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Ocean Power Technologies, Inc. (NASDAQ: OPTT) is a pioneer in renewable wave-energy technology that converts ocean wave energy into electricity. OPT specializes in advanced autonomous (not grid connected), cost-effective, and environmentally sound ocean wave-based power generation and management technology. The company’s flagship product, the PowerBuoy® system, integrates patented technologies in hydrodynamics, electronics, energy conversion, and computer control systems to extract the natural energy in ocean waves. This results in a leading-edge, ocean-tested, proprietary autonomous system that turns wave power into reliable, clean, and environmentally beneficial electricity for offshore applications.
Ocean Power Technologies provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations. Its core markets include defense and security, oil and gas, science and research, and offshore wind. The company’s offerings encompass ocean data collection and reporting, marine power, offshore communications, and the Maritime Domain Awareness System (MDAS). Additionally, OPT provides WAM-V® autonomous surface vessels (ASVs) and marine robotics services.
Recent achievements include several successful customer field demonstrations that showcased the Intelligence, Surveillance, and Reconnaissance capabilities of the PowerBuoy. These demonstrations have positioned OPT uniquely in the market, bypassing lengthy paper studies and accelerating the sales cycle. The company has also completed deployments across various seas, including the Atlantic, Pacific, Mediterranean, and North Sea, achieving approximately 15MWh of renewable energy production.
The company has expanded its operational footprint globally, with activities in North and South America, Europe, Asia, and Australia. OPT has forged partnerships with several notable customers, including ENI, EGP, the Office of Naval Research, and the DeepStar consortium. The company is also expanding into the Middle East and Africa, offering its integrated Merrows solution and other technologies.
Ocean Power Technologies continues to provide innovative solutions, contributing to the growth of marine renewable energy and enhancing oceanic operations with clean, reliable power and advanced data communications. Headquartered in Monroe Township, New Jersey, with an additional office in Richmond, California, OPT remains at the forefront of marine technology innovation.
Ocean Power Technologies (NYSE: OPTT) has announced its participation in a fireside chat scheduled for December 19, 2024, at 11:00 a.m. ET. During this listen-only event, CEO Dr. Philipp Stratmann will discuss several key topics including:
- Recent performance and revenue growth
- Cost savings and expenditure reduction initiatives
- Integration of AI-capable solutions
- Geographic expansion into the Middle East and Latin America
- Development of dual-use technology for U.S. defense and security markets
The presentation will be available for replay in the Investors section of the OPT website under 'Events and Presentations.' No Q&A session will be included in this event.
Ocean Power Technologies (OPTT) reported strong Q2 FY25 financial results with revenue reaching $2.4 million, a 2.7x increase from the previous year. The company reduced its net loss by 46% to $3.9 million and decreased operating expenses by 41%. OPTT secured strategic partnerships in Latin America with $3 million in purchase commitments over 36 months, and expanded presence in the Middle East through partnerships with Unique Group, Remah International Group, and 3B General Trading.
The company completed military exercises for Project Overmatch as a subcontractor to EpiSci, contributing to revenue growth. OPTT reaffirmed its guidance to reach profitability by Q4 2025, citing strong product demand and effective cost management. Trailing twelve-month revenue reached $7.1 million, representing an 83% increase year-over-year.
Ocean Power Technologies (NYSE American: OPTT) has secured $3 million in purchase order commitments for WAM-V USV's in Latin America through a new partnership, extending over 36 months. This represents a $1.5 million increase from previously announced purchase orders in the region.
The WAM-V USV's will be deployed for hydrographic applications, offering versatile multi-application solutions. The order reinforces OPT's position in the maritime artificial intelligence robotics sector and demonstrates growing demand for their innovative solutions in Latin America.
Ocean Power Technologies (OPTT) announced preliminary Q2FY25 financial results, showing significant improvements. Revenue is estimated to exceed $2 million, more than double compared to $0.9 million in the same period last year. Net loss decreased by over 40% to approximately $4 million from $7.2 million year-over-year. Operating expenses were reduced by about 40%, and cash used in operations decreased to less than $4.7 million from $7.5 million.
The company completed several military exercises as part of Project Overmatch, delivered vehicles to Latin American customers, and signed its first multi-year service contract. OPT reaffirms its guidance to reach profitability by Q4 2025, citing strong product demand and effective cost management.
Ocean Power Technologies (NYSE American: OPTT) announced it will release fiscal 2025 second quarter early earnings on December 2, 2024, followed by full results on December 16, 2024, for the period ended October 31, 2024. CEO Philipp Stratmann cited ongoing business growth and G&A streamlining as enabling early updates. A conference call discussing results will be held on December 17, 2024, at 9:00 AM EDT, hosted by CEO Stratmann and CFO Bob Powers. The company is also offering individual meetings with portfolio managers and analysts to strengthen institutional investor relations.
Ocean Power Technologies (NYSE American: OPTT) has announced the delivery of WAM-V 16 and WAM-V 22 unmanned surface vehicles to survey customers in Latin America. The company has also secured a follow-on order for a WAM-V 8 from one of these customers. The delivery includes fully integrated systems with survey equipment, supporting revenue recognition. This development is part of OPT's regional expansion strategy in Mexico, Costa Rica, and Brazil, working with end customers and resellers to convert pipeline opportunities into revenue.
Ocean Power Technologies (NYSE American: OPTT) has completed the second set of exercises under its follow-on contract as a subcontractor to EpiSci for Project Overmatch. The company successfully deployed several WAM-V autonomous surface vehicles during the Mission Autonomy Proving Grounds (MAPG). The completion of these exercises, following the first set concluded over the summer, supports immediate revenue recognition. The project involves ruggedizing and enhancing operational capabilities of autonomous maritime technologies to support the U.S. military and allies.
Ocean Power Technologies (NYSE American: OPTT) has signed a Distributor Agreement with Remah International Group (RIG) to promote, distribute, sell, and service OPT's solutions in the UAE defense and security industry. The partnership aims to accelerate the adoption of autonomous ocean security services in the region.
RIG, a UAE-based company with 48 subsidiaries, partners with global solution providers like Northrop Grumman and SAAB. The agreement covers OPT's suite of solutions, including WAM-V® Unmanned Surface Vehicles, Next Generation Powerbuoy®, and AI-capable Merrows™.
The collaboration leverages RIG's established position in the UAE market and its experience servicing the UAE Armed Forces. OPT and RIG will work on establishing a local maintenance and support infrastructure, utilizing RIG's existing full lifecycle support service functionality.
Ocean Power Technologies (NYSE American: OPTT) has shipped a WAM-V Unmanned Surface Vehicle (USV) to the UAE, following its June 2024 partnership announcement with Unique Group. The 22ft WAM-V will be exhibited at ADIPEC, a major energy industry event in Abu Dhabi from November 4-7, 2024. This move aims to showcase OPT's autonomous vehicle services to potential customers in the offshore energy sector.
Unique Group, a UAE-based offshore services provider with over 500 employees worldwide, will demonstrate the vehicle to offshore energy companies. OPT's CEO, Philipp Stratmann, expressed enthusiasm for the increasing demand for their services in the Middle East, particularly in the UAE. The company anticipates that this exhibition will further boost their activity in the region.
Ocean Power Technologies (NYSE American: OPTT) has signed an agreement with 3B General Trading & Contracting Co. W.L.L. (3B) to explore projects in Kuwait's offshore energy and maritime industry. The partnership aims to deploy WAM-V® autonomous and unmanned surface vehicles and Next Generation PowerBuoys® equipped with AI-capable Merrows™.
CEO Philipp Stratmann expressed enthusiasm about OPT's expansion in the Middle East, highlighting the growing offshore energy and maritime industry market in Kuwait. He emphasized that OPT's solutions provide operators with tools to generate offshore energy and ocean intelligence more effectively, safely, and efficiently.
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