Ocean Power Technologies Secures Follow-On Order for WAM-V 8 and Delivers WAM-V 16 and WAM-V 22 to Latin America
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) ha annunciato la consegna dei veicoli di superficie senza equipaggio WAM-V 16 e WAM-V 22 a clienti di sondaggio in America Latina. L'azienda ha anche ottenuto un ordine supplementare per un WAM-V 8 da uno di questi clienti. La consegna include sistemi completamente integrati con attrezzature di rilevamento, supportando il riconoscimento dei ricavi. Questo sviluppo fa parte della strategia di espansione regionale di OPT in Messico, Costa Rica e Brasile, lavorando con clienti finali e rivenditori per trasformare le opportunità in pipeline in incassi.
Ocean Power Technologies (NYSE American: OPTT) ha anunciado la entrega de vehículos de superficie no tripulados WAM-V 16 y WAM-V 22 a clientes de encuestas en América Latina. La empresa también ha asegurado un pedido adicional de un WAM-V 8 de uno de estos clientes. La entrega incluye sistemas completamente integrados con equipos de encuesta, lo que apoya el reconocimiento de ingresos. Este desarrollo es parte de la estrategia de expansión regional de OPT en México, Costa Rica y Brasil, trabajando con clientes finales y revendedores para convertir oportunidades en la cartera en ingresos.
오션 파워 테크놀로지스 (NYSE American: OPTT)는 라틴 아메리카의 고객에게 무인 수면 차량WAM-V 16과 WAM-V 22를 전달했다고 발표했습니다. 이 회사는 이러한 고객 중 한 곳으로부터 WAM-V 8에 대한 추가 주문도 확보했습니다. 전달된 시스템에는 수서 장비가 통합된 완전한 시스템이 포함되어 있어 수익 인식을 지원합니다. 이 개발은 멕시코, 코스타리카 및 브라질에서 최종 고객 및 재판매자와 협력하여 파이프라인 기회를 수익으로 전환하는 OPT의 지역 확장 전략의 일환입니다.
Ocean Power Technologies (NYSE American: OPTT) a annoncé la livraison des véhicules de surface sans pilote WAM-V 16 et WAM-V 22 à des clients d'enquête en Amérique Latine. L'entreprise a également obtenu une commande complémentaire pour un WAM-V 8 de l'un de ces clients. La livraison comprend des systèmes entièrement intégrés avec des équipements de sondage, soutenant la reconnaissance des revenus. Ce développement fait partie de la stratégie d'expansion régionale d'OPT au Mexique, au Costa Rica et au Brésil, en collaborant avec des clients finaux et des revendeurs pour transformer les opportunités de pipeline en revenus.
Ocean Power Technologies (NYSE American: OPTT) hat die Lieferung der unbemannten Wasserfahrzeuge WAM-V 16 und WAM-V 22 an Kunden in Lateinamerika angekündigt. Das Unternehmen hat außerdem einen Folgeauftrag für ein WAM-V 8 von einem dieser Kunden erhalten. Die Lieferung umfasst vollständig integrierte Systeme mit Umfragegeräten, die die Erlösrealisierung unterstützen. Diese Entwicklung ist Teil der regionalen Expansionsstrategie von OPT in Mexiko, Costa Rica und Brasilien, bei der es darum geht, mit Endkunden und Wiederverkäufern zusammenzuarbeiten, um Pipeline-Möglichkeiten in Einnahmen umzuwandeln.
- Successfully delivered WAM-V 16 and WAM-V 22 vehicles to Latin American customers
- Secured new follow-on order for WAM-V 8
- Revenue recognition achieved from fully integrated system delivery
- Expanding market presence in Latin America
- None.
Insights
The successful delivery of WAM-V unmanned surface vehicles to Latin American customers and a follow-on order marks meaningful progress in OPT's regional expansion strategy. The deal's significance lies in its revenue recognition potential and demonstration of market validation in Mexico and Costa Rica.
This development is particularly noteworthy for a micro-cap company with a
However, without specific financial details or contract values disclosed, it's challenging to quantify the immediate impact on the company's bottom line. The follow-on order for a WAM-V 8 indicates customer satisfaction but represents a smaller unit compared to the WAM-V 16 and 22 deliveries.
Continues Revenue and Booking Growth in Mexico and Costa Rica
MONROE TOWNSHIP, N.J., Oct. 31, 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 several major contractual milestones and delivered new unmanned surface vehicles, a WAM-V 16 and a WAM-V 22, to previously announced survey customers in Latin America. This delivery is part of the Company’s ongoing expansion into the region, working with end customers and resellers. This milestone supports revenue recognition of the fully integrated system, including survey equipment. The Company also announced it has secured a follow-on order from one of these customers for a WAM-V 8.
Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this milestone, stating, "The delivery of these vehicles is testament to the execution ability of our team and our ability to deliver fully integrated systems, including survey equipment from our OEM partners. We believe securing a follow-on order enables us to continue our growth in the region and further execute on our path to profitability. We continue to convert pipeline to revenues and payments. We look forward to future deliveries and additional opportunities to deploy our assets in Latin America, including to our existing and potential customers in Mexico, Costa Rica, and Brazil.”
For additional information about OPT and its services, 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 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 continued success of its WAM-V operations and 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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