Ocean Power Technologies (OPT) announced financial results for its Fiscal 2016 first quarter ended July 31, 2015. OPT reported revenue of $0.1 million, compared to revenue of $1.5 million for the three months ended July 31, 2014.
Article continues below
The decrease in revenues compared with the prior year was primarily related to the completion of our WavePort contract with European Union and decreased billable costs on our project with Mitsui Engineering & Shipbuilding (MES).
The MES project is currently undergoing a stage-gate review as discussed more fully in the MD&A section of our quarterly report on Form 10-Q for the first fiscal 2016 quarter ended July 31, 2015.
The net loss for the three months ended July 31, 2015 was $4.1 million as compared to a net loss of $3.3 million for the three months ended July 31, 2014. The increase in net loss is primarily due to higher product development costs associated with the deployment of our legacy PB40 device and with the redesigned APB350.
During the three months ended July 31, 2014, we recovered product development costs from prior periods under our cost-sharing contract with the European Union for our WavePort project in Spain.
This increase in product development cost recovery was offset by a favorable change of $0.4 million in our gross loss over the prior year quarter.
The prior year quarter included a gross loss due to a change in project costs related to the MES contract.
In addition, selling, general and administrative expenses were $1.2 million lower in the first quarter of fiscal 2016 than in the prior year quarter, primarily due to reduced legal fees, decreased site development expenses and decreased patent costs due to shortening the estimated useful lives for recording amortization expense and third party consultant fees.
These decreases were partially offset by increased employee related costs.
As of July 31, 2015, total cash, cash equivalents, and marketable securities were $14.2 million, down from $17.4 million on April 30, 2015. As of July 31, 2015 and April 30, 2015, restricted cash was $0.5 million.
Net cash used in operating activities was $3.1 million during the quarter ended July 31, 2015, slightly down from $3.2 million for the quarter ended July 31, 2014. ■