Ocean Power Tech Stock Price, News & Analysis

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.

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.