Ocean Power Technologies Pre-Releases Preliminary Financial Results for Second Quarter Fiscal 2025
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 (OPTT) ha annunciato i risultati finanziari preliminari del secondo trimestre dell'anno fiscale 2025, evidenziando notevoli miglioramenti. I ricavi sono stimati superare 2 milioni di dollari, più del doppio rispetto ai 0,9 milioni di dollari dello stesso periodo dell'anno scorso. La perdita netta è diminuita di oltre il 40%, scendendo a circa 4 milioni di dollari rispetto ai 7,2 milioni di dollari dell'anno precedente. Le spese operative sono state ridotte di circa il 40% e il denaro utilizzato nelle operazioni è diminuito a meno di 4,7 milioni di dollari, rispetto ai 7,5 milioni di dollari.
L'azienda ha completato diversi esercizi militari come parte del Progetto Overmatch, ha consegnato veicoli a clienti dell'America Latina e ha firmato il primo contratto di servizio pluriennale. OPT ribadisce le sue previsioni di raggiungere la redditività entro il quarto trimestre del 2025, citando una forte domanda di prodotti e una gestione dei costi efficace.
Ocean Power Technologies (OPTT) anunció resultados financieros preliminares para el segundo trimestre del año fiscal 2025, mostrando mejoras significativas. Se estima que los ingresos superen 2 millones de dólares, más del doble en comparación con 0,9 millones de dólares en el mismo periodo del año pasado. La pérdida neta disminuyó en más del 40%, aproximadamente 4 millones de dólares en comparación con 7,2 millones de dólares del año anterior. Los gastos operativos se redujeron en cerca del 40%, y el efectivo utilizado en operaciones disminuyó a menos de 4,7 millones de dólares desde 7,5 millones de dólares.
La empresa completó varios ejercicios militares como parte del Proyecto Overmatch, entregó vehículos a clientes de América Latina y firmó su primer contrato de servicio por varios años. OPT reafirma su pronóstico de alcanzar la rentabilidad para el cuarto trimestre de 2025, citando una fuerte demanda de productos y una gestión efectiva de costos.
오션 파워 테크놀로지즈 (OPTT)는 2025 회계연도 2분기 재무 결과를 발표하며 눈에 띄는 개선을 보여주었습니다. 수익은 200만 달러를 초과할 것으로 예상되며, 이는 작년 같은 기간의 90만 달러에 비해 두 배 이상 증가한 수치입니다. 순손실은 40% 이상 감소하여 약 400만 달러로, 작년의 720만 달러에서 줄어들었습니다. 운영 비용은 약 40% 줄어들었으며, 운영에 사용된 현금은 750만 달러에서 470만 달러 이하로 감소했습니다.
회사는 오버매치 프로젝트의 일환으로 여러 군사 훈련을 완료했으며, 라틴 아메리카 고객에게 차량을 인도하고 첫 다년 서비스 계약을 체결했습니다. OPT는 강력한 제품 수요와 효과적인 비용 관리 덕분에 2025년 4분기까지 수익성을 달성하겠다는 예측을 확고히 했습니다.
Ocean Power Technologies (OPTT) a annoncé des résultats financiers préliminaires pour le deuxième trimestre de l'exercice 2025, montrant des améliorations significatives. Les revenus devraient dépasser 2 millions de dollars, soit plus du double des 0,9 million de dollars du même période l'année dernière. La perte nette a diminué de plus de 40 %, s'élevant à environ 4 millions de dollars contre 7,2 millions de dollars l'année précédente. Les dépenses d'exploitation ont été réduites d'environ 40 %, et la trésorerie utilisée pour les opérations a diminué à moins de 4,7 millions de dollars par rapport à 7,5 millions de dollars.
L'entreprise a complété plusieurs exercices militaires dans le cadre du projet Overmatch, a livré des véhicules à des clients d'Amérique latine et a signé son premier contrat de service pluriannuel. OPT réaffirme ses prévisions de rentabilité d'ici le quatrième trimestre 2025, citant une forte demande de produits et une gestion des coûts efficace.
Ocean Power Technologies (OPTT) hat vorläufige finanzielle Ergebnisse für das zweite Quartal des Geschäftsjahres 2025 bekannt gegeben, die bedeutende Verbesserungen zeigen. Der Umsatz wird voraussichtlich 2 Millionen Dollar übersteigen, was mehr als das Doppelte im Vergleich zu 0,9 Millionen Dollar im gleichen Zeitraum des Vorjahres ist. Der Nettoverlust ging um über 40% auf etwa 4 Millionen Dollar von 7,2 Millionen Dollar im Vorjahr zurück. Die Betriebskosten wurden um etwa 40% gesenkt, und der in den Betrieb investierte Cashflow verringerte sich auf weniger als 4,7 Millionen Dollar von 7,5 Millionen Dollar.
Das Unternehmen hat mehrere Militärübungen im Rahmen des Projekts Overmatch abgeschlossen, Fahrzeuge an Kunden in Lateinamerika geliefert und seinen ersten Mehrjahresdienstvertrag unterzeichnet. OPT bekräftigt seine Prognose, bis zum vierten Quartal 2025 profitability zu erreichen, und verweist auf eine starke Produktnachfrage und ein effektives Kostenmanagement.
- Revenue more than doubled to over $2 million in Q2FY25
- Net loss reduced by 40% year-over-year to $4 million
- Operating expenses decreased by 40%
- Cash burn reduced by 40% to $4.7 million
- Signed first multi-year service contract
- On track for profitability by Q4 2025
- Still operating at a significant net loss of $4 million
- Continues to burn through cash at $4.7 million per quarter
Insights
The preliminary Q2FY25 results show significant operational improvements with
The company's progress in military contracts through Project Overmatch and expansion into Latin American markets indicates diversifying revenue streams. The pathway to profitability by Q4 2025 appears more credible given the cost optimization and revenue growth trajectory. However, with a current quarterly cash burn of
The successful deployment of WAM-V autonomous surface vehicles for Project Overmatch represents a strategic positioning in the high-priority naval autonomy sector. Integration with the U.S. Navy's AI and machine learning initiatives could lead to expanded contract opportunities. The ruggedization of maritime technologies for military applications demonstrates product evolution beyond traditional power generation solutions.
The multi-year service contract signing indicates a shift toward recurring revenue models, while the AT&T 5G PowerBuoy project showcases potential in critical infrastructure applications. These developments suggest a promising diversification of the technology portfolio beyond initial core offerings.
Confirms pathway to profitability in late 2025 based on record quarterly revenues and materially reduced expenses
MONROE TOWNSHIP, N.J., Dec. 02, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), today announced preliminary financial results for the second quarter ended October 31, 2024 (Q2FY25). The preliminary results included in this press release are subject to change and have not been audited or reviewed by our independent auditor. The Company expects to file its second quarter financial results and update in mid‐December.
Preliminary Q2FY25 Financial Highlights
(All figures are preliminary, unaudited, and subject to finalization):
- Revenue: Estimated to be greater than
$2 million , compared to$0.9 million for the same period last year, representing a more than 2x increase. - Net Loss: Anticipated net loss of approximately
$4 million , compared to$7.2 million in the prior year period and representing a year-over-year decrease in net loss of more than40% .- Operating expenses have been reduced by approximately
40% , including reduced external expenditures leading to a material reduction in third party spend.
- Operating expenses have been reduced by approximately
- Cash Used in Operating Activities: Estimated to be less than
$4.7 million , compared to$7.5 million in the prior-year period and representing a year-over-year decrease of approximately40% .
Business and Operational Highlights
- During Q2FY25, the Company completed the second set of exercises of the previously announced follow-on contract as a subcontractor to EpiSci and successfully deployed several WAM-V autonomous surface vehicles during the Mission Autonomy Proving Grounds (MAPG) as part of Project Overmatch. Project Overmatch is a United States Navy initiative aimed at achieving a seamless and highly integrated warfighting capability by leveraging advanced data networks, artificial intelligence (AI), and machine learning. 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 contributed to the revenue recognition noted above.
- The Company delivered several vehicles to customers in Latin America for commercial survey services.
- The Company signed its first service contract for multi-year support services for vehicles.
- Since the end of the quarter, OPT has received the final permits to install the previously announced PowerBuoy equipped with AT&Ts 5G equipment in Monterey Bay.
- The Company reaffirms its previously issued guidance that it believes it will reach profitability (excluding unanticipated extraordinary expenses) during the fourth quarter of calendar 2025. Performance to date reflects strong demand for products, effective cost management, and progress in strategic initiatives. Recent achievements, including recently announced partnerships and operational milestones regarding successful exercises and continued customer deliveries, further support the Company’s trajectory toward achieving this stated objective.
Philipp Stratmann, OPT’s CEO and President, stated “We believe our preliminary results underscore the success of our strategic initiatives, such as focusing on national security and critical infrastructure solutions, coupled with targeted international expansion and our ability to execute for our customers. We have seen a recent uptick in demand for our services domestically and overseas and will continue to convert our pipeline to bookings and ultimately to revenue through future deliveries and additional opportunities to deploy our assets, and we remain committed to delivering long-term value for our shareholders. The success of our most recent quarter leads us to reconfirm our pathway to profitability in late calendar 2025.”
CONFERENCE CALL AND WEBCAST INFORMATION
A conference call to discuss OPT’s financial results will be held on Tuesday, December 17, 2024 at 9:00 AM EDT. Philipp Stratmann, CEO, and Bob Powers, CFO will host the call.
- The dial-in numbers for the conference call are 877-407-8291 or 201-689-8345.
- Live webcast: Webcast | Ocean Power Technologies FY2025 Q2 Earnings Conference Call (choruscall.com)
- Call Replay: Call replay will be available by telephone approximately two hours after the call's completion. You may access the replay by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers and using the Conference ID 13748550.
- Webcast Replay: The archived webcast will be on the OPT investor relations section of its website.
INDIVIDUAL MEETING INFORMATION
In an effort to increase relations with institutional investors, OPT management has dedicated time to hosting individual meetings with portfolio managers and analysts. If you are interested in scheduling a meeting with OPT management, please contact:
- Email: InvestorRelations@oceanpowertech.com, or
- Call: 609-730-0400 x401
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, 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. 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 or to provide further interim updates in the future.
FAQ
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