Hydrokinetic energy developer Ocean Power Technologies Inc. has announced its financial results for the fiscal 2012 fourth quarter and the year that ended April 30, 2012.
A report provided by OPT shows that the company's operating loss was US$16.6 million for the 12 months ending April 30, 2012. In comparison, OPT's operating loss was $21.3 million for the year prior. The company says it primarily credits a 37% decrease in product development costs for the difference.
"As expected, we lowered our cash burn this past year and plan to reduce this further in the current fiscal year," says OPT Chief Executive Officer Charles F. Dunleavy. "Management remains focused on our core technology as well as converting several business development opportunities around the globe into revenue-generating orders."
HydroWorld.com recently reported that OPT had signed an agreement with Lockheed Martin to develop a 19-MW wave energy project in Victoria, Australia.
OPT also announced in June that it is beginning the next phase of testing for its PB150 PowerBuoy, which is a "much larger" version of one that was successfully deployed in the U.S. Navy's littoral Expeditionary Autonomous PowerBuoy (LEAP) program.
"As we begin fiscal 2013, Ocean Power Technologies is taking strides on a number of fronts that we expect will enhance our growth in quarters to come," Dunleavy says.