Ocean Power Technologies Reports Net Loss of $9.5 Million for the Fourth Quarter of 2023

Ocean Power Technologies, Inc.(OPTT) and its subsidiaries have released their consolidated financial statements for the fourth quarter ended April 30, 2023. The company reported a net loss of $9.5 million for the quarter, reflecting a challenging period. However, there was an improvement in revenue, which reached $980,000 during the same period. Let's delve into the details of the company's financial performance.

Revenue Growth and Cost of Revenues

Ocean Power Technologies experienced a positive trend in revenue during the fourth quarter of 2023. The company generated $980,000 in revenue, representing an increase from the previous year's fourth-quarter revenue of $756,000. This growth can be attributed to various factors, such as increased sales or improved market conditions.

However, the cost of revenues also rose during the same period. It amounted to $1.11 million, compared to $800,000 in the previous year's fourth quarter. The increase in cost of revenues could have impacted the company's gross margin, resulting in a loss.