Welcome to our dedicated page for Ocean Power Tech news (Ticker: OPTT), a resource for investors and traders seeking the latest updates and insights on Ocean Power Tech stock.
Ocean Power Technologies, Inc. (OPTT) generates news around intelligent maritime systems, low-carbon marine power, and autonomous ocean operations. As a NYSE American-listed company focused on defense and security, offshore energy, and research markets, its announcements often highlight new contracts, technology deployments, and strategic partnerships that shape its role in maritime domain awareness and uncrewed systems.
Recent news has included a multi-buoy contract greater than $5 million to deploy MERROWS®-equipped PowerBuoy® systems in support of a U.S. Coast Guard mission under the U.S. Department of Homeland Security, providing persistent maritime domain awareness off the coast of San Diego, California. Other releases describe shipments of WAM-V® unmanned surface vehicles to partners in the United Arab Emirates, expansion of regional operations, and a Master Services Agreement with Unique Group for non-defense WAM-V® projects in the UAE.
Investors and industry followers can also find updates on partnerships such as the collaboration with Mythos AI to integrate AI-driven autonomy across WAM-V® ASVs and PowerBuoy® platforms, and the agreement with Gradient Marine to add digital twin and simulation capabilities via the Virtual Maritime Picture software. Financial news appears through quarterly earnings releases, backlog and pipeline disclosures, and conference call announcements, while corporate developments include certifications like AUVSI Trusted Uncrewed Maritime Systems Operator Training Provider status and participation in investor conferences.
This news page for OPTT aggregates these types of updates in one place, covering contracts, deployments, partnerships, financial results, certifications, and investor events. It offers a single view into how Ocean Power Technologies is applying its PowerBuoy®, WAM-V®, Merrows™, and related technologies across defense, offshore energy, and commercial maritime applications over time.
Ocean Power Technologies (NYSE: OPTT) has appointed three Advisory Board Members following its 2024 Annual Meeting of Stockholders. The appointees include Natalie Lorenz-Anderson, a MIT Board of Trustees Member with cybersecurity expertise, and two decorated Naval Veterans - Rear Admirals Joseph A. DiGuardo and Victorino Mercado.
The Advisory Board Members will provide guidance on operations and strategic plans, with compensation through equity grants determined by the Board. Lorenz-Anderson previously served on the Board but stepped down due to other commitments. DiGuardo and Mercado were former Board consultants.
Additionally, the company granted an inducement award to Tracy Pagliara, the new Senior VP and General Counsel, consisting of 75,000 restricted shares vesting equally over two years under the Employment Inducement Incentive Award Plan.
Ocean Power Technologies (NYSE American: OPTT) has announced its participation in The Microcap Conference 2025, scheduled for January 28-30, 2025, at the Borgata Hotel Spa & Casino in Atlantic City, NJ. This premier event brings together growth-focused companies and investors.
During the conference, OPT's management team will deliver a corporate presentation and conduct one-on-one meetings with both institutional and individual investors. These sessions will focus on discussing the company's recent developments, growth strategy, and investment opportunities.
Ocean Power Technologies (NYSE American: OPTT) has completed the main assembly of a PowerBuoy® system for the Naval Postgraduate School (NPS). The system features AT&T® 5G technology and advanced subsea sensors, integrated with OPT's latest Merrows™ suite for AI-capable Maritime Domain Awareness.
The system is being prepared for shipment and deployment in early 2025, coinciding with NPS's January Technology Showcase. Once deployed, it will provide continuous, autonomous monitoring and data collection in a strategically significant maritime environment.
The project aims to demonstrate PowerBuoy's® capability as 5G communication nodes along the U.S. coastline, supporting maritime security and operational capabilities both above and below the surface.
Ocean Power Technologies (NYSE: OPTT) has announced its participation in a fireside chat scheduled for December 19, 2024, at 11:00 a.m. ET. During this listen-only event, CEO Dr. Philipp Stratmann will discuss several key topics including:
- Recent performance and revenue growth
- Cost savings and expenditure reduction initiatives
- Integration of AI-capable solutions
- Geographic expansion into the Middle East and Latin America
- Development of dual-use technology for U.S. defense and security markets
The presentation will be available for replay in the Investors section of the OPT website under 'Events and Presentations.' No Q&A session will be included in this event.
Ocean Power Technologies (OPTT) reported strong Q2 FY25 financial results with revenue reaching $2.4 million, a 2.7x increase from the previous year. The company reduced its net loss by 46% to $3.9 million and decreased operating expenses by 41%. OPTT secured strategic partnerships in Latin America with $3 million in purchase commitments over 36 months, and expanded presence in the Middle East through partnerships with Unique Group, Remah International Group, and 3B General Trading.
The company completed military exercises for Project Overmatch as a subcontractor to EpiSci, contributing to revenue growth. OPTT reaffirmed its guidance to reach profitability by Q4 2025, citing strong product demand and effective cost management. Trailing twelve-month revenue reached $7.1 million, representing an 83% increase year-over-year.
Ocean Power Technologies (NYSE American: OPTT) has secured $3 million in purchase order commitments for WAM-V USV's in Latin America through a new partnership, extending over 36 months. This represents a $1.5 million increase from previously announced purchase orders in the region.
The WAM-V USV's will be deployed for hydrographic applications, offering versatile multi-application solutions. The order reinforces OPT's position in the maritime artificial intelligence robotics sector and demonstrates growing demand for their innovative solutions in Latin America.
Ocean Power Technologies (OPTT) announced preliminary Q2FY25 financial results, showing significant improvements. Revenue is estimated to exceed $2 million, more than double compared to $0.9 million in the same period last year. Net loss decreased by over 40% to approximately $4 million from $7.2 million year-over-year. Operating expenses were reduced by about 40%, and cash used in operations decreased to less than $4.7 million from $7.5 million.
The company completed several military exercises as part of Project Overmatch, delivered vehicles to Latin American customers, and signed its first multi-year service contract. OPT reaffirms its guidance to reach profitability by Q4 2025, citing strong product demand and effective cost management.
Ocean Power Technologies (NYSE American: OPTT) announced it will release fiscal 2025 second quarter early earnings on December 2, 2024, followed by full results on December 16, 2024, for the period ended October 31, 2024. CEO Philipp Stratmann cited ongoing business growth and G&A streamlining as enabling early updates. A conference call discussing results will be held on December 17, 2024, at 9:00 AM EDT, hosted by CEO Stratmann and CFO Bob Powers. The company is also offering individual meetings with portfolio managers and analysts to strengthen institutional investor relations.
Ocean Power Technologies (NYSE American: OPTT) has announced the delivery of WAM-V 16 and WAM-V 22 unmanned surface vehicles to survey customers in Latin America. The company has also secured a follow-on order for a WAM-V 8 from one of these customers. The delivery includes fully integrated systems with survey equipment, supporting revenue recognition. This development is part of OPT's regional expansion strategy in Mexico, Costa Rica, and Brazil, working with end customers and resellers to convert pipeline opportunities into revenue.
Ocean Power Technologies (NYSE American: OPTT) has completed the second set of exercises under its follow-on contract as a subcontractor to EpiSci for Project Overmatch. The company successfully deployed several WAM-V autonomous surface vehicles during the Mission Autonomy Proving Grounds (MAPG). The completion of these exercises, following the first set concluded over the summer, supports immediate revenue recognition. The project involves ruggedizing and enhancing operational capabilities of autonomous maritime technologies to support the U.S. military and allies.
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