.
Charles F Dunleavy, chief executive, said: "These achievements point to growing potential for OPT’s technology across a multitude of commercial opportunities for large, grid-connected power stations and for autonomous applications such as maritime security, offshore oil and gas platforms, aquaculture and desalination."
