Ocean Power Tech Narrows Quarterly Loss

Dow Jones12-17

By Sarina Isaacs

Ocean Power Technologies narrowed its second-quarter loss and booked more revenue than it did a year earlier, the company announced Monday.

The Monroe Township, N.J.-based renewable energy company reported a loss of $3.9 million, or 4 cents a share for the fiscal second quarter, compared with $7.2 million, or 12 cents a share, in the same quarter a year ago.

Revenue totaled $2.4 million, higher than last year's $900,000.

Ocean Power also reaffirmed its prior guidance that it believes it will reach profitability in the fourth quarter of calendar 2025.

"Performance to date reflects strong demand for products, effective cost management, and progress on our strategic initiatives," said the company.

Write to Sarina Isaacs at sarina.isaacw@wsj.com

(END) Dow Jones Newswires

December 16, 2024 17:01 ET (22:01 GMT)

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