Ocean Power Technologies (OPTT) Reports Q2 Loss of $0.21
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Ocean Power Technologies (NASDAQ: OPTT) reported Q2 EPS of ($0.21), versus ($0.20) reported last year.
We believe that the strong momentum that OPT's sales and marketing team experienced in the first half of the fiscal year is indicative of our ongoing success." George H. Kirby, President and Chief Executive Officer of Ocean Power Technologies, explained, "We are now in the process of executing multiple contracts to supply PowerBuoys™ in targeted markets across various industry sectors."
Mr. Kirby continued, "Our new facility and scaled operations allow us to better deliver high-quality products and services to our customers. In addition to the lease of our PB3 PowerBuoy™ for use in the Adriatic Sea by Eni S.p.A., we are also in the process of finishing the engineering design work on a PB3 PowerBuoy™ to be delivered to Premier Oil for deployment in the Central North Sea. Moreover, with our deep pipeline of commercial opportunities and continued increasing demand for our products, we believe we will be able to lease or sell a growing number of PB3 PowerBuoys™ to our targeted markets around the globe."
Finally, Mr. Kirby highlighted "We believe that the expansion of our suite of complimentary products that leverage the core technology of the PowerBuoy™, including new subsea battery solutions and a hybrid PowerBuoy™, provides us further opportunities to monetize these existing technologies. This expansion will enable our industry recognition as an innovator in offshore power to continue to grow."
For earnings history and earnings-related data on Ocean Power Technologies (OPTT) click here.
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