Ocean Power Technologies Completes Major Milestone for Naval Information Warfare Center Pacific’s Project Overmatch
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) ha completato il secondo gruppo di esercizi nell'ambito del suo contratto di follow-on come subappaltatore di EpiSci per il Progetto Overmatch. L'azienda ha successivamente schierato diversi veicoli di superficie autonomi WAM-V durante il Mission Autonomy Proving Grounds (MAPG). Il completamento di questi esercizi, dopo il primo gruppo concluso durante l'estate, supporta il riconoscimento immediato dei ricavi. Il progetto prevede il rafforzamento e il miglioramento delle capacità operative delle tecnologie marittime autonome per supportare le forze armate statunitensi e i loro alleati.
Ocean Power Technologies (NYSE American: OPTT) ha completado el segundo conjunto de ejercicios bajo su contrato de seguimiento como subcontratista de EpiSci para el Proyecto Overmatch. La empresa desplegó con éxito varios vehículos de superficie autónomos WAM-V durante los Mission Autonomy Proving Grounds (MAPG). La finalización de estos ejercicios, tras el primer conjunto que concluyó durante el verano, apoya el reconocimiento inmediato de ingresos. El proyecto implica robustecer y mejorar las capacidades operativas de las tecnologías marítimas autónomas para apoyar a las fuerzas armadas de EE.UU. y a sus aliados.
오션 파워 테크놀로지스 (NYSE American: OPTT)는 EpiSci의 하청업체로서 Overmatch 프로젝트의 후속 계약에 따라 두 번째 세트의 작업을 완료했습니다. 이 회사는 Mission Autonomy Proving Grounds (MAPG) 동안 여러 대의 WAM-V 자율 수면 차량을 성공적으로 배치했습니다. 여름에 마무리된 첫 번째 세트에 이어 이러한 작업이 완료됨으로써 즉각적인 수익 인식이 지원됩니다. 이 프로젝트는 미 군대와 동맹국을 지원하기 위해 자율 해양 기술의 운영 능력을 강화하고 향상하는 것을 포함합니다.
Ocean Power Technologies (NYSE American: OPTT) a terminé le deuxième ensemble d'exercices dans le cadre de son contrat de suivi en tant que sous-traitant d'EpiSci pour le projet Overmatch. L'entreprise a déployé avec succès plusieurs véhicules de surface autonomes WAM-V lors des Mission Autonomy Proving Grounds (MAPG). L'achèvement de ces exercices, après le premier ensemble conclu durant l'été, permet une reconnaissance immédiate des revenus. Le projet vise à solidifier et à améliorer les capacités opérationnelles des technologies maritimes autonomes pour soutenir l'armée américaine et ses alliés.
Ocean Power Technologies (NYSE American: OPTT) hat die zweite Reihe von Übungen im Rahmen seines Nachfolgevertrags als Subunternehmer für EpiSci im Projekt Overmatch abgeschlossen. Das Unternehmen hat während der Mission Autonomy Proving Grounds (MAPG) erfolgreich mehrere WAM-V autonome Unterschiffsfahrzeuge eingesetzt. Der Abschluss dieser Übungen, die auf die erste Reihe in den Sommermonaten folgten, unterstützt die sofortige Umsatzrealisierung. Das Projekt umfasst die Robustheit und Verbesserung der Betriebsfähigkeiten autonomer maritimer Technologien zur Unterstützung des US-Militärs und seiner Verbündeten.
- Completion of second exercise set triggers immediate revenue recognition
- Successful deployment of multiple WAM-V autonomous surface vehicles
- Ongoing contract execution with U.S. military demonstrates market validation
- None.
Insights
The completion of the second phase of Project Overmatch exercises represents a significant operational milestone for OPT's military contracting business. The immediate revenue recognition aspect is particularly noteworthy for this micro-cap company with a market cap of just
The involvement in Project Overmatch, a critical U.S. Navy initiative focused on advancing naval warfare capabilities, positions OPT strategically in the military autonomous systems market. The use of veteran operators adds credibility to their operations and suggests potential for securing additional defense contracts. However, while this milestone is positive, the actual revenue impact and contract value remain undisclosed, making it challenging to quantify the financial benefit to shareholders.
This milestone's immediate revenue recognition will positively impact OPT's financial statements, though the exact monetary value remains undisclosed. For a micro-cap company with revenue streams, successful execution of military contracts is important for maintaining investor confidence and supporting growth initiatives. The follow-on nature of the contract suggests customer satisfaction and potential for additional business.
However, investors should note that while this development is positive, OPT's small market capitalization indicates significant operational risks. The company's ability to scale these military contracts and translate them into sustainable revenue growth will be critical for long-term viability. The stock's low market cap also suggests high volatility potential, warranting careful consideration in investment decisions.
Completion of the second set of exercise supports immediate revenue recognition
MONROE TOWNSHIP, N.J., Oct. 28, 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 that it has completed the second set of exercises of the previously announced follow-on contract as a subcontractor to EpiSci and successfully deployed several of its WAM-V autonomous surface vehicles during the Mission Autonomy Proving Grounds (MAPG) as part of Project Overmatch.
Under this contract, OPT continues to ruggedize and enhance the operational capability of its autonomous maritime technologies to support the U.S. military and its allies. The first set of exercises was concluded over the summer and the completion of these most recent exercises will support immediate revenue recognition.
Philipp Stratmann, CEO of Ocean Power Technologies, commented, "We are very excited about the completion of this exercise. The technological capabilities of our WAM-Vs together with the skills of our ASV operators, the majority of which are Veterans, continue to deliver value for our customers and revenues for our shareholders. We believe our participation in Project Overmatch remains a pivotal step in demonstrating how our solutions can significantly enhance the operational capabilities of the U.S. Navy."
For additional details on Ocean Power Technologies and their involvement in Project Overmatch, please visit www.oceanpowertechnologies.com.
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 and has an additional office in Richmond, California. To learn more, 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 potential continuing success with our partner, EpiSci, in connection with MAPG, 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.
FAQ
What milestone did Ocean Power Technologies (OPTT) complete for Project Overmatch?
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