Ocean Power Technologies Ships Multiple Unmanned Surface Vehicles to US Government
Ocean Power Technologies (NYSE American: OPTT) has announced the shipment of multiple WAM-V unmanned surface vehicles to a US Government department under a previously announced sole source contract. This delivery marks a significant revenue recognition milestone for the company. While specific terms remain undisclosed due to the sensitive nature of the relationship, this shipment builds upon OPT's recent commercial success in providing vehicles and PowerBuoys® for autonomous Maritime Domain Awareness, Counter Unmanned Underwater Vehicles, and Mine Counter Measure Solutions across North America, Sub Saharan Africa, and the Middle East.
CEO Philipp Stratmann emphasized that this shipment demonstrates OPT's continued execution for customers and shareholders, as well as the company's ability to convert its pipeline into bookings and revenue. The use of small Unmanned Surface Vehicles like the WAM-V® is seen as a cost-efficient force multiplier for the US Government and other offshore operators, highlighting the dual-use nature of OPT's technologies.
Ocean Power Technologies (NYSE American: OPTT) ha annunciato la spedizione di più veicoli di superficie senza pilota WAM-V a un dipartimento del governo degli Stati Uniti, nell'ambito di un contratto di fornitura esclusiva precedentemente annunciato. Questa consegna segna un importante tr> milestone di riconoscimento dei ricavi per l'azienda. Sebbene i termini specifici rimangano non divulgati a causa della natura sensibile della relazione, questa consegna si basa sul recente successo commerciale di OPT nel fornire veicoli e PowerBuoys® per la consapevolezza del dominio marittimo autonomo, il contrasto dei veicoli subacquei senza pilota e le soluzioni di contromisura per le mine in Nord America, nell'Africa subsahariana e in Medio Oriente.
Il CEO Philipp Stratmann ha sottolineato che questa spedizione dimostra l'esecuzione continua di OPT per clienti e azionisti, così come la capacità dell'azienda di convertire il proprio portafoglio in prenotazioni e ricavi. L'uso di piccoli veicoli di superficie senza pilota come il WAM-V® è considerato un moltiplicatore di forza economico per il governo degli Stati Uniti e altri operatori offshore, evidenziando la natura duale delle tecnologie di OPT.
Ocean Power Technologies (NYSE American: OPTT) ha anunciado el envío de múltiples vehículos de superficie no tripulados WAM-V a un departamento del gobierno de los Estados Unidos bajo un contrato de suministro exclusivo previamente anunciado. Esta entrega marca un importante hito en el reconocimiento de ingresos para la empresa. Si bien los términos específicos se mantienen en secreto debido a la naturaleza sensible de la relación, este envío se basa en el reciente éxito comercial de OPT en el suministro de vehículos y PowerBuoys® para la concienciación autónoma del dominio marítimo, la contrarrestación de vehículos submarinos no tripulados y soluciones de contramedidas de minas en América del Norte, África subsahariana y Oriente Medio.
El CEO Philipp Stratmann enfatizó que este envío demuestra la ejecución continua de OPT para clientes y accionistas, así como la capacidad de la empresa para convertir su cartera en reservas e ingresos. El uso de pequeños vehículos de superficie no tripulados como el WAM-V® se ve como un multiplicador de fuerza rentable para el gobierno de los Estados Unidos y otros operadores en alta mar, destacando la naturaleza de uso dual de las tecnologías de OPT.
오션 파워 테크놀로지스(Ocean Power Technologies, NYSE American: OPTT)는 미국 정부 부서에 여러 대의 무인 수상 차량(WAM-V)의 발송을 발표했습니다. 이는 이전에 발표된 단독 공급 계약에 따른 것입니다. 이번 배송은 회사의 수익 인식 이정표에 중요한 의미를 갖습니다. 특정 조건은 관계의 민감한 특성으로 인해 공개되지 않았지만, 이 배송은 OPT가 북미, 사하라 이남 아프리카 및 중동 전역에서 자율 해양 영역 인식, 무인 잠수정 대응 및 기뢰 대응 솔루션 제공에서 최근 상업적 성공을 기반으로 하고 있습니다.
CEO 필립 스트랫만(Philipp Stratmann)은 이번 배송이 고객과 주주를 위한 OPT의 지속적인 실행을 보여주며, 회사가 파이프라인을 예약 및 수익으로 전환할 수 있는 능력을 보여준다고 강조했습니다. WAM-V®와 같은 소형 무인 수상 차량의 사용은 미국 정부와 다른 해양 운영자들에게 비용 효율적인 힘의 배가 장비로 간주되며, OPT의 기술이 이중 용도로 사용될 수 있는 특성을 강조합니다.
Ocean Power Technologies (NYSE American: OPTT) a annoncé l'expédition de plusieurs véhicules de surface sans pilote WAM-V à un département du gouvernement américain dans le cadre d'un contrat de fourniture exclusif précédemment annoncé. Cette livraison marque une étape significative dans la reconnaissance des revenus pour l'entreprise. Bien que les termes spécifiques restent confidentiels en raison de la nature sensible de la relation, cette expédition s'inscrit dans le cadre du récent succès commercial d'OPT dans la fourniture de véhicules et de PowerBuoys® pour la sensibilisation autonome au domaine maritime, la contre-mesure des véhicules sous-marins sans pilote et les solutions de lutte contre les mines en Amérique du Nord, en Afrique subsaharienne et au Moyen-Orient.
Le PDG Philipp Stratmann a souligné que cette expédition démontre l'exécution continue d'OPT pour ses clients et ses actionnaires, ainsi que la capacité de l'entreprise à convertir son pipeline en réservations et en revenus. L'utilisation de petits véhicules de surface sans pilote tels que le WAM-V® est considérée comme un multiplicateur de force rentable pour le gouvernement américain et d'autres opérateurs offshore, soulignant la nature à double usage des technologies d'OPT.
Ocean Power Technologies (NYSE American: OPTT) hat den Versand mehrerer WAM-V unbemannter Oberflächenfahrzeuge an eine US-Regierungsbehörde im Rahmen eines zuvor angekündigten Alleinliefervertrags bekannt gegeben. Diese Lieferung stellt einen bedeutenden Einnahmenerkennungsmilestone für das Unternehmen dar. Während die spezifischen Bedingungen aufgrund der sensiblen Natur der Beziehung ungenannt bleiben, baut dieser Versand auf den jüngsten kommerziellen Erfolgen von OPT auf, die Fahrzeuge und PowerBuoys® für autonome maritime Bereichswahrnehmung, Gegenmaßnahmen gegen unbemannte Unterwasserfahrzeuge und Minenbekämpfungslösungen in Nordamerika, Subsahara-Afrika und dem Nahen Osten bereitstellen.
CEO Philipp Stratmann betonte, dass dieser Versand die kontinuierliche Ausführung von OPT für Kunden und Aktionäre demonstriere und die Fähigkeit des Unternehmens, seine Pipeline in Buchungen und Einnahmen umzuwandeln, verdeutliche. Der Einsatz kleiner unbemannter Oberflächenfahrzeuge wie dem WAM-V® wird als kosten-effizienter Verstärker für die US-Regierung und andere Offshore-Betreiber angesehen und hebt die duale Nutzung von OPTs Technologien hervor.
- Revenue recognition from shipment of multiple WAM-V unmanned surface vehicles
- Sole source contract with a US Government department
- Expansion of commercial success in Maritime Domain Awareness solutions
- Demonstration of pipeline conversion to bookings and revenue
- None.
Insights
The shipment of multiple WAM-Vs to a US Government department marks a significant revenue milestone for Ocean Power Technologies (OPTT). This delivery, stemming from a sole source contract, directly impacts the company's financial performance as it leads to immediate revenue recognition. While specific terms are undisclosed due to the sensitive nature of the relationship, the impact on OPTT's financials is likely to be material given the company's current market cap of
This development builds upon OPTT's recent commercial successes in various global markets, potentially indicating a growing market acceptance of their autonomous maritime technologies. The CEO's statement about converting pipeline to bookings and revenues suggests a positive trend in the company's order fulfillment and cash flow. For investors, this could signal improved financial health and potential for future growth, especially if OPTT can secure more government contracts or expand its commercial customer base.
However, investors should note that the company's small market cap indicates it's still a micro-cap stock, which typically carries higher risk. The lack of disclosed financial terms also makes it challenging to quantify the exact impact on OPTT's bottom line. Nonetheless, this contract execution demonstrates OPTT's ability to deliver on high-profile projects, which could enhance its credibility in the marine power and autonomous vehicle markets.
The delivery of multiple WAM-Vs (Wave Adaptive Modular Vessels) to a US Government department underscores the growing importance of unmanned surface vehicles (USVs) in maritime security and defense operations. These autonomous platforms are increasingly seen as cost-effective force multipliers, capable of enhancing maritime domain awareness, counter-UUV operations and mine countermeasures without putting human personnel at risk.
OPTT's success in securing this contract, especially as a sole-source provider, indicates that their technology meets specific and possibly unique requirements of the US Government. This could position OPTT favorably for future defense contracts and potentially lead to long-term relationships with government agencies.
The dual-use nature of OPTT's technologies, as mentioned by the CEO, is particularly noteworthy. This versatility allows the company to target both military and civilian markets, potentially broadening its customer base and reducing dependency on a single sector. For investors, this diversification could translate to more stable revenue streams and reduced business risk.
However, the sensitive nature of government contracts in this sector often comes with stringent compliance requirements and potential geopolitical risks that investors should be aware of. The company's ability to navigate these complexities while maintaining technological edge will be important for its long-term success in the defense market.
Delivery leads to revenue recognition
MONROE TOWNSHIP, N.J., Sept. 27, 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 shipped for prompt delivery multiple WAM-Vs on a previously announced sole source contract to a Department of the US Government.
Delivery of the vehicles leads to revenue recognition. Due to the sensitive nature of this relationship, terms have not been disclosed.
This delivery will build on the recent commercial success of OPT’s vehicles and PowerBuoys® for autonomous Maritime Domain Awareness, Counter Unmanned Underwater Vehicles, and Mine Counter Measure Solutions in North America, Sub Saharan Africa, and the Middle East.
Philipp Stratmann, CEO and President of OPT, expressed his enthusiasm about this revenue milestone, stating, "This shipment is further proof that we continue to execute for our customers and shareholders and to convert our pipeline to bookings and revenues. We believe it also confirms that our systems form an important part of building out the future of ocean security. Using small Unmanned Surface Vehicles, like our WAM-V®, is a cost-efficient force multiplier for the US Government and other offshore operators. The dual use nature of our technologies enables us to provide systems to a broad set of customers.”
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 effective operations of the vehicles, the continued success of OPT’s vehicles and PowerBuoys, OPT’s relationship with the US Government, 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 products did Ocean Power Technologies (OPTT) ship to the US Government?
How does the shipment of WAM-Vs affect Ocean Power Technologies' (OPTT) revenue?
What are the applications of Ocean Power Technologies' (OPTT) WAM-V and PowerBuoy products?
Why are the specific terms of the contract between Ocean Power Technologies (OPTT) and the US Government not disclosed?
