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Ocean Power Technologies, Inc. (NASDAQ: OPTT) is a pioneer in renewable wave-energy technology that converts ocean wave energy into electricity. OPT specializes in advanced autonomous (not grid connected), cost-effective, and environmentally sound ocean wave-based power generation and management technology. The company’s flagship product, the PowerBuoy® system, integrates patented technologies in hydrodynamics, electronics, energy conversion, and computer control systems to extract the natural energy in ocean waves. This results in a leading-edge, ocean-tested, proprietary autonomous system that turns wave power into reliable, clean, and environmentally beneficial electricity for offshore applications.
Ocean Power Technologies provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations. Its core markets include defense and security, oil and gas, science and research, and offshore wind. The company’s offerings encompass ocean data collection and reporting, marine power, offshore communications, and the Maritime Domain Awareness System (MDAS). Additionally, OPT provides WAM-V® autonomous surface vessels (ASVs) and marine robotics services.
Recent achievements include several successful customer field demonstrations that showcased the Intelligence, Surveillance, and Reconnaissance capabilities of the PowerBuoy. These demonstrations have positioned OPT uniquely in the market, bypassing lengthy paper studies and accelerating the sales cycle. The company has also completed deployments across various seas, including the Atlantic, Pacific, Mediterranean, and North Sea, achieving approximately 15MWh of renewable energy production.
The company has expanded its operational footprint globally, with activities in North and South America, Europe, Asia, and Australia. OPT has forged partnerships with several notable customers, including ENI, EGP, the Office of Naval Research, and the DeepStar consortium. The company is also expanding into the Middle East and Africa, offering its integrated Merrows solution and other technologies.
Ocean Power Technologies continues to provide innovative solutions, contributing to the growth of marine renewable energy and enhancing oceanic operations with clean, reliable power and advanced data communications. Headquartered in Monroe Township, New Jersey, with an additional office in Richmond, California, OPT remains at the forefront of marine technology innovation.
Ocean Power Technologies has announced a $0.5 million extension of its contract for the WAM-V® 22 Autonomous Surface Vehicle with a US Government Agency overseas, demonstrating ongoing support for autonomous maritime activities. This contract will run through September 30, 2023, and is expected to enhance the company's recurring revenues and long-term growth strategy towards positive cash flow. The WAM-V® ASV showcases advanced technology capable of data collection, surveillance, and communication, making it a valuable asset for maritime operations. CEO Philipp Stratmann expressed pride in the continuation of this partnership, which underscores their commitment to delivering reliable and innovative marine solutions.
Ocean Power Technologies (OPTT) announced the successful ocean test of its next-generation wave energy converter, the MOSWEC prototype, deployed off New Jersey. This new design is touted to generate more power than the previous PowerBuoy® platforms and withstand storm conditions. Key innovations include a sealed design eliminating moving parts, enhancing reliability, and reducing maintenance costs. The MOSWEC allows for the integration of wind and solar energy, increasing diversified energy output. This prototype reflects OPT's commitment to advancing clean ocean energy solutions, aligning with national sustainability goals. CEO Philipp Stratmann highlighted the MOSWEC's efficiency, cost-effectiveness, and advancements in marine energy technology.
Ocean Power Technologies (OPTT) reported a robust financial performance for Q323, with revenues increasing by 51.7% year-over-year to $0.7 million. Year-to-date revenue grew over 74.7%, reaching $1.8 million. Total orders surged 111% to $3.8 million for the nine months ended Q323. The gross margin improved notably, turning from a loss of ($0.1 million) in Q322 to a profit of $0.1 million in Q323. Despite these gains, the net loss widened to $6.1 million for Q323, compared to $5.5 million in Q322. The company holds $41.1 million in cash as of January 31, 2023.
Ocean Power Technologies (NYSE American: OPTT) announced it will report fiscal 2023 third-quarter results for the period ending January 31, 2023, after market close on March 13, 2023. A conference call to discuss these results will be held the following day, March 14, 2023, at 9:00 a.m. Eastern time, featuring CEO Philipp Stratmann, CFO Bob Powers, and Treasurer Joseph Dipietro. The call can be accessed via dial-in numbers or a live webcast. Individual meetings with institutional investors are scheduled to start on March 15, 2023, to enhance stakeholder engagement.
Ocean Power Technologies (NYSE American: OPTT) will engage in the third installment of the "Fireside Chats" series hosted by Water Tower Research on January 26, 2023, at 2:00 p.m. ET. CEO Dr. Philipp Stratmann will discuss the Company’s innovations in autonomous systems aimed at enhancing maritime security and safeguarding ocean resources. Key topics include monitoring illegal fishing and securing port facilities. This event reinforces OPT's commitment to sustainability and investor relations. Registration is available online, and a replay will be accessible afterward on the Company's investor website.
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