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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) has signed a reseller agreement with Geos Telecom, a leading maritime communication and navigation solutions provider in Costa Rica. This partnership marks OPT's expansion into the Latin American market and includes the immediate sale of a WAM-V (Wave Adaptive Modular Vessel). The agreement is expected to drive near-term growth of PowerBuoy systems and WAM-Vs in response to regional demand.
CEO Philipp Stratmann emphasized that this collaboration enhances OPT's footprint in Latin America and enables the delivery of advanced USV capabilities to a new customer base. The immediate WAM-V sale highlights the growing demand for OPT's technology and supports their mission to provide innovative solutions for safer, cleaner, and more productive ocean operations.
Ocean Power Technologies, Inc. (NYSE American: OPTT) announced financial results for Q4 and full-year fiscal 2024. Key highlights include:
- FY24 revenue increased 102% to $5.5 million
- Gross profit for FY24 was 51% and $2.8 million, up from 9% and $0.2 million in FY23
- Backlog at April 30, 2024 is $4.9 million, a 25% increase over the prior year
- Pipeline at April 30, 2024 stood at $71.6 million
OPT signed strategic partnerships with Teledyne Marine, Red Cat Holdings, and a major international defense contractor. The company expects to reach profitability during the second half of calendar year 2025. For FY25, contracted orders are expected to be approximately $12.5 million, representing nearly 2x growth over FY24.
Ocean Power Technologies (NYSE American: OPTT) has secured a contract for immediate delivery of a PowerBuoy equipped with Merrows, its AI-capable Maritime Domain Awareness Solution, in the Middle East. This marks the first confirmed order since OPT's selection as a preferred supplier in the region. The contract will generate revenues in the current quarter, though specific details remain confidential.
CEO Philipp Stratmann highlighted the company's growing business across all solutions, including WAM-Vs and PowerBuoys. He emphasized that this shipment of a solar and wind-powered system demonstrates OPT's capability to service diverse marine environments globally, offering proven technology solutions that facilitate easy integration for potential customers.
Ocean Power Technologies (NYSE American: OPTT) will announce its fiscal 2024 fourth quarter results on July 25, 2024, for the period ending April 30, 2024. The results will be released after market close. A conference call to discuss the financial outcomes will take place the next day, July 26, 2024, at 9:00 am EDT, hosted by CEO Philipp Stratmann and CFO Bob Powers. The call can be accessed via 877-407-8291 or 201-689-8345. A live webcast will be available, and a replay can be accessed by dialing 877-660-6853 or 201-612-7415 with Conference ID 13747852. Additionally, OPT will be holding individual meetings with institutional investors and analysts.
Ocean Power Technologies (NYSE American: OPTT), a leading provider of low-carbon marine power and data solutions, will participate in a 'Fireside Chat' hosted by Water Tower Research on July 17, 2024, at 11:00 a.m. ET. During the event, CEO Dr. Philipp Stratmann will discuss the company's strategies and investments in growth and commercialization opportunities. This session is part of OPT's ongoing efforts to engage with investors and provide updates on their mission to enhance ocean sustainability and safety. Interested parties can register for this listen-only event via the provided link. A replay will be available on OPT's website.
Ocean Power Technologies (NYSE American: OPTT) announced the signing of a Memorandum of Understanding (MOU) with AltaSea at the Port of Los Angeles. This partnership aims to explore opportunities within the Blue Economy, focusing on marine energy and related technologies. OPT plans to stage its renewable energy PowerBuoys and WAM-V unmanned surface vehicles at AltaSea for various projects in the Pacific Ocean. Both organizations emphasize the potential of marine energy in California, especially as the state works towards its clean energy goals. This collaboration could significantly impact the industry statewide.
Ocean Power Technologies (NYSE American: OPTT) has signed a reseller agreement with Survey Equipment Services (SES) to provide Unmanned Surface Vehicles (USV), specifically the WAM-Vs, in the USA. This agreement includes immediate sales and provisions for operators, with SES securing a WAM-V for demonstrations and ongoing support. Philipp Stratmann, OPT's CEO, highlighted the partnership's potential to leverage SES's expertise in marine survey and navigation equipment, expanding OPT's customer base and revenue streams. For more details, visit the websites of Ocean Power Technologies and Survey Equipment Services.
Ocean Power Technologies (NYSE American: OPTT) has announced a partnership with Unique Group, a UAE-based leader in subsea technologies and engineering, to deploy OPT's WAM-V Unmanned Surface Vehicles (USV) in the UAE and other GCC countries. This collaboration aims to accelerate the adoption of USVs in the offshore energy sector in the region. Unique Group's extensive local industry knowledge and 20 operational bases will facilitate efficient maintenance and services. OPT's CEO, Philipp Stratmann, highlighted the significance of this partnership in expanding their global USV deployment. Additionally, Unique Group's Jack Dougherty emphasized the commitment to developing a GCC-specific WAM-V 22 vessel that meets stringent safety and environmental regulations.
Ocean Power Technologies (NYSE American: OPTT) has signed an OEM agreement with Teledyne Marine, a division of Teledyne Technologies (NYSE: TDY). This strategic partnership aims to enhance OPT's product offerings and drive innovation in marine technology. The collaboration will leverage Teledyne's advanced maritime technologies, including connectors, instruments, and vehicles, to deliver superior sensor and ocean technology products. OPT's CEO, Philipp Stratmann, expressed confidence that this partnership will accelerate the company's growth and create new revenue streams. Teledyne Marine's SVP, William Egan, emphasized that the partnership aligns with their goal of expanding operational capabilities through cutting-edge technology.
Ocean Power Technologies (NYSE American: OPTT) has reached an agreement in principle for a sole-source contract to deliver multiple WAM-Vs to a US Government department. This firm-fixed-price purchase order, finalized on a noncompetitive basis, will recognize revenue ratably over the contract term with an expected near-term delivery. Although specific terms are undisclosed, this deal adds to the company’s recent success in deploying its PowerBuoys and vehicles for maritime security in various regions, including North America and the Middle East. CEO Philipp Stratmann highlighted the strategic importance of this contract in enhancing ocean security using cost-efficient unmanned surface vehicles.
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