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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 American: OPTT) announced its participation in the MicroCap Rodeo Fall Conference on October 16th, 2024, in New York City. CEO Philipp Stratmann will present at 11:00 AM EDT, highlighting the company's advancements in autonomous solutions that harness renewable energy for maritime and defense sectors.
The presentation will be webcast live, with registration available for virtual attendance. Management will also be available for one-on-one meetings with approved investors on the same day. OPT, a leader in low-carbon marine power, data, and service solutions, aims to showcase its cutting-edge technologies and strategic growth plans during the conference.
Interested parties can find more information and register for the conference at www.microcaprodeo.com. For additional details about Ocean Power Technologies and its services, visitors are directed to the company's website.
Ocean Power Technologies (NYSE American: OPTT) has announced the confirmed shipment of an AI-capable Merrows™ PowerBuoy® to a customer in the Middle East. This development expands the company's Merrows™ offering in the region. OPT, known for its innovative and cost-effective low-carbon marine power, data, and service solutions, had previously announced that the shipment was ready. This confirmation marks a significant step in OPT's expansion into the Middle Eastern market, potentially strengthening its position in the renewable marine energy sector.
Ocean Power Technologies (NYSE American: OPTT) has received a $1.1 million preliminary award from the New Jersey Economic Development Authority (NJEDA) 2024 Technology Business Tax Certificate Transfer Program. This program, also known as the Net Operating Loss (NOL) Program, allows technology and life sciences businesses in New Jersey to sell a percentage of their New Jersey net operating losses and unused R&D tax credits to unrelated profitable corporations for cash.
OPT participates in this program annually, having received a $1.2 million award in 2023. The funding is considered a significant resource as the company progresses on its path to profitability. The award also highlights the potential value of OPT's net operating losses and unused R&D tax credits, emphasizing the importance of preserving these assets for future monetization opportunities.
Ocean Power Technologies (NYSE American: OPTT) has announced the shipment of multiple WAM-V unmanned surface vehicles to a US Government department under a previously announced sole source contract. This delivery marks a significant revenue recognition milestone for the company. While specific terms remain undisclosed due to the sensitive nature of the relationship, this shipment builds upon OPT's recent commercial success in providing vehicles and PowerBuoys® for autonomous Maritime Domain Awareness, Counter Unmanned Underwater Vehicles, and Mine Counter Measure Solutions across North America, Sub Saharan Africa, and the Middle East.
CEO Philipp Stratmann emphasized that this shipment demonstrates OPT's continued execution for customers and shareholders, as well as the company's ability to convert its pipeline into bookings and revenue. The use of small Unmanned Surface Vehicles like the WAM-V® is seen as a cost-efficient force multiplier for the US Government and other offshore operators, highlighting the dual-use nature of OPT's technologies.
Ocean Power Technologies (NYSE American: OPTT) has signed a Memorandum of Understanding (MOU) with Serviço Nacional de Aprendizagem Industrial (SENAI) in Brazil to explore collaboration on Blue Economy opportunities. The partnership aims to advance the deployment of WAM-V® autonomous and unmanned surface vehicles and Next Generation PowerBuoys® equipped with AI capable Merrows™.
OPT's CEO, Philipp Stratmann, expressed enthusiasm about the partnership, highlighting the potential to support the development and deployment of ocean technologies in Brazil. The company sees an opportunity in Brazil's growing offshore energy market, believing their solutions can help operators generate offshore energy more effectively and efficiently.
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.
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