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Ocean Power Technologies narrows net loss in fiscal Q2

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Ocean Power Technologies narrows net loss in fiscal Q2

Ocean Power Technologies Inc. on Dec. 9 reported a net loss of $3.2 million for the second quarter of fiscal 2020, compared to a net loss of $3.9 million in the same period in fiscal 2019.

The company attributed the results primarily to lower cost of revenues and decreases in engineering and product development costs.

Revenue for the period was $204,000, an increase of $63,000 from $141,000 in the prior-year period.