Ocean Power Technologies announced financial results for its Fiscal 2015 fourth quarter and full year ended April 30, 2015. Q4 revenue was $0.5 million, as compared to revenue of $0.4 million for the three months ended April 30, 2014.
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Revenue in both periods was primarily related to company's 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 filing on Form 10-K for the fiscal 2015 period ended April 30, 2015.
The net loss was $3.3 million for both the three months ended April 30, 2015 and April 30, 2014. Compared to the prior year quarter, the current year quarter reflected an increase in gross profit due to a change in project costs related to the MES contract.
In addition, selling, general and administrative expenses were $1.4 million lower than the prior year primarily due to reduced employee related expenses and the decreased site development expenses related to our terminated project in Australia.
This was offset in part due to increased product development as the company continues to advance its technology and prepares for pending deployments of its PB40 and APB-350 A1 buoys later this summer.
In addition, the company received a refund related to research and development expenditures in Australia. Results in the prior year fourth quarter reflected a favorable adjustment for a change in project loss reserve.
For the fiscal year ended April 30, 2015, OPT reported revenue of $4.1 million, as compared to revenue of $1.5 million for the year ended April 30, 2014. The increase in revenue is primarily related to increased billable work for the removal of anchor and mooring equipment from the seabed off the coast of Oregon, increased billable work under the current phase of our project with MES, and the completion of our WavePort contract with the European Union.
These increases were partially offset by decreased revenue on other billable development projects.
The net loss for the fiscal year ended April 30, 2015 was $13.2 million, as compared to a net loss of $11.2 million for the year ended April 30, 2014.
The increase in the Company's net loss year-over-year primarily reflects an increase in estimated project costs associated with our contract with MES, an increase in legal fees, as well as higher consulting and patent amortization costs. These increases were partially offset by decreased product development costs due to the substantial completion of our cost-sharing contract with the US Department of Energy for our Reedsport project in Oregon, net of increased costs associated with other internally funded development.
In addition, the Company reduced employee related costs and site development expenses related to our terminated project in Australia, and received a refund related to research and development expenditures in Australia.
As of April 30, 2015, total cash, cash equivalents, and marketable securities were $17.4 million, down from $28.4 million on April 30, 2014.
On April 30, 2015, restricted cash was $0.5 million, compared with $7.3 million as of April 30, 2014.
This significant decrease in restricted cash is primarily due to the return of $4.7 million in customer advance payments that we had received under our former contract with Australian Renewable Energy Agency ("ARENA") in March 2014, $0.5 million in goods and services tax for the Australian Tax Authorities and $0.8 million for the Oregon Department of State Lands relating to the Oregon project that had been classified as restricted cash.
Net cash used in operating activities was $17.2 million and $6.5 million for the years ended April 30, 2015 and 2014, respectively. The increased cash used in operating activities of $17.2 million included the return of the $4.7 million to ARENA, while the prior year included the receipt of funds from ARENA. ■