OPTT - Ocean Power FQ3 top-line down 57%

Ocean Power Technologies (OPTT) surged 5.7% after-hours on Friday following fiscal Q3 results for quarter ended January 31, 2021.Q3 revenue was $0.3M, down 57.1% Y/Y, compared to $0.7M for the same period in the prior year.Net loss of $3.2M vs. $2.9M in Q3 2020. Loss per share of $0.09 compared to $0.46 in prior year.Net cash used in operating activities reached $8.5M vs. $8.6M in 2020.Total cash, cash equivalents, and restricted cash was $80.4M as of January 31, 2021.The company acquired 3Dent Technology, which its expects to be important for long-term growth strategy and expanding its offerings."We planned our first remote installation of a turnkey wave energy-powered subsea data collection system in Chile, which we believe offers flexibility and cost-reduction to our customers," George H. Kirby, President and CEO.Previously (March 5): Ocean Power reports FQ3 results

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Ocean Power FQ3 top-line down 57%