Ocean Power Technologies Inc. (NASDAQ: OPTT) reported its fiscal third quarter results before the market opened this morning. The company designs and builds a device that generates electricity from ocean wave action.
The company reported an EPS loss of -$0.21 on revenue of $900,000. Analysts had been expecting an EPS loss of -$0.34 on revenue of $1.7 million. Last year the company reported third-quarter revenue of $1.5 million and an EPS loss of -$0.30.
The company attributed the revenue decrease to its preparations for launching another of its PowerBuoy devices off the coast of Oregon and the successful launch of a project for the US Navy during the quarter. The EPS loss was less than expected due to a decrease in product development costs.
Ocean Power says it has $37.8 million in cash and equivalents on hand at the end of the quarter and that it has used $9.7 million in cash to support operating activities in the first nine months of its fiscal year.
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