Ocean Power Technologies Inc. on Sept. 16 reported a net loss of $3.0 million for the first quarter of fiscal 2020, compared to a net loss of $3.2 million in the first quarter of fiscal 2019.
The company attributed the result mainly to a decrease in selling, general and administrative costs.
Revenue for the period was $202,000, an increase of $171,000 from $31,000 in the prior-year period. The company recorded an operating loss of $3.1 million, compared to an operating loss of $3.3 million in the same period in fiscal 2019.
