MONROE TOWNSHIP, N.J., April 10, 2025 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE:OPTT) ("OPT" or the "Company"), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced the signing of a reseller agreement with Grava Hydrographic Solutions LLC ("Grava Hydro"), a U.S.-based specialist in hydrographic and oceanographic equipment integration and services. Under the agreement, Grava Hydro will expand the availability, sales, and support of OPT ...

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Core Insights - Ocean Power Technologies, Inc. (OPT) maintains operational continuity and competitive advantage due to its majority domestic supply chain and resilient workforce [1][2] - The company confirms that its inventory levels and procurement practices remain unaffected by global supply chain challenges, with no anticipated material impact on inventory costs [2][3] - Demand for dual-use technologies in both defense and renewable energy sectors is increasing, and OPT's supply chain strategy is designed to meet this demand while ensuring quality and delivery performance [3][4] Company Overview - OPT provides intelligent maritime solutions for various markets, including defense, oil and gas, science and research, and offshore wind [5] - The company emphasizes its commitment to U.S. manufacturing and engineering excellence, which supports mission-critical applications globally [4][5] - OPT's product offerings include PowerBuoy® platforms for clean energy and real-time data communications, as well as WAM-V® autonomous surface vessels and marine robotics services [5]

Core Viewpoint - Ocean Power Technologies, Inc. (OPT) is strategically positioned to navigate global supply chain challenges due to its majority domestic supply chain and resilient workforce [1][2]. Supply Chain and Operations - OPT confirms that its inventory levels and procurement practices remain unaffected by recent global developments impacting logistics and raw material availability [2]. - The company does not anticipate any material impact on inventory costs and continues to fulfill customer commitments on schedule [2]. - The strong domestic supply chain is highlighted as a key differentiator for OPT, especially during times of global economic uncertainty [3]. Workforce and Collaboration - OPT maintains a fully U.S.-based workforce, with over 20% being veterans, while effectively collaborating with international partners [3]. - This workforce structure enables the company to remain agile, responsive, and competitive across both defense and commercial energy sectors [3]. Market Demand - There is an increasing demand for dual-use technologies that serve both defense and renewable energy applications in domestic and international markets [3]. - OPT's supply chain strategy and operational footprint are designed to meet this growing demand while maintaining high standards of quality, security, and delivery performance [3]. Commitment to Manufacturing - The company's commitment to U.S. manufacturing and engineering excellence is central to its ability to support mission-critical applications for customers globally [4]. Product and Service Offerings - OPT provides intelligent maritime solutions and services for various markets, including defense, oil and gas, science and research, and offshore wind [5]. - Key products include Merrows™ for AI integration of Maritime Domain Awareness Systems, PowerBuoy® platforms for clean electric power, and WAM-V® autonomous surface vessels [5].

Core Insights - Ocean Power Technologies Inc has secured new contracts in the United States and Latin America, indicating a positive trend in the company's strategic developments [1][3][4] Group 1: U.S. Contract Developments - The company is deploying a buoy in the Atlantic, which is expected to enhance data collection capabilities, particularly for AI applications [3] - The focus on renewable power for persistent monitoring is crucial for the company's operations and aligns with the growing interest in data collection [3] Group 2: Latin America and Versatility - A new contract in Latin America highlights the company's ability to serve various industries, including mining, demonstrating the versatility of its systems [4] - The technology can be rapidly deployed in diverse environments, such as dams and power generation facilities, reducing the need for human divers and associated risks [4][5] Group 3: Cost-Effectiveness and Risk Mitigation - The company's solutions are designed to operate in hard-to-reach areas, minimizing the need for human presence and logistics, thus lowering operational costs [5] - There is a significant market opportunity in replacing traditional manned assets with autonomous systems, which can operate at a fraction of the cost and reduce risks [5] Group 4: Upcoming Events and Market Expansion - The company will participate in CS Space in Washington, D.C., showcasing its capabilities in multi-domain operations with aerial drones [6][7] - Participation in Ocean Business in the UK will further demonstrate the company's ability to service commercial customers across various sectors, including offshore wind and oil and gas [7][8] - The company is expanding into additional markets in the Middle East and Latin America, indicating a strategic growth trajectory [8]

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Core Insights - Ocean Power Technologies, Inc. (OPT) has announced the sale of a Wave Adaptive Modular Vessel (WAM-V) to a new customer in Latin America, marking a significant expansion into the onshore mining industry [1][2] - This sale highlights OPT's commitment to delivering advanced autonomous surface vessel (ASV) technology to new sectors beyond its traditional markets [2][4] Company Developments - The WAM-V will be utilized for bathymetry surveys in the mining sector, showcasing its adaptability for both offshore and onshore applications [2][3] - CEO Philipp Stratmann emphasized that this sale represents a major milestone for OPT, reflecting the flexibility and reliability of the WAM-V platform for various missions and industries [3] - The WAM-V is recognized for its stability, lightweight design, and modular architecture, allowing for quick adaptation to diverse mission requirements [3] Market Trends - The transaction indicates a growing demand for autonomous maritime technologies in new sectors and regions, as OPT continues to expand globally [4] - The company remains focused on innovation and collaboration, aiming to help organizations leverage autonomy for improved operational efficiency [4]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2][3] - The company focuses on medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - Proactive's news team delivers insights across various sectors including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Core Insights - Ocean Power Technologies, Inc. has been awarded a contract for a PowerBuoy for immediate delivery in the USA, which will integrate surface and subsea sensors and be deployed on the East Coast [1] - The CEO of OPT expressed enthusiasm about the revenue-generating contract and highlighted the growth potential in both the PowerBuoy and WAM-V businesses, emphasizing opportunities in research and security applications [2] Company Overview - Ocean Power Technologies provides intelligent maritime solutions and services aimed at enhancing safety, cleanliness, and productivity in ocean operations across various sectors, including defense, oil and gas, science, research, and offshore wind [3] - The company's offerings include PowerBuoy platforms for clean electric power and real-time data communications, as well as WAM-V unmanned surface vehicles and marine robotics services [3] - The headquarters of Ocean Power Technologies is located in Monroe Township, New Jersey, with an additional office in Richmond, California [3]

Financial Performance - Revenue for Q3 FY25 was $0.8 million, a 54% decrease compared to $1.8 million in the prior year, while year-to-date revenues totaled $4.5 million, reflecting a 15% increase year-over-year[10] - Loss before income taxes for Q3 FY25 was $6.7 million, a 15% decrease from $7.8 million in the prior year[10] - Net loss for the nine months ended January 31, 2025, was $15,085, compared to a net loss of $20,761 for the same period in 2024, representing a 27% improvement[19] Operating Expenses - Operating expenses decreased by 29% to $6.1 million in Q3 FY25 from $8.6 million in the prior year, and year-to-date operating expenses were down 36% to $15.7 million[10] - Cash used in operating activities was $3.7 million, a significant decrease of 60% from $9.2 million in the prior year[5] - Net cash used in operating activities decreased to $14,628 from $24,711 year-over-year, indicating a 41% reduction in cash outflow[19] Assets and Cash Position - Total assets increased to $34.4 million as of January 31, 2025, compared to $28.7 million at April 30, 2024[15] - Cash and cash equivalents rose to $10.0 million from $3.2 million at April 30, 2024[15] - Cash, cash equivalents, and restricted cash at the end of the period totaled $10,180, up from $4,874 at the end of the previous year, marking a 109% increase[19] Financing Activities - Cash provided by financing activities increased significantly to $21,853, compared to only $16 in the prior year[19] - The company raised $16,880 from the issuance of common stock through At The Market offerings, net of issuance costs[19] Inventory and Depreciation - Inventory levels improved with a net increase of $366, contrasting with a significant decrease of $2,416 in the prior year[19] - Depreciation of fixed assets increased to $610 from $286, reflecting a 113% rise[19] Compensation and Debt - Share-based compensation expenses rose to $1,331, compared to $803, which is a 66% increase[19] - The company reported a loss on extinguishment of debt amounting to $838, with no such loss reported in the previous year[19] Strategic Initiatives - Backlog reached $7.5 million, a 127% increase from $3.3 million in the same period last year, driven by new partnerships in Latin America[5] - A new sales executive was added to focus on growth within the Department of Homeland Security and Department of Defense, enhancing the company's strategic presence in key government sectors[5] - The company aims to accelerate the conversion of backlog to revenues and continue executing on strategic priorities in autonomous ocean security solutions[7] Events and Showcases - The company participated in NAVDEX 2025, showcasing advanced capabilities of WAM-V® Unmanned Surface Vehicles and Next Generation PowerBuoys®[6]