Welcome to our dedicated page for Ocean Power Technologies news (Ticker: OPTT), a resource for investors and traders seeking the latest updates and insights on Ocean Power Technologies stock.
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) 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.
Ocean Power Technologies (OPTT) reported a 53% revenue growth to $484,000 in Q3 FY2022, up from $317,000 in Q3 FY2021, driven by the acquisition of Marine Advanced Robotics (MAR) which added $257,000 to revenue.
Despite the growth, the company posted a net loss of $5.5 million, compared to $3.1 million in Q3 FY2021. Engineering costs increased by $1.5 million year-over-year due to investment in new software. A new VP of Global Sales & Marketing was appointed to support growth initiatives.
Ocean Power Technologies (OTC: OPTT) announced it will report fiscal Q3 2022 results on March 14, 2022. The conference call to discuss results is scheduled for March 15, 2021, at 9:00 a.m. Eastern. CEO Dr. Philipp Stratmann will cover updates on integrating Marine Advanced Robotics and the development of maritime domain awareness software. The company focuses on innovative, low-carbon marine power and service solutions, serving various markets including defense and offshore wind.
Ocean Power Technologies (OPTT) announced its financial results for Q2 FY 2022, reporting revenues of $247,000, up from $118,000 the previous year, driven by growth in Strategic Consulting Services. The company completed an acquisition of Marine Advanced Robotics to expand its autonomous vehicle offerings. However, net loss increased to $5.2 million compared to $3.0 million in Q2 FY 2021, with cash used in operations rising to $10.4 million. The company will discuss these results in a conference call on December 15, 2021.
Ocean Power Technologies (OPTT) has appointed Robert P. Powers as Senior Vice President and Chief Financial Officer, effective December 13, 2021. With over 25 years of financial leadership experience, Powers aims to enhance OPT's operations and implement its growth strategy, focusing on market expansion and subscription revenues. CEO Philipp Stratmann expressed optimism about Powers' impact on the company's performance, particularly in developing new services.
Ocean Power Technologies (OPTT) has announced the postponement of its 2021 Annual Meeting of Stockholders to December 14, 2021, at 2 p.m. Eastern, from the previously scheduled date of December 13, 2021. The record date for shareholders remains October 15, 2021. The decision was made to allow more time for soliciting shareholder votes. An amendment to the definitive proxy statement will be filed with the SEC, providing further information about the postponement. Shareholders are encouraged to vote online, by phone, or by email.
Ocean Power Technologies (NYSE American: OPTT) has acquired Marine Advanced Robotics, Inc. (MAR) for $11 million, enhancing its offshore intelligence capabilities. The deal comprises $4 million in cash and $7 million in OPT common stock. This acquisition aligns with OPT's growth strategy in the Maritime Domain Awareness sector. MAR's Wave Adaptive Modular Vessel (WAM-V) technology offers autonomous surface vessels that adapt to water conditions, potentially expanding OPT's market reach and revenue streams.
FAQ
What is the current stock price of Ocean Power Technologies (OPTT)?
What is the market cap of Ocean Power Technologies (OPTT)?
What does Ocean Power Technologies, Inc. do?
What is the PowerBuoy® system?
In which markets does Ocean Power Technologies operate?
What recent achievements has OPT accomplished?
Where does Ocean Power Technologies have operations?
Who are some of OPT’s notable customers?
What services does OPT offer?
What is OPT’s approach to environmental sustainability?
Where is Ocean Power Technologies headquartered?
What is the Merrows solution offered by OPT?
