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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 (NYSE: OPTT) announced Q1 fiscal 2025 results, showing progress on its Path to Profitability. Key highlights include:
- 39% decrease in operating expenses to $4.9 million
- 23% reduction in cash used for operating activities to $6.1 million
- 71% increase in backlog to $5.3 million
- Record pipeline of $92 million, up from $85 million in Q1 2024
- Revenues steady at $1.3 million, with trailing twelve-month revenue up 70% to $5.6 million
- Net loss decreased to $4.5 million from $7.0 million in Q1 2024
The company reported several new contracts, partnerships, and technological advancements, including a contract with the Naval Postgraduate School and the launch of Global 24/7 Service Support.
Ocean Power Technologies (NYSE American: OPTT) has been awarded a $1M follow-on contract as a subcontractor to EpiSci for the Naval Information Warfare Center Pacific's Project Overmatch' Mission Autonomy Proving Grounds. This comes after a successful 12-month demonstration of OPT's autonomous surface vehicle technologies. The contract aims to further ruggedize and enhance the operational capability of OPT's autonomous maritime technologies to support the U.S. military and its allies. The project is expected to enable a system of systems (SoS) commercial off-the-shelf offering for scalable and attritable, full spectrum, unmanned solutions in the maritime environment. The first set of exercises has already concluded, leading to immediate revenue recognition.
Ocean Power Technologies (NYSE American: OPTT) has achieved a significant milestone by completing an AI-capable Merrows™ PowerBuoy® for delivery to a Middle Eastern customer. This achievement triggers the next phase of revenue recognition for the fully integrated system. The solar and wind-powered system demonstrates OPT's capability to service diverse marine environments globally.
CEO Philipp Stratmann emphasized the company's focus on converting pipeline to backlog to revenues, aiming to enable customers to provide effective ocean security. The completion of this project marks a step forward in OPT's expansion efforts in the Middle East, with the company looking forward to future deliveries and additional opportunities in the region.
Ocean Power Technologies (NYSE American: OPTT) has announced the completion of a new unmanned surface vehicle for delivery to a survey customer in Latin America. This milestone triggers revenue recognition of over $0.3 million for the fully integrated system, including survey equipment. The delivery is part of OPT's expansion into the Latin American market, working with end customers and resellers.
CEO Philipp Stratmann highlighted the company's ability to deliver fully integrated systems and convert pipeline to backlog to revenues. This achievement demonstrates OPT's execution capabilities and strengthens its position in the low-carbon marine power, data, and service solutions market. The company anticipates future deliveries and additional opportunities in Latin America.
Ocean Power Technologies (NYSE American: OPTT) has successfully completed over four months of offshore testing for its Next Generation PowerBuoy® in the Atlantic Ocean. The system, equipped with OPT's Merrows™ AI-capable suite, maintained 100% data uptime and over 90% battery charge throughout the deployment. The PowerBuoy demonstrated resilience during Hurricane Ernesto and Tropical Storm Debby, and conducted several Intelligence, Surveillance, and Reconnaissance demonstrations for potential customers.
The system is now being prepared for deployment at the Naval Postgraduate School in Monterrey, with integration of subsea connectors and AT&T's 5G system. This milestone showcases OPT's progress in developing sustainable ocean monitoring solutions and marks a significant step towards delivering advanced marine power and data services.
Ocean Power Technologies (NYSE American: OPTT) has secured a new contract with the Naval Postgraduate School (NPS) in Monterey, California. This contract builds on a previous agreement and focuses on integrating advanced subsea sensors into a PowerBuoy® equipped with OPT's latest Merrows™ suite for AI-capable Maritime Domain Awareness (MDA). The system will utilize AT&T's 5G communication technologies.
The PowerBuoy® will be deployed in Monterey Bay, pending permits, in late Fall 2024. It will provide continuous, autonomous monitoring and data collection capabilities, contributing to NPS's Field Experimentation exercises. These exercises aim to test and refine technologies that improve situational awareness and operational efficiency for naval operations.
This contract reinforces OPT's growing partnership with the U.S. warfighter community and demonstrates the potential of PowerBuoy® technology in enhancing maritime security and operational capabilities.
Ocean Power Technologies (NYSE American: OPTT) has announced it will release its fiscal 2025 first quarter results on September 16, 2024, after market close. The results cover the period ended July 31, 2024. A conference call to discuss the financial results is scheduled for September 17, 2024, at 9:00 AM EDT, hosted by CEO Philipp Stratmann and CFO Bob Powers.
Investors can join the call using the dial-in numbers 877-407-8291 or 201-689-8345. A live webcast will be available, and a replay can be accessed by dialing 877-660-6853 (US) or 201-612-7415 (international) with Conference ID 13748550. OPT management is also offering individual meetings with portfolio managers and analysts to enhance institutional investor relations.
Ocean Power Technologies (NYSE American: OPTT) has announced the signing of four new reseller agreements aimed at supporting global critical services. These agreements expand OPT's reach into key regions, including the South China Sea, Latin America, and the Middle East, as well as serving global commercial markets. The partnerships are expected to amplify OPT's ability to meet the growing demand for its autonomous maritime technologies.
CEO Philipp Stratmann expressed optimism about the increasing demand in global commercial markets and interest from allied nations in the defense sector. He believes these partnerships will accelerate growth and drive additional revenue streams for the company, which specializes in low-carbon marine power, data, and service solutions.
Ocean Power Technologies (NYSE American: OPTT) reminds stockholders of a Special Meeting on August 30, 2024, to vote on increasing authorized common stock from 100 million to 200 million shares. The Board recommends voting 'FOR' this proposal to enable future capital raising, acquisitions, employee incentives, and other corporate purposes. OPT, a low-carbon marine power solutions provider, aims to ensure flexibility for potential growth opportunities.
Additionally, OPT disclosed in its recent Form 10-K that its audited financial statements included a going concern paragraph, as required by NYSE American Company Guide Section 610(b). This doesn't change the financial statements or the Annual Report for the year ended April 30, 2024.
Ocean Power Technologies (NYSE American: OPTT) has filed a patent pending for its innovative docking and recharging buoy technology designed for the Wave Adaptive Modular Vessel (WAM-V) Unmanned Surface Vehicle (USV). This technology enables autonomous docking and recharging at sea, significantly increasing operational range and endurance for USVs.
The system has been successfully demonstrated and is particularly valuable for applications in oceanographic research, environmental monitoring, and defense sectors. It aligns with OPT's strategy to enhance its Merrows Platform with AI-capable solutions, expanding market reach and supporting diverse customer needs.
CEO Philipp Stratmann emphasized that this development showcases OPT's commitment to advancing sustainable and innovative ocean technologies, providing cost-effective and environmentally friendly solutions for maritime applications.
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