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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) 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.
Ocean Power Technologies (OPTT) will report its fiscal year 2022 second quarter results on December 14, 2021, after market close. A conference call is scheduled for December 15, 2021, at 9:00 a.m. Eastern, with the dial-in options provided for attendees. The company aims to enhance relations with institutional investors through individual meetings starting December 16. Known for its innovative low-carbon marine power solutions, OPTT focuses on offshore energy, defense, and communications.
Ocean Power Technologies (OPTT) reported a revenue increase to $0.3 million for the first quarter of fiscal year 2022, up from $0.2 million in the prior year, driven by growth in Strategic Consulting Services post-3Dent acquisition. The company narrowed its net loss to $3.0 million, aided by gains from PPP loan forgiveness and tax benefits. Cash reserves stood at $78.3 million as of July 31, 2021. OPTT is advancing its transformation into a services provider, focusing on innovative maritime solutions, and has secured a DOE award for next-generation wave energy technology.
Ocean Power Technologies (NYSE American: OPTT) has been awarded a grant of up to $197,203 by the U.S. Department of Energy for the development of a modular Mass-on-Spring Wave Energy Converter (MOSWEC) PowerBuoy®. This funding will support a feasibility study aimed at enhancing clean energy technology for ocean monitoring systems. With established patents in MOSWEC technology, OPTT aims to drive innovations in sustainable energy solutions, aligning with national goals for net-zero emissions.
Ocean Power Technologies (NYSE American: OPTT) reported its financial results for the fourth quarter and full fiscal year 2021, ending April 30, 2021. The company achieved a revenue of $0.6 million in Q4 and $1.2 million for the full year, marking a 28% decrease from fiscal 2020, largely due to COVID-19 project delays. The net loss for Q4 and the full year stood at $5.2 million and $14.8 million, respectively. However, the company maintains a strong cash position with $83.6 million in total cash and is optimistic about future growth opportunities following its acquisition of 3Dent Technology.
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