New Jersey-based Ocean Power Technologies, Inc. (NASDAQ: OPTT), saw its shares moved higher Monday on the release of financial results for the third quarter of fiscal year 2021
Moreover, the company acquired 3Dent Technology, adding offshore engineering and design services and an established project and customer base. It also planned first OPT PowerBuoy® remote deployment, and strengthened its liquidity position with an increase in total cash of $80.4 million.
Revenue for the third quarter of fiscal year 2021 was $0.3 million compared to $0.7 million for the same period in the prior year, and the net loss for the third quarter of fiscal 2021 increased by $0.3 million as compared to the third quarter of fiscal 2020. The decrease in revenue and increase in net loss for the third quarter were mainly attributable to pandemic-related delays of the Company's revenue-generating projects.
Said CEO George Kirby, "OPT's third quarter brought dramatic change to our company. We acquired 3Dent Technology, which we believe is an important step for our long-term growth strategy and for expanding our offerings of autonomous clean ocean energy and data solutions.
"Additionally, we planned our first remote installation of a turnkey wave energy-powered subsea data collection system in Chile, which we believe offers flexibility and cost-reduction to our customers. We also welcomed three new directors to our board who bring valuable expertise in offshore energy, safety, finance and governance."
OPTT shares opened Monday picked up 41 cents, or 15.5%, to $3.06.
