On Tuesday, Shares of Ocean Power Technologies, Inc. (NASDAQ: OPTT) plunged -6.49% to $0.50. The stock recorded $0.49 as its minimum price and hit the max level of $0.52, during its most recent trading session. It traded total volume of 79,769 shares lower than the average volume of 268.87K shares.
Ocean Power Technologies (OPTT), a leader in innovative and cost-effective ocean energy solutions recently declared financial results for the fiscal first quarter of 2019 ended July 31, 2018.
First Fiscal Quarter Financial Review:
Revenue for the first quarter of fiscal 2019 was $31.0K, contrast to $195.0K for the prior-year period. The decline in revenue is because of the timing of the new contracts signed with Eni and Premier Oil in the first quarter of fiscal 2019 and the MES and ONR contracts being accomplished in the fiscal 2018.
The net loss for the first quarter of fiscal 2019 was $3.20M, contrast to a net loss of $2.70M for the prior-year period. The increase in net loss was a direct result of costs associated with scaling business development, engineering, and marketing for focus towards commercial contracts.
Balance Sheet and Cash Flow:
Total cash, cash equivalents, restricted cash and marketable securities were $8.40M as of July 31, 2018, down from $12.20M on April 30, 2018. Net cash used in operating activities was $3.80M during the three months ended July 31, 2018 as contrast to $4.20M during the prior-year period.
OPTT has the market capitalization of $9.57M and its EPS growth ratio for the past five years was 45.90%. The return on assets ratio of the Company was -73.10% while its return on investment ratio stands at -102.40%. Price to sales ratio was 31.91 while 6.60% of the stock was owned by institutional investors.