Ocean Power Technologies Completes AI capable Merrows™ PowerBuoy® for Delivery to the Middle East
Ocean Power Technologies (NYSE American: OPTT) has achieved a significant milestone by completing an AI-capable Merrows™ PowerBuoy® for delivery to a Middle Eastern customer. This achievement triggers the next phase of revenue recognition for the fully integrated system. The solar and wind-powered system demonstrates OPT's capability to service diverse marine environments globally.
CEO Philipp Stratmann emphasized the company's focus on converting pipeline to backlog to revenues, aiming to enable customers to provide effective ocean security. The completion of this project marks a step forward in OPT's expansion efforts in the Middle East, with the company looking forward to future deliveries and additional opportunities in the region.
Ocean Power Technologies (NYSE American: OPTT) ha raggiunto un traguardo significativo completando un Merrows™ PowerBuoy® dotato di intelligenza artificiale per la consegna a un cliente del Medio Oriente. Questo risultato attiva la fase successiva di riconoscimento dei ricavi per il sistema completamente integrato. Il sistema alimentato da energia solare e eolica dimostra la capacità di OPT di servire diversi ambienti marini a livello globale.
Il CEO Philipp Stratmann ha sottolineato l'attenzione dell'azienda nel convertire il potenziale pipeline in ordini attesi e ricavi, con l'obiettivo di consentire ai clienti di fornire una sicurezza oceanica efficace. Il completamento di questo progetto segna un passo avanti negli sforzi di espansione di OPT nel Medio Oriente, con l'azienda che guarda con interesse a future consegne e ulteriori opportunità nella regione.
Ocean Power Technologies (NYSE American: OPTT) ha alcanzado un hito significativo al completar un Merrows™ PowerBuoy® capaz de inteligencia artificial para su entrega a un cliente de Medio Oriente. Este logro marca la siguiente fase de reconocimiento de ingresos para el sistema totalmente integrado. El sistema alimentado por energía solar y eólica demuestra la capacidad de OPT para atender diversos entornos marinos a nivel global.
El CEO Philipp Stratmann enfatizó el enfoque de la compañía en convertir el pipeline en órdenes pendientes y en ingresos, con el objetivo de permitir a los clientes proporcionar una efectiva seguridad oceánica. La finalización de este proyecto representa un avance en los esfuerzos de expansión de OPT en Medio Oriente, con la empresa anticipando futuras entregas y oportunidades adicionales en la región.
오션 파워 테크놀로지스 (NYSE American: OPTT)가 중동 고객에게 배송할 인공지능 기능이 탑재된 Merrows™ PowerBuoy®를 완료하여 중요한 이정표를 달성했습니다. 이 성과는 완전 통합 시스템에 대한 수익 인식의 다음 단계를 촉발합니다. 태양광 및 풍력으로 구동되는 시스템은 OPT가 전 세계 다양한 해양 환경을 서비스할 수 있는 능력을 보여줍니다.
CEO 필립 스트랫만은 회사가 파이프라인을 주문 대기 및 수익으로 전환하는 데 초점을 두고 고객이 효과적인 해양 보안을 제공할 수 있도록 하는 것을 목표로 하고 있다고 강조했습니다. 이 프로젝트의 완료는 OPT의 중동에서의 확장 노력에 있어 진전을 의미하며, 회사는 지역 내 향후 배송 및 추가 기회를 기대하고 있습니다.
Ocean Power Technologies (NYSE American: OPTT) a atteint une étape importante en achevant un Merrows™ PowerBuoy® capable d'intelligence artificielle pour livraison à un client du Moyen-Orient. Cette réalisation déclenche la prochaine phase de reconnaissance des revenus pour le système entièrement intégré. Le système alimenté par l'énergie solaire et éolienne démontre la capacité d'OPT à servir divers environnements marins à l'échelle mondiale.
Le PDG Philipp Stratmann a souligné l'importance pour l'entreprise de convertir le pipeline en commandes à venir et en revenus, visant à permettre aux clients de fournir une sécurité océanique efficace. L'achèvement de ce projet marque une avancée dans les efforts d'expansion d'OPT au Moyen-Orient, l'entreprise se réjouissant des futures livraisons et des opportunités supplémentaires dans la région.
Ocean Power Technologies (NYSE American: OPTT) hat einen bedeutenden Meilenstein erreicht, indem es einen KI-fähigen Merrows™ PowerBuoy® für die Lieferung an einen Kunden im Nahen Osten fertiggestellt hat. Dieser Erfolg löst die nächste Phase der Umsatzrealisierung für das vollständig integrierte System aus. Das solar- und windbetriebene System demonstriert die Fähigkeit von OPT, verschiedene Meeresumgebungen weltweit zu bedienen.
CEO Philipp Stratmann betonte den Fokus des Unternehmens, die Pipeline in Aufträge und Umsätze umzuwandeln, um den Kunden zu ermöglichen, eine effektive Sicherheit der Ozeane zu gewährleisten. Der Abschluss dieses Projekts ist ein Schritt nach vorne in OPTs Expansionsbestrebungen im Nahen Osten, wobei das Unternehmen zukünftigen Lieferungen und weiteren Möglichkeiten in der Region entgegenblickt.
- Completion of AI-capable Merrows™ PowerBuoy® triggers next phase of revenue recognition
- Demonstrates capability to service diverse marine environments globally
- Potential for expansion in the Middle East market
- None.
Insights
The completion of the AI-capable Merrows™ PowerBuoy® marks a significant milestone for Ocean Power Technologies (OPT). This event triggers revenue recognition, a important aspect for investors to consider. The company's ability to convert pipeline to backlog to revenues demonstrates progress in its business model.
However, it's important to note that the full financial impact is not yet realized. The final revenue recognition will occur only after deployment at the customer's site. This two-stage revenue recognition process adds a layer of uncertainty and potential delay in fully realizing the financial benefits.
The expansion into the Middle East market represents a strategic move for OPT, potentially opening up new revenue streams. Investors should monitor future announcements for indications of market penetration and additional contracts in this region.
The AI-capable Merrows™ PowerBuoy® represents a technological advancement in marine power solutions. The integration of AI capabilities suggests potential for improved efficiency and adaptability in various marine environments. This could be a key differentiator for OPT in the competitive renewable energy market.
The system's ability to harness both solar and wind power demonstrates versatility, potentially expanding its applicability across different geographical locations. This multi-source energy harvesting approach could provide more consistent power generation, addressing one of the main challenges in renewable energy systems.
Investors should consider the long-term implications of this technology. If successful, it could position OPT as a leader in marine-based renewable energy solutions, opening doors to larger contracts and partnerships in the future.
OPT's expansion into the Middle East signifies a strategic market entry. The region's growing focus on diversifying energy sources and investing in renewable technologies presents a significant opportunity for marine power solutions. This contract could serve as a proof of concept for future deals in the area.
However, investors should be aware of the potential challenges in this market, including geopolitical risks and competition from established energy players. The success of this deployment will be crucial for OPT's reputation and future growth in the region.
The emphasis on ocean security in the CEO's statement suggests a focus on dual-use technologies, potentially opening up additional market segments beyond pure energy generation. This could diversify OPT's revenue streams and increase its appeal to a broader range of customers, including government agencies.
Contractual Milestone Triggers Revenue Recognition
MONROE TOWNSHIP, N.J., Sept. 10, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) (“OPT” or the “Company”), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced it has completed a major contractual milestone and has readied for shipment the previously announced AI capable Merrows™ PowerBuoy® for a customer in the Middle East. This milestone triggers the next phase of revenue recognition of the fully integrated system. Once delivered to the customer, the AI capable Merrows™ PowerBuoy® will be deployed and final revenue recognition will occur.
Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this milestone, stating, " We believe this shipment for a solar and wind powered system highlights our ability to service almost all marine environments across the globe. As we continue to scale, our team is working tirelessly to convert pipeline to backlog to revenues, delivering for our customers worldwide and enabling them to effectively provide ocean security. We look forward to future deliveries and additional opportunities to continue our expansion in the Middle East.”
For additional information about OPT, please visit our website Ocean Power Technologies.
ABOUT OCEAN POWER TECHNOLOGIES
OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets, including Merrows™, which provides AI capable seamless integration of Maritime Domain Awareness Systems across platforms. Our PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V® autonomous surface vessels (ASVs) and marine robotics services. The Company’s headquarters is in Monroe Township, New Jersey, with an additional office in Richmond, California. To learn more about OPT’s groundbreaking products, services and solutions, visit www.OceanPowerTechnologies.com.
FORWARD-LOOKING STATEMENTS
This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and subject to risks and uncertainties, including the continuing successful operations of the AI capable Merrows™ PowerBuoy®, success in the Middle East, the delivery of customer services, the conversion of potential customers to contracts and the realization of the potential revenue thereunder. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
Contact Information
Investors: 203-561-6945 or investorrelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
FAQ
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