Ocean Power Tech (OPTT), a wave energy upstart reported earnings this morning well below analyst estimates.  While the company reported a record order book, rising from 3.7 million last year to 8 million this year, the interim losses mounted due to higher costs as the company continues to pour money into research.

OPTT posted revenues of $700K which is significantly lower from the year ago quarter when it posted 1.7 million.  They attributed the lack of revenues on decreased activity in its Spain and Hawaii projects as it focuses resources on the development of its PB150 product.  Higher costs increased its quarterly loss to 5.43 million, an increase from the year ago loss of 3.55 million. 

The company appears to be forging ahead when other green companies are cutting back.  OPTT is planning on adding extra staff as a result of a growing order book which includes a $3 million deal with the US Navy to use the PowerBuoy in the 2nd stage of an ocean data gathering project.

After more than doubling in the past month, the stock has been digesting gains but is well off the lows of today.  Expect increased selling pressure in the coming weeks as it works off overbought conditions.