Ocean Power Technologies, Inc. (NASDAQ:OPTT) Q1 2020 Earnings Conference Call Transcript
Sep 18, 2019 • 11:00 am ET
George H. Kirby
research and telecommunications markets.
Now let me turn the call over to Matt to discuss the financials, Matt?
Matthew T. Shafer
Thank you, George and good morning everyone. We recorded revenues of 202,000 in the first quarter of fiscal year 2020 for the period ended July 31, 2019 as compared to 31,000 of revenue for the first quarter of last year. This increase in revenue was the result of our new contracts with Eni, Premier Oil and the US Navy. Cost of revenues increased $225,000 to $367,000 compared to $142,000 in the three months ended July 31, 2018. The increasing cost of revenues was due to higher upfront spending and material costs on new customer revenue generating products compared to the same period the prior year. The net loss for the first quarter of fiscal 2020 was $3 million as compared to a net loss of $3.2 million for the prior year. The decrease in net loss was mainly attributable to the decrease in selling, general and administrative costs.
Turning now to the balance sheet. As of July 31, 2019, total cash, cash equivalents, restricted cash and marketable securities were $13.5 million as compared to $17.2 million on April 30, 2019. Net cash used in operating activities during the three months ended July 31, 2019 were $3.6 million, a decrease of $0.2 million compared to $3.8 million during the three months ended July 31, 2018.
With that, I'll turn it back to George.
George H. Kirby
Thanks, Matt. I want to emphasize that we are laser focused on closing new business for our company. We're actively staffing up our sales team with experienced professionals who can identify and close new business. We're actively working on commercial activities, which we're expecting to close in the near future, I remain extremely optimistic about our prospects. And I'm proud of how my team is delivering for our customers. And I wanted to take a moment to thank everyone at OPT who continue to work tirelessly to execute our vision. I'm extremely proud to lead this team at such an exciting time.
With that, operator, we're now ready to take questions.