Ocean Power Technologies, Inc. (AMEX:OPTT) reported its first-quarter financial results after Monday's closing bell. Here's a look at the details from the report.

The Details: Ocean Power Technologies reported quarterly losses of five cents per share, up from losses of 12 cents per share from the prior year's quarter. Revenue of $1.3 million for the first quarter was up from $1.27 million from the same period last year.

• Operating expenses of $4.9 million decreased 39% year-over-year, reflecting previously disclosed restructuring and streamlining activities.
• The company's backlog was $5.3 million, a 71% increase over the backlog from the same period last year, reflecting its previously announced efforts in Latin America and the Middle East.
• The company's pipeline was approximately $92 million and reflects an increase in defense and security activity as well as an expansion of commercial opportunities.

"We continue to make progress on our path towards profitability as evidenced by the continued growth in our pipeline, backlog, revenues and gross margin. We have also made significant progress in stemming our losses, as evidenced by a material decrease in our operating costs," said Philipp Stratmann, CEO of Ocean Power Technologies.

"The previously announced substantial cessation of our R&D efforts and the realignment of our headcount to focus on execution has led to a reduction in payroll and engineering related expenditures, and we will continue to see further benefits of these efforts going forward," Stratmann added.

OPTT Price Action: According to Benzinga Pro, Ocean Power Technologies shares are up 9.32% after-hours at 27 cents after climbing 28.27% in Monday's regular trading session.

Read Also:

• What's Going On With Children's Place Stock Today?

Image: u_3u3n7wt5sr from Pixabay