Company officials say the weaker result was mainly due to costs incurred in product development programs focused on enhancing the core PowerBuoy technology, which captures and converts predictable wave energy into low-cost, clean electricity.
Revenues in May 2008 through April this year were $4mn, down from $4.8mn in the previous period.
In fiscal 2009, OPT generated the majority of its revenues from the US Navy, 67%, up from 58% in the prior year.
The
