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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 (OPTT) announced CEO Philipp Stratmann's participation in the LD Micro Main Event XV Conference, scheduled for October 25-27, 2022, at Luxe Sunset Boulevard Hotel, Los Angeles. OPT is set to present on October 25 at 5:00 p.m. PT. During the event, management will hold one-on-one meetings with attendees. Investors can access the webcast of the presentation and find a replay on the company's investor website. OPT specializes in innovative low-carbon marine power and offers services for diverse markets, including offshore wind and defense.
Ocean Power Technologies, Inc. (NYSE American: OPTT) has secured a $529,025 procurement contract with Amentum Services to support the Department of Defense's Information Analysis Center (IAC). This contract involves providing land, air, space, and coastal surveillance services for the Department of Homeland Security (DHS) Science & Technology Directorate. The project aims to enhance maritime operations and requires OPT to deliver scientific hardware, training, integration services, and surveillance data for the PB3 PowerBuoy equipped with its Maritime Domain Awareness solution.
Ocean Power Technologies (NYSE: OPTT) announced its first-quarter fiscal 2023 results, reporting revenues of $714,000, up from $272,000 in 1Q22. The company was awarded up to $1.1 million by the U.S. Department of Energy for developing a next-generation wave energy converter. However, net loss widened to $5.9 million in 1Q23 compared to $3.1 million in the previous year. Additionally, cash and short-term investments decreased to $52.4 million from $77.7 million a year earlier. Management remains optimistic about achieving a $9.0 million bookings target for fiscal 2023.
Ocean Power Technologies (OPT) reported a revenue increase to $714,000 for Q1 FY2023, up from $272,000 in Q1 FY2022, driven by WAM-V sales and strategic consulting services. The company was awarded $1.1 million by the U.S. DOE for the development of a next-generation wave energy converter, with the project aimed for completion in 18-24 months. However, the net loss widened to $5.9 million from $3.1 million year-over-year. Cash reserves fell to $52.4 million compared to $77.7 million a year ago, indicating potential liquidity pressures.
Ocean Power Technologies (NYSE: OPTT) announced that CFO Bob Powers will participate in the H.C. Wainwright & Co. 24th Annual Global Investment Conference from September 12-14, 2022, in New York City. The conference features notable growth companies from various sectors, including cleantech. OPT will present on September 14 at 9:00 a.m. ET, with a replay available on their investor website. One-on-one meetings with OPT management can be scheduled during the conference. For more information, contact Investor Relations.
Ocean Power Technologies (OPTT) announced it will report its fiscal 2023 first-quarter financial results on September 12, 2022, after market closure. A conference call to discuss these results will be held the next day, September 13, at 9:00 a.m. Eastern Time, hosted by CEO Philipp Stratmann, CFO Bob Powers, and Treasurer Joseph Dipietro. Investors can access the live webcast or the replay through the company's investor relations section. The company focuses on innovative low-carbon marine power solutions across various industries, including offshore wind.
Ocean Power Technologies (OPTT) has been selected by the U.S. Department of Energy for the Phase II development of a next-generation wave energy converter. This follows the successful completion of Phase I, and the government will invest up to $1,097,212 over the next 18-24 months to develop a modular Mass-on-Spring Wave Energy Converter (MOSWEC) PowerBuoy. The MOSWEC is designed for various applications, including powering autonomous ocean monitoring systems, and is scalable for diverse missions. This investment supports the company's clean energy initiatives and aligns with national blue economy goals.
Ocean Power Technologies (OPTT) reported financial results for Q4 and FY 2022, with Q4 revenues rising to $756,000, boosted by its Strategic Consulting Services. FY 2022 revenues reached $1.76 million, primarily due to the acquisition of Marine Advanced Robotics (MAR), contributing $2 million in FY 2023. The company is focused on developing its Maritime Domain Awareness (MDA) platform and anticipates $9 million in orders for FY 2023. Despite a net loss of $5.2 million in Q4, OPT maintains a strong cash position of $57.5 million and no bank debt.
Ocean Power Technologies (NYSE American: OPTT) announced its upcoming 2022 fourth quarter and full-year financial results will be released on July 13, 2022, after market close. A conference call, featuring CEO Philipp Stratmann and CFO Bob Powers, will take place on July 14, 2022, at 9:00 AM ET. Investors can access the call at 877-407-8291 or via a live webcast. Additionally, management will be available for individual meetings with institutional investors starting July 14. For more information, visit Ocean Power's website.
On May 9, 2022, Ocean Power Technologies (NYSE American: OPTT) announced Ethan Butler as the new Vice President of Engineering & Operations. With over 25 years of experience, including prior positions at Insulet and General Dynamics, Butler is expected to enhance the company’s capabilities in autonomous underwater vehicles. His goal is to lead the integration of PowerBuoy® and WAM-V® technologies, aiming for increased production capacity and customer-focused solutions. The company also granted Butler 50,000 restricted shares as an inducement award, which will vest after one year.
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