Ocean Power Technologies Reports Net Loss for Q2 2023 Amidst Decline in Revenues

Ocean Power Technologies, Inc. (OPTT), a leading provider of ocean energy so lutions, has reported its financial results for the second quarter of 2023. The company's consolidated balance sheets reveal a significant drop in revenue compared to the previous quarter, and the consolidated statements of operations show a widening net loss. Despite the challenging financials, OPT remains committed to advancing innovative technology solutions for harnessing energy from the ocean.

Net Loss Widens for OPT in Q2 2023

OPT faced headwinds in the second quarter of 2023, reporting a net loss of $7.04 million. This represents a notable increase in losses compared to the same period in 2022 when the company reported a net loss of $5.85 million.

Revenue Decline Hits OPT