Ocean Power Technologies Inc. on March 11 reported a net loss of $2.6 million, or 14 cents per share, for the third quarter of fiscal 2019, compared to a net loss of $1.7 million, or 9 cents per share, in the same quarter of fiscal 2018.

The company attributed the increase in net loss to higher upfront spending and material costs on new customer contracts, costs associated with the development of new products, and personnel costs related to the growth of its business.

Revenues totaled $268,000 in the three months ended Jan. 31, 2019. The company had no revenue during the same period of fiscal 2018.

Operating loss widened to $3.5 million in the 2019 fiscal third quarter, from $2.9 million a year earlier.